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May 24, 2021

What is form 10BD and due date of filing form 10BD?

by Mahesh Mara in Income Tax

What is form 10BD and due date of filing form 10BD?

Finance Act 2021, has made amendment under section 80G and insert a new provision in section 80G of the Income tax act, 1961 with respect to Statement of Donation to be filed by Trust in prescribed form where trust that are approved under section 80G are now required to file statement of donation received and also to issue the certificate to the donor. On 26th March 2021 the CBDT has issues Notification no. 19/2021 dated 26/03/2021 which includes details about FORM No. 10BD. In this article we will know what is form 10BD and due date of form 10BD.

What is form 10BD?

As per the amendment made by the Finance act, the trust is required to furnish statement of particulars of donation in respect of each financial year, beginning from financial year 2021-2022, in Form No. 10BD and shall be verified in the manner indicated therein. Form No. 10BD, shall be furnished electronically through digital signature, if the return of income is required to be furnished under digital signature or through electronic verification code in a case of no digital signature.

The reporting person, referred to in sub-rule (2) i.e. any research association, university, college or other institution or company or fund, shall, while aggregating the amounts for determining the sums received for reporting in respect of any person, take into account all the donations of the same nature paid by that person during the financial year; and Proportionately attribute the value of the donation or the aggregated value of all the donations to all the persons, in a case where the donation is recorded in the name of more than one person and where no proportion is specified by the donors, attribute equally to all the donors. The above provision shall come into effect from 1st April 2021.

What is the due date of filing Form 10BD?

The Trust is required to file Form 10BD within 2 months from the end of the Financial year i.e. on or before 31st May, immediately following the financial year in which the donation is received.

What is certificate of donation under form 10BE?

The reporting person shall furnish the certificate of donation the donor in Form No. 10 BE specifying the amount of donation received during financial year from such donor, beginning with the financial year 2021-2022. The certificate of donation in Form 10BE is required to be furnished to the donor on or before the 31st May, immediately following the financial year in which the donation is received.

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