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May 28, 2021

Penalty for not filing form 10BD

by Mahesh Mara in Income Tax

Penalty for not filing form 10BD

Finance act, made some amendment is section 80G, as per the amendment 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.

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. 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.

What is the late fee in case of Form 10BD?

In case of delay in filing statement in Form 10BD a late fee of Rs. 200 per day shall be applicable under newly inserted section 234G of the Income-tax Act.

What is the Penalty in case non filing of Form 10BD?

If the trust or institution fails to file such statement, a penalty under Section 271K shall be leviable which shall not be less than Rs.10,000/- and which may extend up to Rs. 1 lakh. For all donations received during a FY starting from FY 2021-22 to be reported in Form No. 10BD

In aggregate per person separately for each nature:

  • Corpus
  • Specific
  • Others

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