Form 10BD is a statement that trusts with an 80G certificate must file every year under the Income Tax Act. It has records of all donations received during the financial year to ensure transparency and prevent false deduction claims. This form was introduced through the Finance Act 2021 to make the donation process more accountable. Filing it on time is important because delays or failure to submit can result in heavy penalties. So this is a brief on what is form 10BD of Income Tax Act.
What is 10BD of Income Tax Act?
Form 10BD is a form that trusts or institutions with an 80G certificate must file every year. It lists details of donations received, like the donor's name, ID, address, donation type, amount, and receipt details. This was introduced to make sure that there is transparency and to stop false claims for tax deductions. If an organisation qualifies under Sections 35(1A)(i) or 80G(5)(viii), they must file this form by 31st May after the financial year. Missing the deadline can cost Rs 200 per day as per Section 234G and incur penalties between Rs 10,000 and Rs 1,00,000 under Section 271K. F
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What is Form 10BD?
Prakrit
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30 days
2024-11-28T08:50:25+00:00 2024-11-28T08:50:25+00:00Comment
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