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All about Form 10BD – Statement of donations to be filed by charitable organizations.

What is form 10BD? Who is required to file?

Form 10BD is statement containing details of donations received by a charitable organisation during the financial year. The CBDT through notification no. 19/2021 dated 26th March 2021, has notified Form 10BD to facilitate more transparency and accuracy on the reconciliation of deductions claimed by the assessee and donation received by charitable organisation. The reporting person is required to file form 10BD once in year. It is applicable to research association, university, college or other institution or company or fund under Section 80G(5)(viii). The last date for filing form is 31st May of the immediately following financial year in which donation is received. For example, for financial year 2021-2022 form 10BD should be filed by 31st May 2022.

What is the Procedure for filing Form 10BD?

1) Form 10BD shall be furnished electronically. User can login to their income tax portal and submit the form.

2) Form shall be signed through digital signature, if the return is required to be furnished under digital signature or through electronic verification code. In a case where return is required to be furnishes under digital signature, it shall be verified by the person who is authorised to verify the return of income.

What are the details required for filing the form 10BD?

Reporting person is required to collect following information from donor for filing Form 10BD and maintain the list of the same.

i) Name of the donor

ii) PAN/ Aadhar number/ Tax identification number of donor

iii) Address of the donor

iv) Nature of donation

v) Mode of receipt

vi) Amount of donation

vii) Section code under which the donation is received

Issuance of Certificate:

Reporting person shall issue certificate to the donor in Form 10BE specifying the amount of donation received during the year so that donors can avail deduction under section 80G.

In case of any errors which might have arisen in Form 10BE, the same can be corrected by rectifying the same in Form 10BD, and re-filing the from.

What is the penalty for non-filing of form 10BD?

In case the recipient charitable organization or the reporting entity fails to file Form 10BD, then such a failure shall attract a fee of Rs. 200 per day of delay as per section 234G of Income Tax Act. Apart from 234G, there shall also be a penalty under section 271K, for failure in filing the returns, which shall not be less than Rs. 10,000 but may extend up-to Rs. 1,00,000.

Feel free to reach us for any queries in this regard.

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