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Understanding the Importance of Form 10BD: Annual Return by NPOs

On 26th March, 2021 CBDT, through a notification, has notified (vide notification no 19/2021) that a Statement of Donation shall have to be filed with Income Tax Department, declaring the details of donations received during the year via Form 10BD. Also a Certificate shall have to be issued via Form 10BE, to all such donors specified in Form 10BD.

This notification has been brought up to ensure the transparency of the donations received and to bring into net all the bogus and fraudulent claims of donations.

Who shall file Form 10BD?

Rule 18AB is applicable to all the entities (charitable institutions) having approval u/s 80G and u/s 35(1) of the Income Tax Act.

When is Form 10BD to be filed?

Form 10BD is to be filed for every financial year by 31st May of the following financial year.

For example for financial year 2023-24, the due date to file Form 10BD is 31st May, 2024.

How to file Form 10BD?

Form 10BD has to be filed electronically on the portal of income tax department.

What details are to be specified in Form 10BD?

A list of such required details is as follows:

1.      Name of the Donor

2.      ID Document & its Unique Number such as PAN, Aadhar or Tax Identification Number of the donor

3.      Address of the donor

4.      Type of Donation received

5.      Mode of receipt of the donation

6.      Amount of donation

What are the consequences of non-compliance?

If for any reason, the entity fails to comply with this provision to File Form 10BD within the due date, such entity shall be liable to pay a penalty of Rs 200 per day of non-compliance u/s 234G of the Income Tax Act.

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