Q1.
What is Form 10BD and Who are required to file?
Ans.
Form 10BD is a statement in which person
require to provide details about Donation received during the financial year,
nature of donation, identity of donor, Amount of donation etc.
Any
research association, university, college or other institution or company or
fund who has obtained Approval under section 80G(5) or 35(1A)(i).
Q2.
What is the due date of filing of the Statement?
Ans.
Form
No. 10BD referred to in sub-rule (1) shall be furnished on or before the
31stMay, immediately following the financial year in which the donation is
received. For the Financial Year 2021-22, Form 10BD is required to be filed
before 31st May 2022.
Q3.
Can it be furnished it Electronically?
Ans.
Yes,
Form is need to be furnished electronically and Verified through Digital
signature or electronic verification code. Statement should be verified by the
same person who is authorized to verify the income tax return.
Q4.
What details need to be mentioned in the Form.
Ans. This Excel file template is to be downloaded
from the log-in of the Assessee. And after preparing this file it is be saved
in CSV format, as only CSV format is valid for upload.
Following details are
require to be mention:
1.
Name of the Doner
2. Address
of the Doner
3. Type
of Donation (Corpus/Specific/Others)
4. PAN/
Adhaar of Doner (if not available then any other ID )
5. Section
Code 80G or 35
6. Mode
of receipts (Cash/Kind/ Electronic/Other)
7. Amount
of Donation
Note: 1. As per the instruction issued by the department
the file size cannot be more than 50 MB.
2. The address and
contact details of the reporting person filing the statement, as per the latest
Income Tax Return filed by the reporting person, will be displayed on the
screen and if there is a change, the reporting person will be provided an
option to change the details.
Q5.
Is there any option, If wrong information is filled by mistake in Form 10BD?
Ans.
Yes, Correction statement can be filed if any
mistake or to add or delete or update the information already furnished. Form
10BD can be filed in multiple files as file more than 50MB can not be uploaded.
Q6.
Is it mandatory to issued certificate to doner in Form 10BE?
Ans.
Once
form 10BD filed by Institution or trust, certificate in form 10BE can be
download and issued to the every Donors.
Q7.
What is the time limit to issue the certificate?
Ans.
Certificate
can be issued on or before the 31st May, immediately following the
financial year in which the donation is received. For the Financial Year
2021-22, Form 10BD is required to be filed before 31st May 2022.
Doner
can not claim deduction of donation without this certificate.
Q8.
What is the penalty for not furnishing the Form 10BD or 10BE?
Ans.
As
per Section 234G of the Income-tax Act, Rs. 200/- Per day has been late filing
fees subject to maximum amount cannot be more than amount of donation received
in financial year.
And
apart from the late fee, failure to furnish the statement or certificate will
also attract the penalty under section
271K of the Income tax Act, which shall not be less than Rs 10000 and could be
extended to Rs. 1 lakh.
Disclaimer: This article is solely for educational purpose and cannot be construed as legal and professional opinion. It is based on the interpretation of the author and are not binding on any tax authority. Author is not responsible for any loss occurred to any person acting or refraining from acting as a result of any material in this article.