Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Advisable to furnish the statement in Form 10BD at least 15 days earlier preferably by 15th May

 

Form 10BD

Form 10BE

Applicability

 

All Trusts or institutions or funds or NGOs whether formed as a society or a section 8 company or a Trust having approval under section 80G or section 35 is required to furnish Form 10BD. For obtaining approval under section 80G or section 35, an application is required to be filed before the Pr. CIT/CIT in Form No. 10A.

 

Consequent to the furnishing of Form No. 10BD, a certificate of donation in Form 10BE is required to be issued to each donor by the Trusts or institutions or funds or NGOs whether formed as a society or a section 8 company or a Trust and who has received the donation from the donors.

 

For FY 2022-23

The first annual statement of donation in Form 10BD is required to be filed in FY 2022-23 in respect of donations received in FY 2021-22.

 

The certificate for donation received in FY 2021-22 is required to be furnished in FY 2022-23.

 

Due Date of Furnishing Statement

As per sub-rule (9) of Rule 18AB, the Statement of Donation in Form 10BD is required to be furnished to the prescribed income-tax authority as per the provisions of section 80G(5)(viii) or section 35(1A)(i) on or before the 31st May, immediately following the financial year in which the donation is received.

Thus, the due date for furnishing the statement of donation for FY 2021-22 is 31st May, 2022.

 

As per sub-rule (8) of Rule 18AB, the Certificate of Donation in Form 10BE is required to be furnished to the donor as per the provisions of section 80G(5)(ix) or section 35(1A)(ii) on or before the 31st May, immediately following the financial year in which the donation is received.

Thus, the due date for furnishing the certificate of donation for FY 2021-22 is 31st May, 2022.

 

Note: As per Rule 18AB(8) and (9), both the due date for the furnishing statement and certificate of donation is 31st May. One should note that as per the prescribed procedure, the donation certificate can be furnished after the same is generated online from the designated income-tax portal. This can be done by the donee only after furnishing the Form 10BD. It would not be possible to furnish both the statement in Form 10BD and download the certificate in Form 10BE on the same day. It is, thus, advisable to furnish the statement in Form 10BD at least 15 days earlier preferably by 15th May.


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