The Central Board of Direct Taxes (CBDT) in its notification has made it mandatory that all the Trusts, Associations, Institutions, Religious Institutions, Research Association, University, College or other institution etc. who have registered under section 80G of the Income Tax Act shall file a Statement of Donations/Grants received in FORM 10BD and issue Certificate of Donation/Grants received in FORM 10BE to Donors on or before May 31, 2022 for the Donations or Grants received during the Financial Year 2021-22.
A late fee of Rs. 200 per day will be levied u/s 234G of the Income-Tax Act 1961 in case of delay in filing form 10BD after May 31 for the FY 2021-22 receipts. Introduction of new compliance via Form 10BD/ Form 10BE is a crucial step as details of the donations will now be readily available in Form No. 26AS/AIS of the Donor and in compliance portal to bring more transparency, according to a press release from Bhavani Associates.
This post was published on May 29, 2022 3:33 pm