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FORM 10BD
APPLICABILITY, DUE DATE, LATE FEE, PENALTY & HOW TO FILE ONLINE
Under Section 80G of the Income Tax Act 1961, a deduction on payment of donations is applicable. Accordingly, the Finance Act 2021 introduced an amendment where the trust that possesses an 80G certificate needs to submit the statement of particulars of donation in each financial year in Form 10BD to the authority within the stipulated time. Failure in furnishing the statement will attract hefty penalties.
The main purpose of this tax provision is to bring transparency and tackle the issue regarding false or incorrect deduction claims.

Form 10BD Applicability
Every organisation that falls under charitable institutions including trusts, colleges, schools, research institutions, universities and others are eligible to file Form 10BD income tax. Also, it is important to note that the funds of these organisations must cover the following section:
Section 35 (1A) (i) of the Act
Section 80G (5) (viii) of the Act

Form 10BD Due Date
Form 10BD due date for FY 2023-24 is 31st May 2024. This signifies that all eligible trusts, organisations, and institutions need to file the donation return in Form 10BD on or before 31 May in the following financial year in which they received the donation.
In the scenario of failure to provide a donation return or statement of donation within a stipulated time, an additional fee and a penalty will be levied. As per Section 234AG of the Income Tax Act, a fee of Rs 200 per day is applicable for any delay.
Additionally, according to Section 271K of the Act, failure to furnish the statement of donation in Form 10BD can attract a minimum penalty of Rs 10,000 and a maximum penalty of Rs 1,00,000. The Assessing Officer has the authority to impose the mentioned penalty amount to the concerned trust or institution.

LATEST FORM 10BD FILING PROCESS FY 2023-24
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GST ANNUAL RETURN VIDEO SERIES:
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GST UPDATES
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Tax Demand waived uptoRs 1 Lakh by Income Tax department

Consequent to the Order of the CBDT in F.No 375/02/2023-IT-Budget dated 13.2.2024 eligible outstanding direct tax demands have been remitted and extinguished. Please log into your account and follow the path Pending Action : Response to Outstanding Demand to check the status of 'Extinguished Demands' in your case," said CBDT in the order dated February 13, 2024, published on February 19, 2024.

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