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Now according to income tax provision – all the NGO who have 80G certificate is required to submit – Statement of Donation received by NGO or fund in Form 10BD & Certificate of donation in Form No. 10BE – this is Applicable with effect from 01 April 2021.
According to the claim made by the assessee or, at the at minimum, according to the copy of the contribution receipt that the assessee provided, the income tax department approved the deduction under Section 80G of the Income Tax Act.
There was no way to verify the accuracy of the donations paid up until the last financial year. According to this, the trust receiving the donation is obliged to give the Income Tax Department a statement of donation every year to give the donor a certificate of donation. The TDS Reconciliation system (TRACES) of the Income Tax Department and this process have certain similarities.
CBDT via notification no. 19/2021 has been issue Form 10BD & Form 10BE to provide the facilitate more clear & transparency with accuracy on reconciliation of deductions claimed by the Tax payer & donation received by the registered NGO.
Trusts receiving the donations eligible u/s 80G for FY 2021-22 required to be submit in Statement of Donation received by NGO or fund in Form 10BD & Certificate of donation in Form No. 10BE should be electronically submitted & signed by the Managing Trustee/Office Bearer before 31st May 2022
Below information to be filled up
After submission of Form 10BE, Form 10BD has to be downloaded & This Certificate of Donation is to be issued to each Donor before 31st May of every year & containing below details:
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