Every organization or trust registered under Section 12 must file Form 10B. Here are some of the situations where filing form 10B is mandatory:
The due date for Form 10B as per the law for any previous year is usually one month before the income tax return filing due date. (i.e.,) on or before 30th September.
Failure to file Form 10B can lead to serious consequences, including:
Charitable institutions registered under Sec 12AB or different clauses of S.10(23C) and not covered by the specified criteria for Form 10B shall file Form 10BB for each financial year within the above said due date each financial year.
It is a form which every charitable institution shall file to disclose the donations that were received during a financial year. The organization while filing the form must cover the following sections:
All eligible trusts, organizations, and institutions need to file Form 10BD on or before 31 May in the following financial year in which they received the donation.
Failing to file the form within the due date shall attract a penalty fee of Rs 200 per day.
Every person who has contributed a donation to a registered Trust or Institution can claim a deduction under section 80G. To claim such an exemption, Form 10BE is proof of evidence to validate the deduction that shall be claimed under Section 80G. Every registered Trust or Institution, after filing Form 10BD or a statement of donations, must download and issue this certificate of donation (Form 10BE) to the donor.
The due date of issuing Form 10BE is on or before May 31 of the financial year of the following year in which the institution has received its donation.
This certificate contains all necessary information about the charitable institution and donor. This includes the following:
Every Trust or Institution which receives donations from foreign sources shall ensure compliance with the provisions of the Foreign Contribution Regulation Act, 2010.
Foreign sources as FCRA shall include foreign citizen, foreign company, foreign Government, societies & clubs, and associations incorporated outside India, foreign trust/foundation etc.,
This blog post has been written by Yuvarani of V Ramaratnam and Company
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