
What are the Tax Liability on Donations and a Certificate
Hi friends! Q. What are the Tax Liability on Donations and a Certificate A. On 26th March, 2021 CBDT, has notified (wide notification no 19/2021-Income Tax) that a Statement of Donation shall have to be filed with Income Tax Department, declaring the details of donations received during the year via Form 10 BD and also a Certificate shall have to be issued via Form 10 BE, to all such donors specified in Form 10 BD. Q. Who shall File Form 10 BD? A. Rule 18 AB is applicable to all the entities (charitable institutions) having approval Under section 80 G and Under section 35(1) of the Income Tax Act. Q. When is Form 10BD to be filed? A. Form 10BD is to be filed for every financial year by 31st May…