DanaMojo introduces auto-generated form 10BD

| | Bhopal
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DanaMojo introduces auto-generated form 10BD

Thursday, 26 May 2022 | Staff Reporter | Bhopal

Assisting in tax compliance among its users following the new amendments to the Income Tax Act 1961 for charitable organizations, DanaMojo, India's first homegrown payment solutions platform exclusively for NGOs, now enables them to seamlessly meet this compliance requirement via a report that can be downloaded from the DanaMojo Dashboard and directly uploaded on the Income Tax portal.

As per the enforcement of the amendments to the Income Tax Act 1961, from FY 21-22, the method for availing tax deduction under Section 80G on donations made to NGOs has changed. Earlier, the donor had to provide an 80G receipt obtained from the NGO as proof.

However, from FY22, the burden of compliance is now shifting to the NGO which needs to file a Statement of Donations as Form 10BD by May 31 of each financial year. The NGO will also need to provide the donor a consolidated Donation Receipt as Form 10BE that can be downloaded from the Income Tax portal.

This notification has been brought in to ensure transparency of the donations received and to eliminate all bogus and fraudulent claims of donations.

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