On 26th March, 2021 CBDT, through a notification, has notified (vide notification no 19/2021) 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 10BD and also a Certificate shall have to be issued via Form 10BE, to all such donors specified in Form 10BD. This notification has been brought up to ensure the transparency of the donations received and to bring into net all the bogus and fraudulent claims of donations.
Finance Act 2020 introduced Section 206C(1H), where a person who is a seller and receives consideration for the sale of goods of value or aggregate value which exceeds Rs 50 lakhs in the previous year shall, at the time of receipt of money, collect TCS at the rate of 0.1% of the value exceeding Rs 50 lakhs.
