Form 58d - Income Tax

Form 58D is an Income Tax Report that must be submitted by a public sector company, local authority, or an approved association or institution under clause (ii) of sub-section (5) of section 35AC of the Income-tax Act, 1961. This report is submitted to the National Committee regarding a notified eligible project or scheme.

Form 58D must be filed by public sector companies, local authorities, and approved associations or institutions that are involved in eligible projects or schemes notified under section 35AC(1) of the Income-tax Act, 1961. These entities are required to report on their activities and expenditures related to the notified projects or schemes.

The primary purpose of filing Form 58D is to provide the National Committee with information about the expenditures incurred by the reporting entity on the notified eligible project or scheme. This helps the National Committee monitor and evaluate the progress and impact of these projects or schemes.

The form does not specify a particular due date or frequency for filing Form 58D. However, it is likely that the reporting entities are required to submit this form periodically, such as annually or at the completion of the notified project or scheme.

Form 58D requires the reporting entity to provide details such as the name and address of the company, local authority, or association/institution, the particulars of the notified eligible project or scheme, and the expenditures incurred on the project or scheme during the relevant period.

Form 58D should be submitted to the National Committee, which is the designated authority responsible for overseeing the implementation of eligible projects or schemes under section 35AC of the Income-tax Act, 1961.

Section 35AC of the Income-tax Act, 1961, provides for deductions in respect of expenditure incurred by a company, local authority, or association/institution on eligible projects or schemes related to the development of infrastructure facilities, among other areas. Form 58D is a reporting requirement under this section.

Some examples of eligible projects or schemes under section 35AC include the construction of roads, bridges, rail systems, water supply projects, and affordable housing projects. The specific projects or schemes are notified by the government from time to time.

The form itself does not mention any specific penalty for not filing Form 58D. However, non-compliance with the reporting requirements under section 35AC of the Income-tax Act, 1961, may lead to consequences such as the disallowance of deductions or other penalties as prescribed by the law.

The form does not provide any information about the mode of filing. However, it is likely that the National Committee may have an online portal or system for receiving and processing Form 58D electronically, in line with the trend towards digitization of tax filings and reports.