Form 58D - Income Tax

Report to 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 to the National Committee on a notified eligible project or scheme

Understanding Form 58D

Form 58D is an essential report that must be submitted to the National Committee for income tax purposes. It is typically used by a public sector company, local authority, or an approved association or institution for specific eligible projects or schemes. To understand more about the provisions of the Income-tax Act that govern this form, visit our detailed section on the Income Tax Act.

Eligibility and Requirements

This form pertains to clause (ii) of sub-section (5) of section 35AC, and it must be thoroughly completed to ensure compliance. Eligibility involves being either a public sector entity, local authority, or a recognized institution working on a government-notified project. For strategic tax planning advice that can affect project funding, explore our tax planning resources.

How to File Form 58D

Filing Form 58D accurately is crucial for maintaining proper tax records and securing necessary approvals. Businesses involved in such projects can greatly benefit from understanding the process of ITR filing.

Additional Resources

See how you can optimize your tax submissions through Advance Tax.
Stay informed about tax guidelines by checking out our section on Income Tax Notices.
To ensure accurate tax filing, learn more about Form 26AS.
Considering property investments? Understand the implications of Capital Gains Tax.
To make informed decisions, learn about the differences between the New vs. Old Regime.
For self-employed professionals, explore our resources such as Architect Tax Filing for further guidance.

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Frequently Asked Questions

Common questions about Form 58D.

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.