All About Form 61

Last Updated at: Jan 06, 2021
All About Form 61

The PAN card is an important legal document, issued by the Income Tax Department. It allows taxpayers to file their IT returns. However, if an individual generates an income solely from agriculture, and does not have a PAN card, they may file their taxes via Form 61. The Income Tax Department issues this document as per the guidance of the Central Board of Direct Taxes. The PAN card serves as both a valid proof of identity and also enables the government to monitor the financial transactions of taxpayers. The laminated card contains details regarding the taxpayer, their signature, DoB, and photographs. However, in certain instances, such as with farmers, the government allows other methods of tax payment. Let us now take a close look at Form 61, and why it is so important.

What is Income Tax Form 61?

Form 61 is a document used by any taxpayer who generates income solely through agricultural activities. As a result, such a taxpayer does not have any other income which is liable to income tax payment. Additionally, individuals who wish to make financial transactions and who do not have a PAN card must submit PAN card Form 61.

How can we Apply for Form 61 Online?

  1. First and foremost, users have to register on the IT Department’s official web portal for Reporting Entity Identification Number via this link.
  2. Next, they must log in to the portal using their credentials.
  3. From the homepage, go to my account tab and click on the reporting portal link to proceed.
  4. Users must then provide all the required information, such as category, form type, reporting person, and details regarding the Principal Officer
  5. Once you are done, click on submit.
  6. On successful submission, the system will generate an ITDREIN.
  7. The Principal Officer will receive a notification about the same via their email ID and SMS.

file your ITR now 

What is ITDREIN?

ITDREIN stands for Income Tax Department Reporting Entity Identification Number and is used by the department to identify individuals who file such returns. Once the number is generated, users can not deactivate it. The ITDREIN consists of 16 characters and is of the following format;

*********** YZNNN wherein,

 * stands for the individual’s PAN or TAN number

Y stands for form Code 

Z stands for reporting entity category, and

N stands for sequence number of the Code. 

How can we Apply for Form 61 Offline?

If you wish to file Form 61 via offline means, all you have to do is collect the form, fill it and submit it to an authorised bank with the required supporting documents.

What are the uses of PAN Form 61?

As per Rule 114B, Form 61 may be used in place of the PAN card in some instances. Let us now take a quick look at the scenarios in which taxpayers can make use of Form 61.

  1. Buying or selling immovable property worth more than INR 5 lakhs
  2. Buying or selling any vehicle which is not a two-wheeler
  3. Making a fixed deposit in a bank or post office worth over INR 50,000
  4. Buying or selling securities worth over INR 10 Lakhs
  5. Opening a bank account
  6. Making payments worth over INR 25,000 at restaurants
  7. Applying for cellular network connections

What are the Documents Required for filling PAN Form 61?

While submitting Form 61, taxpayers must also submit certain supporting documents, as mentioned below.

  1. Aadhaar Card
  2. Driving License
  3. Passport
  4. Ration Card
  5. ID proof from an education institution or workplace
  6. Electricity bill or telephone bill from not more than three months
  7. Central/State/PSU issued ID card

What is the Procedure for filling Form 61?

Here’s a quick look at all the details you need to have with you to fill out Form 61 correctly.

  1. Declarant’s Full name and Address 
  2. Registered mobile number of the declarant
  3. Declarant’s father’s name and Date of birth 
  4. Amount and particulars of the financial transaction
  5. In case you have filed IT returns before, mention your Range, Circle, and Ward
  6. In case you have an Aadhaar card, mention your Aadhaar number if issued
  7. Date of application of PAN if applied 

Notified taxpayers may submit Form 61 for an applicable financial year in case they wish to perform an activity that otherwise requires a PAN card. However, individuals must be meticulous while filling out this form and must not make any mistakes or overwrite the Form. Additionally, they must also declare that their only source of income is the one gained through agriculture. The due date for filing Form 61A is before thirty days from the date of receiving a notice asking to file a statement. If taxpayers file Form 61As with errors and then will have to report to an Income Tax authority within the next 10 days to avoid other penalties. They will then receive thirty days to make the required corrections and rectify the information on the Form.

Know About: Form 60