All About PAN Form 60

Last Updated at: Jan 06, 2021
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All About PAN Form 60

PAN Card is one of the important documents to file income tax in India. The government has made it easy to apply for and obtain a PAN card in India. It serves as a valid ID proof and is mandatory for making high-value transactions. However, in case you do not have a PAN card and want to make transactions, you will need to submit Form 60. In this article, we will take a closer look at how to file Form 60, and why it is so useful.

What is PAN Form 60?

The Income Tax Department uses the PAN card to monitor and track high-value financial transactions and to prevent tax evasion. Having a centralised database of taxpayer information makes it easy to catch and prevent fraudulent activities. However, in some instances, people do not possess PAN cards or have not received their cards yet. If they wish to file returns or make transactions in such cases, they may do so by submitting Form 60 along with certain supporting documents. This official document helps people without a PAN card open bank accounts, make deposits, and carry out transactions. Hence, it serves as an essential and integral document that enables applicants to perform many tasks they would otherwise not be authorised to do. 

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Why do we need Form 60?

Form 60 allows an individual who does not have a PAN card, perform the following actions:

  1. Buy or sell an immovable property worth over INR 5 lakhs 
  2. Buy or sell any motor vehicle, other than two-wheelers 
  3. Make a fixed deposit worth over INR 50,000 with any bank or post office 
  4. Buy or sell contracts for securities worth over INR 10 lakhs
  5. Open an account in any bank, financial institution or NBFC
  6. Apply for a new mobile or telephone connection
  7. Pay restaurant bills exceeding INR 25,000

All the above actions require a PAN card to complete. However, individuals who do not have one may perform them after submitting a duly-filled Form 60.

Documents Required for filing Form 60

Along with the duly-filled Form 60, individuals must also submit any of the following supporting documents for verification.

  1. Driving License
  2. Passport
  3. Ration Card
  4. Government-registered institution-issued ID proof 
  5. Electricity bill or telephone bill not older than three months
  6. Central/State or PSU-issued ID proof
  7. Documented address proof

How to fill Form 60

It is best if applicants know about all the details they will have to provide to complete Form 60 before starting so that they can have the information ready. Here’s a quick look at all the details you will need to complete filing Form 60.

  1. Full name of the applicant
  2. Applicant’s address
  3. Date of birth 
  4. Name of the father if the applicant is an individual
  5. Mobile number
  6. Particulars of the transaction 
  7. Amount of the transaction
  8. In case you have been assessed earlier, your range, circle, or ward number
  9. Aadhaar number 
  10. Date of application of PAN if applied 

Make sure you fill in all the details clearly and do not overwrite the form under any circumstances. Once you have filled up the form, please submit it to the concerned authority before you make the transaction or purchase. Doing so will ensure that you receive the benefits, and it will serve as proof of the transaction.

Also Read: Reprint Pan Card