Form 60 What Is It, How to Fill and Download Form 60?

20 December 2023

3,650 5 mins read

In this article we will take a look at how one can execute a financial transaction in the absence of a PAN card.

Table of Contents

Introduction

FORM 60 – Any individual or company that pays taxes in India is eligible to get a PAN card. PAN stands for Permanent Account Number, a unique 10-digit alphanumeric number allotted to the person by the Income Tax Department of India. It is mandatory for any individual or non-individual who earns an income that is taxable to have a PAN card.

A PAN card not only serves as identity proof but is also required to be submitted along with various financial transactions. This helps the government to keep track of all the financial transactions done by a person which ultimately helps in avoiding tax evasion or any fraud activity making the PAN card a very important document. But what if a person does not have a PAN card but still wishes to undergo a transaction which is specified in Rule 114B of the Income-tax Rules, 1962? There comes the requirement of Form 60.

What Is Form 60?

If someone wants to do a certain bank or business transaction without a PAN card they need to give a form called Form 60. PAN is a special number you need to have if you make money or do business. In various documents, such as tax returns and paperwork relating to the purchase or sale of valuables, you are required to provide the government with your PAN. Sometimes people don’t have a PAN yet, and that’s when you can use Form 60 instead. They just have to show some other documents along with it.

Why Form 60 is Required in India?

It is an important document required in India by the Income Tax Department. As previously mentioned, people who don’t have a PAN or who do but don’t use it for financial transactions fill out this declaration form. If a person wants to conduct specific financial activities but does not have a PAN, they must submit this form.

When Do You Need Form 60?

Form 60 is required in several scenarios. For instance, you can open a bank using it, if you don’t have a PAN. You need to submit it when making a cash deposit or withdrawal over ₹50,000 at a bank or post office. It is also required for credit/debit card applications, investments, mutual fund purchases, and buying high-value items like a vehicle.

Information Required to Fill Form 60

Form 60 needs basic personal data like your name, address, and date of birth
You must also provide the transaction details for which you are submitting the form
If you’re opening a bank account, you’ll need to include the bank’s name, address, and branch details in the form
You must disclose the range, circle, or ward where you last filed your income tax return if you are being assessed for income tax
You must also provide a justification for not possessing a PAN card.
If you have applied for a PAN card but have not yet received it, you must mention this in the form.

Structure of Form 60

Personal details such as first name, middle name, and surname must be provided
Enter your date of birth in DD/MM/YYYY format
Mentioning the father’s first name, middle name, and last name is required.
Provide the Address
It is necessary to supply a phone number, an STD code, and a mobile number
Details of the transaction
Aadhaar number must be mentioned
If you’ve requested a PAN card but haven’t gotten it yet, you must supply the acknowledgment number in the format of DDMMYYYY
Provide agricultural and non-agricultural revenue
It is necessary to submit information about the document used to prove your identity and residence.

Essentials of Form 60

It is required if you do not have a PAN Card and must be submitted for various transactions and has to be submitted for the following transaction
- Buying or selling an immovable property for at least ₹5 lakh
- Purchase or sale of automobiles, except for two-wheelers, or detachable sidecars
- Fixed deposit account with ₹50,000 or more in any bank
- ₹50,000 worth of deposits in a savings bank account
- Contract/sale worth at least ₹10 lakh
- Any bank or lending institution opening a bank account
- Payment made to hotels or restaurants with a bill amount of ₹25,000 or more at one time.

How to Fill Form 60?

Completing Form 60 is a simple process that requires accurate information to be provided in all mandatory fields
The form can be filled out electronically or manually by downloading a PDF copy of it and doing so
It is important to sign the form in the designated area.

Supporting Documents to Submit Form 60

Form 60 may require supporting documents as evidence of identity and address
Identification documents like a passport, driver’s license, or Aadhaar card may be necessary
- Passport
- Ration card
- Driving license
- Voter ID
- Aadhaar card
- Bank passbook with a photo
- Electricity bill
- Water bill
- Pensioner card with a photo
Proof of income, such as bank statements or salary slips, may also be required along with identification documents.

How to Download Form 60 PDF?

It is available on the Income Tax Department official website. You can download Form 60 using the steps given below.

Visit the official website
On the navigation menu, select ‘Forms/Download’
Choose ‘Income Tax Forms’ from the drop-down menu
From the pop up Find ‘Form No.60’
Select the form, and download Form 60.

How to Submit PAN Form 60?

It has to be presented on paper or as a soft copy to the authorities. If a PAN card is received during the procedure, it is crucial to notify the bank where the savings account was opened.

Who Need Not Submit Form 60?

People who possess a current PAN do not have to file it. Additionally, if the transaction amount is less than ₹50,000, you may not need to submit the form.

How To Submit Form 60?

The submission of Form 60 is an easy process. However, after the form is filled, it can be handed over to the concerned authorities by the use of online or offline way.

Online Method:
- By means of electronic verification using the website https://report.insight.gov.in/reporting-webapp/portal/homePage
- Or one can do it through Aadhaar-specified authentications.

Offline Method :
- One can file it through the offline method by physically submission of the form to the concerned authorities after filling it out completely.

Wrong Declaration In The Form

If an individual is found guilty of any wrong declaration in the form then he would have to face the consequences under section 277 of the Income Tax Act 1961. According to section 277 of the Income Tax Act of 1961, an individual putting up false information will be liable as stated below:

If the amount of the tax evasion is more than Rs.25 lakhs then the person might face imprisonment for a period of 6 months to 7 years plus the fine.
In other cases, the person will have to face imprisonment for 3 months to 2 years.

Conclusion

The Government of India has made it necessary for citizens who belong to the income-earning group to have a Permanent Account Number (PAN) card to carry out their financial transactions in the country. Moreover, we need to carry forward our various transactions. It allows an individual to enter into some specific transactions even if the individual does not have a PAN card.

FAQs

Difference between Form 16 or 60?

Employers provide Form 16s to workers, which detail the wages received and the tax withheld at source (TDS) on them. On the other hand, It has to be submitted by an individual to open a bank account without a PAN card.

What is Form 60 in RTO?

Form 60 in RTO is filed by an individual who does not have a PAN and is applying for a driving license or registration certificate for their vehicle.

What is the validity period of Form 60?

Six months after the end of the month in which it is filed.

What are the consequences of a wrong declaration on Form 60?

The Income Tax Act of 1961 provides for penalties and legal repercussions for making a false statement on it.

What are the consequences of a wrong declaration on Form 60 for amounts exceeding ₹25 lakh?

According to the Income Tax Act of 1961, if a false declaration is made for more than 25 lakh, it can result in a sentence of six months to seven years in prison.

If PAN is applied for but allotment is pending, what are the documents required to be submitted for Form 60?

A copy of the PAN application's acknowledgment receipt must be submitted if the PAN application is in progress but the allotment is not yet complete along with it.

Who need not submit Form 60?

PAN card holders are not required to submit.

What should be done if a minor is entering into a transaction that requires a PAN?

If a minor is participating in a transaction that requires a PAN, they may use their parent's or guardian's PAN. If the parent or guardian does not have a PAN document, Form 60 and the necessary papers may be submitted.