Form 60: A Way To Get Into Transaction If You Don’t Have A Pan Card

Last Updated at: May 26, 2020
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What is the Form 60_ How do I get it
As per the IT rules, you can carry out certain transactions even when you do not have a PAN card. You need to sign a declaration in Form 60 by stating that your income is below taxable limit and you don’t have a PAN.

 

Any individual or a company that pays taxes in India are 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 which is taxable to have a PAN card.

A PAN card not only serves as an identity proof but is also required to be submitted along with various financial transactions. This helps the government to keep a track of all the financial transactions done by a person which ultimately helps in avoiding the 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 being specified in Rule 114B of the Income-tax Rules, 1962? There comes the requirement of Form 60.

What is Form 60?

Form 60 documents are submitted by an individual when they wish to enter into any transaction which is specified in Rule 114B of the Income-tax Rules even without having the PAN card. There are basically 2 expected reasons for a person not having the PAN card:

  • Individual did not apply for the PAN card and hence, does not have it
  • The individual applied for the PAN card but the allotment of the number is still left.  

How Does It Look Like?

We have already discussed what Form 60 is and how do we generate it. Indeed now it’s the time for us to see how does  60 actually looks like. The following image shows the real picture of Form 60.

Details To Be Filled In Form 60:

The following points state the basic details that an individual is supposed to fill in Form 60 :

  • First name, middle name, and the surname of the individual 
  • Date of birth of an individual and his father’s name
  • Mobile number and his full address
  • The date of the transaction along with the mode and the amount of the transaction
  • Aadhaar number if issued 
  • Application date due
  • The Acknowledgement number, if an individual has applied for the PAN but hasn’t received it yet

NOTE: An individual must not make any mistakes while filling the form and should also avoid overwriting.

Get free legal advice now

Documents To Be Attached Along With the Form 60:

Before the final submission of the Form 60, an individual has to place the following legal documents. This is simply because the person has to provide the address proof and identity proof of an individual. 

  • Passport
  • Ration card
  • Driving license
  • Voter ID
  • Aadhaar card
  • Bank passbook with a photo
  • Electricity bill
  • Water bill
  • Pensioner card with a photo

NOTE: The submission of any of these documents will not be required if the individual has already applied for the PAN and has provided the Aadhaar card number in Form 60.

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 the online or offline way.

  • ONLINE METHOD: 
  • By the means of electronic verification using the website https://report.insight.gov.in/reporting-webapp/portal/homePage
  • Or one can do it through the Aadhaar specified authentications.
  •  OFFLINE METHOD :
  • One can file the form 60 through the offline method by the physical submission of the form to the concerned authorities after filling it 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 the 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. Form 60 allows an individual to enter into some specific transactions even if the individual does not have the PAN card.

 

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Form 60: A Way To Get Into Transaction If You Don’t Have A Pan Card

992
As per the IT rules, you can carry out certain transactions even when you do not have a PAN card. You need to sign a declaration in Form 60 by stating that your income is below taxable limit and you don’t have a PAN.

 

Any individual or a company that pays taxes in India are 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 which is taxable to have a PAN card.

A PAN card not only serves as an identity proof but is also required to be submitted along with various financial transactions. This helps the government to keep a track of all the financial transactions done by a person which ultimately helps in avoiding the 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 being specified in Rule 114B of the Income-tax Rules, 1962? There comes the requirement of Form 60.

What is Form 60?

Form 60 documents are submitted by an individual when they wish to enter into any transaction which is specified in Rule 114B of the Income-tax Rules even without having the PAN card. There are basically 2 expected reasons for a person not having the PAN card:

  • Individual did not apply for the PAN card and hence, does not have it
  • The individual applied for the PAN card but the allotment of the number is still left.  

How Does It Look Like?

We have already discussed what Form 60 is and how do we generate it. Indeed now it’s the time for us to see how does  60 actually looks like. The following image shows the real picture of Form 60.

Details To Be Filled In Form 60:

The following points state the basic details that an individual is supposed to fill in Form 60 :

  • First name, middle name, and the surname of the individual 
  • Date of birth of an individual and his father’s name
  • Mobile number and his full address
  • The date of the transaction along with the mode and the amount of the transaction
  • Aadhaar number if issued 
  • Application date due
  • The Acknowledgement number, if an individual has applied for the PAN but hasn’t received it yet

NOTE: An individual must not make any mistakes while filling the form and should also avoid overwriting.

Get free legal advice now

Documents To Be Attached Along With the Form 60:

Before the final submission of the Form 60, an individual has to place the following legal documents. This is simply because the person has to provide the address proof and identity proof of an individual. 

  • Passport
  • Ration card
  • Driving license
  • Voter ID
  • Aadhaar card
  • Bank passbook with a photo
  • Electricity bill
  • Water bill
  • Pensioner card with a photo

NOTE: The submission of any of these documents will not be required if the individual has already applied for the PAN and has provided the Aadhaar card number in Form 60.

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 the online or offline way.

  • ONLINE METHOD: 
  • By the means of electronic verification using the website https://report.insight.gov.in/reporting-webapp/portal/homePage
  • Or one can do it through the Aadhaar specified authentications.
  •  OFFLINE METHOD :
  • One can file the form 60 through the offline method by the physical submission of the form to the concerned authorities after filling it 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 the 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. Form 60 allows an individual to enter into some specific transactions even if the individual does not have the PAN card.

 

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