Form 60 PAN Card

Introduction

In India, a Permanent Account Number (PAN) card is crucial for tracking financial transactions and preventing tax evasion. However, if you do not possess a PAN card, you must use Form 60 for certain financial transactions as specified by the Income Tax Department of India. This guide covers what Form 60 is, when it’s required, and how to fill it out and download it.

What is Form 60?

Form 60 is an official document used by individuals who do not have a PAN card but need to perform financial transactions or establish accounts as specified in Rule 114B of the Income-tax Rules, 1962. It serves as a declaration to facilitate various financial activities and transactions when a PAN card is not available.

When is Form 60 Required?

Form 60 is a legal declaration required when individuals does not have a Permanent Account Number (PAN) but are involved in financial transactions where quoting PAN is mandatory under Indian tax laws. The form is essentially a substitute for PAN and allows individuals to provide details regarding their financial dealings to the Income Tax Department.

Form 60 is required in the following situations:

1. Opening a Bank Account:

If you don’t have a PAN and want to open a savings, fixed deposit, or recurring account in any bank or financial institution, you must submit Form 60.

2. Deposits Exceeding ₹50,000:

Any cash deposit of ₹50,000 or more in a single day with any bank or post office requires quoting a PAN. If you don’t have one, you must provide Form 60.

3. Purchasing/Selling Immovable Property:

Individuals in the purchase or sale of any immovable property (land, house, etc.) valued at ₹10 lakhs or more and do not possess a PAN will need to submit Form 60.

4. Investing in Mutual Funds or Shares:

For any investment in mutual funds or purchasing securities like shares worth ₹50,000 or more, PAN is necessary. In the absence of PAN, Form 60 is required.

5. Buying a Vehicle:

When purchasing a motor vehicle (excluding two-wheelers), you must provide your PAN or, in its absence, submit Form 60.

6. Opening a Demat Account:

While opening a dematerialized (Demat) account for trading stocks and shares, if you don’t have a PAN, Form 60 needs to be submitted.

7. Applying for Credit Cards:

When applying for a credit card, if you do not have a PAN, Form 60 serves as a declaration in its place.

8. Transactions Above ₹2 Lakhs:

Any transaction, whether in cash or by other means, that amounts to ₹2 lakhs or more requires PAN. Form 60 can be submitted in its absence.

9. Insurance Premiums Exceeding Rs 50,000:

If your insurance premium exceeds ₹50,000 per year, you will need to quote your PAN or submit Form 60 if PAN is unavailable.

10. Foreign Exchange Transactions:

For purchasing foreign currency or making payments exceeding ₹50,000, if you do not have a PAN, Form 60 is mandatory.

11. Purchasing Time Deposits:

Any time deposit with a bank, post office, or Nidhi company for more than ₹50,000 at a time or ₹5 lakhs cumulatively requires PAN. Form 60 must be provided if you don’t have one.

12. Payments for Travel:

When making payments above ₹25,000 towards foreign travel, including buying foreign exchange, air tickets, or travel packages, Form 60 will be required in the absence of PAN.

You may also want to know AO Codes for PAN

Information Needed to Fill Form 60

When filling Form 60, individuals must provide detailed information about their identity, transaction, and source of income. The form ensures that even in the absence of PAN, the Income Tax Department can track high-value transactions. Below is a detailed breakdown of the required information:

1. Personal Details

• Full Name: Enter your complete name as per official records.
• Father’s Name: Mention your father’s full name, which is a common identifier in government records.
• Date of Birth (DOB): Enter your date of birth in DD/MM/YYYY format.
• Address: Provide your current residential address, which may be verified by financial institutions or tax authorities.
• Mobile Number: A contact number for communication purposes.

2. Transaction Details

• Nature of the Transaction: Specify the type of financial transaction (such as opening a bank account, deposit, or investment).
• Transaction Amount: Mention the amount of the transaction that requires the submission of Form 60.
• Date of the Transaction: Enter the date when the transaction was initiated or completed.

3. Proof of Identity and Address

• Document Type for Identity Proof: You must provide one of the approved documents as proof of identity, such as a passport, voter ID, driving license, or Aadhaar card.
• Document Type for Address Proof: Submit proof of your address, which can include utility bills, passport, or ration card, etc.
• Document Identification Number: The unique identification number of the document you’re providing for identity or address proof.

4. Source of Income

• Occupation: Provide details about your occupation (whether salaried, self-employed, retired, student, etc.).
• Income Source: Mention your income sources, such as salary, business income, rent, or interest from deposits.
• Annual Income: Include your estimated annual income based on your occupation and source of funds.
• Income Tax Return Filing Status: Specify if you have filed an income tax return in the last financial year (Yes/No).

5. Declaration

• Declaration on Form 60: Form 60 includes a declaration section where you must confirm that the information provided is true and correct. You also need to state that you do not possess a PAN.
• Place and Date: Mention the place where the form is being filled and the date of submission.
• Signature: Your signature or thumb impression is required to validate the form.

How to Download Form 60 in PDF?

To download Form 60, follow these steps:

1. Visit the Official Income Tax Department Website: Go to the Income Tax Department’s website.
2. Navigate to Forms/Download Section: From the top navigation menu, select “Forms/Download.”
3. Select Income Tax Forms: Choose “Income Tax Forms” from the drop-down menu.
4. Choose Form No.60: Locate and select Form No.60 from the list.
5. Download the Form: The PDF will automatically download to your device.

How to Submit Form 60?

Form 60 must be submitted to the entity with which you are performing the transaction. This could be done either online or in person. For example, if opening a bank account without a PAN card, submit a completed and signed Form 60 along with required documents to the bank. Notify the bank if you obtain a PAN card during this process.

Supporting Documents for Form 60

Conclusion

Form 60 is a vital document for individuals who do not have a PAN card but need to engage in significant financial transactions or establish accounts. Understanding when and how to use Form 60 ensures compliance with income tax regulations and facilitates smooth financial operations.

By submitting Form 60, individuals ensure that even without a PAN, they can carry out financial transactions. The form allows the Income Tax Department to track these transactions and ensures compliance with tax laws.