Do you have your PAN number? No? Are you troubled about opening a bank account without a PAN number? Do you want to buy some property but are troubled with your PAN number? What to do? Don’t worry!
If you do not hold a PAN number and want to make financial transactions, in such a case, you need to submit Form 60 under Rule 114B of the Income-Tax Act, 1961. However, those who have PAN numbers can make such transactions without submitting Form 60.
Dive into this section to know more about this form!
Overview of Form 60
PAN card offers identification for the taxpayers and all the information about taxes you paid, refunds issued, etc. For financial transactions, the Central Government has mandated it to hold an individual’s PAN number. This way, it becomes easy to track the records of tax fraud, tax evasion, and illegal transactions.
However, if you are not a PAN holder for any reason, it becomes a challenge to make financial transactions. You must submit Form 60 with the transaction documents in such a case.
This form is a declaration form that individuals who are not PAN holders need to fill out if they want to make transactions that are considered under Rule 114B of the Income Tax Rules, 1962.
When Is It Necessary to Produce Form 60?
The following situations require submission of Form 60 for non-PAN holders.
- If you want to sell or buy any immovable property worth ₹5 lakh or more.
- If you want to sell or buy any motor vehicle or two-wheeler with detachable sidecars.
- Having an FD account with ₹50,000 or more amount in any bank.
- Depositing ₹50,000 or more with a post office saving account.
- While opening an account in any bank or lending institute.
- To get a telephone number or mobile number.
- For billing, ₹25,000 or more at one time for hotels or restaurants.
- Buying or selling securities contracts of ₹10 lakh or more.
How to Download Form 60?
Given below steps help you in downloading this form:
Step 1: Go through the Income Tax Department’s official website.
Step 2: Select the ‘Forms/Download’ option from the top navigation menu.
Step 3: Click on the ‘Income Tax Forms’ option from the drop-down menu.
Step 4: You will get a list of various income tax forms.
Step 5: Look for ‘Form Number 60.’Step 6: Click on the document, and it will get downloaded.
What Are the Steps to Fill Out Form 60?
Following the given steps, you can fill out this form easily.
Step 1: Enter your full name.
Step 2: Enter your address details.
Step 3: Fill in your date of birth and father’s name.
Step 4: Enter your contact information.
Step 5: Fill in the transaction details with the transaction amount.
Step 6: Fill in the place name where you filed the income tax returns.
Step 7: Enter your Aadhaar number.Step 8: In case of not receiving a PAN card, enter your acknowledgement number and the date applied for it.
What Are the Documents Required to Submit Form 60?
Below is the document list you need to submit with the form.
- Voter ID
- Bank or Post Office passbook with your photo
- Aadhaar card
- Driving Licence
- Ration card with your photo
- Pensioner card with your photo
- Caste or Domicile certificate with your photo
- Electricity, Water, and Landline bill
- Arm’s Licence
However, in the presence of a PAN card and Aadhar number with this form, you do not need to submit any of the above documents.
Where to Submit Form 60?
You can select an online or offline option to submit this form. Form 60 is submitted to the person with whom you made transactions.
For Whom Filling Out Form 60 Not Necessary?
Those who do not have Indian nationality or non-residents and want to make transactions like paying hotel or restaurant bills, applying for debit or credit cards, travelling expenses, etc., need not submit Form 60.
However, for transactions such as buying mutual funds, bonds, or debentures for more than ₹50,000, depositing money with a bank or post office account exceeding cash of ₹50,000 per day, etc., non-residents need to fill out Form 60.
Although all the important information related to Form 60 is mentioned in this article, you must visit the official website of the Income Tax Department for more information. Moreover, be careful while filling out this form and enter all the true information. Otherwise, you will be faced with legal consequences.