Download Form 60: A Guide for Individuals Without PAN
If you are an individual who does not have a Permanent Account Number (PAN) or you have applied for PAN but it has not been allotted yet, you may face some difficulties in carrying out certain financial transactions. However, there is a way to overcome this problem. You can use Form 60, which is a declaration form that can be submitted instead of PAN for certain transactions specified in Rule 114B of the Income Tax Rules. In this article, we will explain what is Form 60, how to fill and download it, when to submit it, and what are its benefits.
What is Form 60 and why do you need it?
Form 60 is a declaration form for individuals who do not have a PAN
PAN is a unique identification number issued by the income tax department to every person who is liable to pay tax or who has to file an income tax return. PAN is also mandatory for various transactions such as opening a bank account, buying or selling property, investing in securities, etc. However, some individuals may not have a PAN either because they have not applied for it or because their application is pending. In such cases, they can use Form 60 as a substitute for PAN.
download form 60
Form 60 is required for certain transactions specified in Rule 114B of the Income Tax Rules
Rule 114B of the Income Tax Rules lists out various transactions for which quoting of PAN is compulsory. These include:
Purchase or sale of any motor vehicle excluding two wheelers
Opening of demat account
Opening an account with any banking institution or bank other than basic savings deposit account/Application to institution or bank or company for debit or credit card
Purchase or sale of an immovable property value of Rs. 10 lakh or above
A fixed deposit with any bank/post office/Nidhi/non banking financial company Amount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year
Payment to restaurants or hotels in cash against the bills Exceeding Rs. 50,000 at one time
Payment in connection with travel to any foreign country or payment for purchase of any foreign currency in cash Exceeding Rs. 50,000 at one time
Payment of a life insurance premium Exceeding Rs.50,000 in a year
Sale/purchase of company shares or contract for sale or purchase of securities Exceeding Rs.1 lakh per transaction
If you do not have a PAN and you want to make any of these transactions, you will have to submit Form 60 along with relevant supporting documents.
Form 60 is not valid if your income exceeds the basic exemption limit
Form 60 can be used only by individuals who do not have any taxable income or whose income does not exceed the basic exemption limit for the relevant assessment year. For the assessment year 2023-24, the basic exemption limit is Rs. 2.5 lakh for individuals below 60 years of age, Rs. 3 lakh for senior citizens (60 to 80 years), and Rs. 5 lakh for super senior citizens (above 80 years). If your income exceeds these limits, you will have to apply for PAN and quote it in your transactions.
How to fill and download Form 60?
Form 60 can be downloaded from the income tax portal or obtained from the concerned authority
You can download Form 60 from the official website of the income tax department or from the website of the authority with whom you are making the transaction. For example, if you are opening a bank account, you can download Form 60 from the bank's website or get it from the branch. Similarly, if you are buying a property, you can download Form 60 from the registrar's website or get it from the office.
Form 60 has 22 columns to be filled with personal and transaction details
Form 60 has two parts: Part A and Part B. Part A contains personal details of the declarant such as name, address, date of birth, gender, Aadhaar number, etc. Part B contains details of the transaction such as nature and value of transaction, mode of payment, name and address of the person with whom the transaction is made, etc. You have to fill all the relevant columns in both parts with accurate and complete information.
Form 60 should be signed by the declarant and verified by the person collecting it
After filling Form 60, you have to sign it at the bottom of Part B and also put your thumb impression if you are not literate. You also have to mention the date and place of signing. The person who is collecting Form 60 from you has to verify it by signing and stamping it at the bottom of Part B. He/she also has to mention his/her name, designation, and address.
When to submit Form 60?
Form 60 should be submitted at the time of making any transaction that requires PAN
You have to submit Form 60 along with your transaction documents at the time of making any transaction that falls under Rule 114B of the Income Tax Rules. For example, if you are opening a bank account, you have to submit Form 60 along with your identity proof and address proof at the time of opening the account. If you are buying a property, you have to submit Form 60 along with your sale deed and payment receipt at the time of registration.
How to download form 60 from income tax portal
Download form 60 for opening bank account
Download form 60 PDF online
Download form 60 for purchase of immovable property
Download form 60 for payment of life insurance premium
Download form 60 for foreign travel or currency purchase
Download form 60 for sale or purchase of securities
Download form 60 for opening demat account
Download form 60 for payment to hotels or restaurants
Download form 60 for fixed deposit with bank or post office
Download form 60 for purchase or sale of motor vehicle
Download form 60 for debit or credit card application
Download form 60 for non taxable income NRI
Download form 60 for agricultural income
Download form 60 for company shares transaction
Download form 60 for contract for sale or purchase of securities
Download form 60 for cash deposit exceeding Rs.50,000
Download form 60 for cash withdrawal exceeding Rs.50,000
Download form 60 for mutual fund investment exceeding Rs.50,000
Download form 60 for bond or debenture purchase exceeding Rs.50,000
Download form 60 for payment to educational institution exceeding Rs.1 lakh
Download form 60 for payment to hospital exceeding Rs.1 lakh
Download form 60 for payment to NGO exceeding Rs.10,000
Download form 60 for payment to political party exceeding Rs.20,000
Download form 60 for payment to trust exceeding Rs.10,000
Download form 60 for payment to religious institution exceeding Rs.10,000
Download form 60 for payment to club or association exceeding Rs.1 lakh
Download form 60 for payment to builder or developer exceeding Rs.10 lakh
Download form 60 for payment to jeweller exceeding Rs.5 lakh
Download form 60 for payment to art dealer exceeding Rs.5 lakh
Download form 60 for payment to antique dealer exceeding Rs.5 lakh
Download form 60 for payment to auctioneer exceeding Rs.5 lakh
Download form 60 for payment to travel agent exceeding Rs.50,000
Download form 60 for payment to courier service exceeding Rs.50,000
Download form 60 for payment to cable operator exceeding Rs.50,000
Download form 60 for payment to internet service provider exceeding Rs.50,000
Download form 60 for payment to mobile service provider exceeding Rs.50,000
Download form 60 for payment to electricity provider exceeding Rs.50,000
Download form 60 for payment to gas provider exceeding Rs.50,000
Download form 60 for payment to water provider exceeding Rs.50,000
Download form 60 for payment to insurance company exceeding Rs.50,000
Download form 60 for payment to stock broker exceeding Rs.1 lakh
Download form 60 for payment to commodity broker exceeding Rs.1 lakh
Download form 60 for payment to forex broker exceeding Rs.1 lakh
Download form 60 for payment to lottery agent exceeding Rs.10,000
Form 60 should be submitted along with proof of identity and address
You have to submit Form 60 along with a copy of any one document that serves as proof of your identity and address. The list of acceptable documents is given in Rule 114B and includes:
Aadhaar card
Voter ID card
Driving license
Passport
Ration card
Electricity bill
Telephone bill
Bank account statement
Rent agreement
Employer certificate
You have to ensure that the document is valid and matches with the details given in Form 60.
Form 60 should be submitted only if you have not applied for PAN or your PAN allotment is pending
You can use Form 60 only if you do not have a PAN or you have applied for PAN but it has not been allotted yet. If you have applied for PAN, you have to mention your acknowledgement number in column 21 of Form 60. You also have to attach a copy of your PAN application form or acknowledgement receipt along with Form 60. Once your PAN is allotted, you have to inform the person who collected Form 60 from you and provide him/her with your PAN details.
What are the benefits of Form 60?
Form 60 enables you to carry out transactions without PAN
The main benefit of Form 60 is that it allows you to carry out transactions that require PAN without having a PAN. This way, you can avoid any inconvenience or delay in completing your transactions due to lack of PAN. You can also avoid any penalty or fine that may be imposed for not furnishing PAN.
Form 60 helps the income tax authorities to track your financial activities and prevent tax evasion
Another benefit of Form 60 is that it helps the income tax authorities to track your financial activities and prevent tax evasion. Form 60 contains details of your transactions, income, and tax status, which can be used by the income tax department to verify your tax compliance and detect any discrepancies or anomalies. Form 60 also helps the income tax department to identify potential taxpayers who do not have a PAN and encourage them to apply for one.
Form 60 saves you from penalties for not furnishing PAN
A third benefit of Form 60 is that it saves you from penalties for not furnishing PAN. According to Section 272B of the Income Tax Act, if you fail to quote PAN or furnish incorrect PAN in any transaction that requires PAN, you may be liable to pay a penalty of Rs. 10,000. However, if you submit Form 60 instead of PAN, you can avoid this penalty and comply with the law.
Conclusion
Form 60 is a declaration form that can be used by individuals who do not have a PAN or whose PAN allotment is pending for certain transactions that require PAN. Form 60 can be downloaded from the income tax portal or obtained from the concerned authority and filled with personal and transaction details. Form 60 should be submitted along with proof of identity and address at the time of making the transaction. Form 60 enables you to carry out transactions without PAN, helps the income tax authorities to track your financial activities and prevent tax evasion, and saves you from penalties for not furnishing PAN.
FAQs
Q: Can I use Form 60 for filing income tax return?
A: No, you cannot use Form 60 for filing income tax return. You have to obtain a PAN and quote it in your return.
Q: Can I use Form 60 for more than one transaction?
A: Yes, you can use Form 60 for more than one transaction as long as they fall under Rule 114B of the Income Tax Rules and you do not have a PAN or your PAN allotment is pending.
Q: How long does it take to get a PAN after applying?
A: It usually takes about 15 days to get a PAN after applying online or offline. You can track the status of your application on the income tax portal or NSDL website.
Q: What if I have a PAN but I do not remember it?
A: If you have a PAN but you do not remember it, you can retrieve it online by using your name, date of birth, and Aadhaar number on the income tax portal or NSDL website. You can also contact the income tax helpline or visit your nearest PAN service center.
Q: What if I have lost or damaged my PAN card?
A: If you have lost or damaged your PAN card, you can apply for a duplicate PAN card online or offline by paying a nominal fee. You have to provide your existing PAN number and other details while applying. 44f88ac181
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