People who only get income from agriculture and do not receive any other taxable income should fill out Form 61 if they do not have a PAN card. Then, scroll down to learn more!
Contents
- 1 Introduction
- 2 Documents required
- 3 Know these before you fill out Form 61
- 4 Before filling up PAN Form 61, individuals should know the details to be filled in to submit the form successfully. Given below is the critical information that you need to fill in PAN Form 61:
- 5 How to apply for Form 61
- 6 FAQs
Introduction
The Permanent Account Number, or PAN card, is one of the most crucial documents that every person in India must own. This laminated card, provided by the Income Tax Department of India under the direction of the Central Board of Direct Taxes, contains the applicant’s basic information, including name, father’s name, picture, and PAN number.
People who only get income from agriculture and do not receive any other taxable income should fill out Form 61 if they do not have a PAN card. The Income Tax Department of India, which the Central Board of Direct Taxes governs, issues PAN cards on Form 61. By reading on, learn more about PAN Card Form 61, including its applications, requirements for supporting documents, and uses.
A PAN Form 61 must be appropriately completed by those who only get income from agriculture and do not receive any other taxable income. Additionally, PAN Form 61 must be submitted by those who do not have a PAN card while doing any financial activities.
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How and Why Form 61 is Used?
PAN Form 61 is a document that needs to be duly filled by individuals who receive income solely from agriculture and are not recipients of any other taxable income. Also, individuals who do not possess PAN cards must submit PAN Form 61 while making any financial transactions.
This form is used in place of a PAN card concerning transactions mentioned in Clauses (a) to (h) of Rule 114B. These transactions are:
- Purchase or sale of immovable property that is worth over Rs.5,00,000.
- Asset or sale of vehicles other than a two-wheeler.
- A fixed deposit that exceeds Rs.50,000 with any bank.
- An inactive deposit account that exceeds Rs.50,000 with the Post Office.
- Contract related to purchasing or sale of specified securities that exceed Rs.10,00,000.
- This form is required for opening an account with a bank.
- Applications for installing a telephone connection (including cellular connection) require this form.
- Payments that exceed Rs.25,000 to restaurants and hotels.
For minors whose income is not taxed, you should give their father’s/mother’s/guardian’s PAN number.
How does Form 61 differ from Form 60?
A PAN card is a necessary document that every citizen must have. This document keeps track of the holder’s financial transactions. If applicants do not possess a PAN number, they must submit either Form 60 or Form 61 instead.
Form 60 PDF Download
This declaration form will have to be submitted by an individual who does not hold a PAN number but wishes to enter transactions mentioned in Rule 114B. Applicants who do not have a General Index Register Number but wish to pay in cash concerning all transactions mentioned in Clauses (a) to (h) of Rule 114B will have to submit Form 60.
Form 61
On the other hand, this form will have to be submitted by applicants who have agricultural income but do not receive any additional payment that is taxable in case they wish to participate in transactions specified in Clauses (a) to (h) of Rule 114B.
Therefore, based on the applicant’s requirements, they will have to decide whether to submit Form 60 or Form 61.
Documents required
Individuals are supposed to submit one of the supporting documents mentioned below to provide proof of identity or address along with Form 61. Some valid documents that you can offer:
- Aadhaar Card
- Driving License
- Passport
- Ration Card
- ID proof from an accredited institution
- Copy of the electricity bill or telephone bill
- Any document issued by Central Government, State Government, or local bodies.
- Any documented evidence related to the address mentioned in the form.
Know these before you fill out Form 61
Before filling up PAN Form 61, individuals should know the details to be filled in to submit the form successfully. Given below is the critical information that you need to fill in PAN Form 61:
- Full name and Address of the declarant
- Date of birth of the declarant and name of Father (in case of an individual)
- Full Address of the declarant with mobile number
- Particulars of the transaction and the amount of the transaction
- If you have been assessed to tax, then mention your details of Range, Ward, or Circle where you had last filed IT
- Mention your 12-digit Aadhaar card number, if issued
- Date of application and acknowledgment number of PAN if applied and not received yet
Individuals should carefully fill out PAN Form 61 without making mistakes or overwriting the form and declare that the source of income is only agriculture.
How to apply for Form 61
Here’s how you can apply for PAN Form 61 online
- You have to register for Income Tax Department Reporting Entity Identification Number (ITDREIN) at the e-filing portal, i.e., https://incometaxindiaefiling.gov.in
- Now, you are required to use the same credentials you used when you filed for the Income Tax Return.
- Click on the ‘Reporting Portal’ link under the ‘My Account’ tab for the first-time registration.
- Now, enter the necessary information, like the form type, category, and address of the reporting person.
- You must enter the details of the Principal Officer
- After the submission, the ITDREIN will be generated automatically
- The Principal Officer will be informed about the same through an e-mail on their registered e-mail address along with an SMS at the registered mobile number
FAQs
What does form 61 mean?
An individual who only receives income from agriculture and who does not receive any other taxable income must complete this form of a declaration concerning the transactions listed in Clauses (a) through (h) of Rule 114B.
Who Is Required to File Income Tax Form 61?
If an individual does not have a PAN, they must file PAN Form 61 for certain transactions if they receive income from agriculture or do not receive income exempt from income tax. The Central Board of Direct Taxes has authorized the Income Tax Department of India to issue this document.
What do income tax forms 61 and 61A do?
Statement of Financial Transactions (STF), also known as Form 61A, is a record of the declaration of certain financial transactions that you must provide following the Income Tax Act of 1961.
How is form 61 filed?
Individuals who only receive income from agriculture and no other taxable income are required to complete PAN Form 61 correctly. Additionally, those without PAN cards must submit PAN Form 61 when conducting financial transactions.
Is the filing of NIL Form 61 required?
Filing a NIL statement of Financial Transactions (Form 61A) is not required. An assessee must, however, submit a preliminary response.
How can I fill out Form 61?
Log into the portal using your User ID, authorized PAN, and pass when, god. Then, go to e-filing and upload Form 61A. Information such as the reporting entity PAN, Form Name, and Category will be visible on the screen after upload.
Are PAN cards required for farmers?
The clause implies that section 269ST of the Act forbids an agricultural producer from selling their produce for cash for Rs 2 lakh or more. However, according to the revenue department, farmers selling their produce for money up to Rs 2 lakh per day are not required to provide their PAN.