What is Form 60

When a person engages in certain transactions outlined in Rule 114B of the Income-tax Rules, 1962, but does not have a permanent account number, they must submit Form 60, which is a crucial document.

Introduction

Taxpayers are identified using PAN cards, and information about them is gathered, such as the total amount of taxes paid, any outstanding taxes, refunds issued, etc. Additionally, the Indian government has made it necessary to provide a Permanent Account Number (PAN) for a variety of transactions. Thanks to this, they can more easily detect fraud, tax evasion, and unlawful marketing.

When conducting any financial transactions, a person must submit Form 60 to the relevant authority if they do not have a PAN card. The Form 60 PAN Card is valid in the banking industry under section 114B of the Income Tax Act of 1962.

There may be times when the parties involved in the transactions listed in Rule 114B do not have PAN cards. In such circumstances, they must submit a completed and properly signed copy of Form 60 and other supporting documentation.

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How and When Should You Use Form 60?

When engaging in a particular transaction listed in Rule 114B of the Income-tax Rules, 1962, but lacking a PAN, individuals are required to provide Form 60. The Income Tax Act records the transactions for which a PAN is required in detail.

An individual who participates in any transactions you make but does not have a PAN card must produce Form 60.

• Buying or selling any immovable real estate costs Rs. 5 lakh or more.
• Involved are motor vehicle purchases and sales. Two-wheelers are excluded, but detachable side cars with wheels are considered. It could be worth anything.
• Deposits greater than Rs 50,000 must be accepted by any bank that accepts fixed deposits.
• Any additional deposits made into a Post Office Savings Bank account are more significant than Rs 50,000.
• If you signed a contract with a value of Rs 10 Lakh or above related to the purchase and sale of securities.
• Each time a new account is opened at a bank or another financial institution.
• Whenever you want to request any type of telephone connection.
• Paying over Rs 25,000 in one goes toward a bill at hotels or restaurants.

In India, if a minor opens a savings account with a bank or makes a time deposit, you must submit the guardian’s PAN with the application. In the absence of PAN, you must submit Form 60.

How To Download Form 60?

Form 60 is available on the official website of the Income Tax Department. You can use the steps listed below to download Form 60 in PDF format:

• Visit the Income Tax Department’s official website.
• The top navigation menu will open when you select “Forms/Download.”
• A drop-down menu will appear; choose “Income Tax Forms.”
• A page listing various income tax forms will be displayed after the redirect.
• When you get to “Form No.60,” continue scrolling down the list.
• Once you choose a document, your computer will begin downloading it.

Your completed Form 60 Declaration, whether electronically or on paper, must be delivered to the party with whom the transaction is being completed. 

For instance, you must provide the bank with a duly completed and signed copy of Form 60 and any necessary supporting documentation to open a bank account without a PAN card. 

You must ensure the bank where you opened the savings account is aware of any PAN cards you obtain throughout this process.

Documents Required While Filling Form 60

Keep a few details on hand if you intend to use Form 60 rather than your PAN card because you must fill them out before submitting the form. The following information:

• You must give the declarer’s complete name.
• The declaration must include the declarant’s home address.
• Date of birth and father’s name of the declarant (applicable to only individuals).
• You must provide the declarant’s complete address in addition to the declarant’s mobile number.
• Transaction information, including the total amount, must be provided.
• The location of where you filed you must disclose your income tax returns.
• Defendant’s Aadhaar number.
• If you have not yet received your PAN, you must provide the acknowledgment number and the date you applied.

You must submit Form 60 with supporting documentation as identification or proof of address in India. The following is a list of them:

• Driving license
• Passport
• Ration Card
• Authentication of your identity from a reputable source
• Copy of telephone bill or electricity bill
• Governmental documents from the state, the federal government, or any other local bodies
• Any additional documentation supporting the mentioned address
• Pensioner card with a photo
• Water bill
• Telephone invoice
• NRGS job card

Please note that submission of any of these documents will not be required if you have already applied for a PAN and have provided your Aadhaar number in Form 60.

Non-residents are exempt from submitting Form 60 when they make transactions like paying bills at restaurants or hotels or applying for credit or debit cards.

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