Income Tax efiling in India for FY 2023-24 (AY 2024-25)
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File ITR Now Hire eCA NowIncome Tax Form 60
- Don't have a PAN Card but wish to open a bank account ?? Or are you planning to buy a place ??
- Don't worry !! In this guide, we bring you the way out !!
- Form 60 is a declaration that must be completed by an individual or individual (other than a company and firm) if there is no permanent account number (PAN) when transaction is specified in terms of Rule 114B.
What is Form 60 and when is it required?
Today, if you decide to do any transaction with a banking institution, or deal with a particular type of goods then PAN card is the basic proof required. However, there are still a number of people who do not have a PAN or may have already applied for a PAN and are waiting to be granted. Form 60 can be used instead of providing a PAN for such people in most cases. Form 60 is a declaration to be completed by a person or person (other than a company or firm) who does not have a PAN and enters into any transaction referred to in regulation 114B.
| Nature of Transaction | Value of Transaction |
|---|---|
| Sale or purchase of vehicles [excluding two-wheeled vehicles | Without Value / Any Price |
| Opening a bank account | Without value |
| Getting a new debit or credit card | Without value |
| Opens the D-MAT account | Without value |
| Payment to hotel or restaurant simultaneously | Cash payment over Rs 50,000 |
| The cost of traveling abroad or buying foreign currency at the same time | Cash payment over Rs 50,000 |
| Purchasing Shared Investments | Amount of more than Rs 50,000 |
| Getting bonds or loans | Amount of more than Rs 50,000 |
| Obtaining bonds issued by RBI | Amount of more than Rs 50,000 |
| Investing with (a) Bank (b) Post |
In excess of Rs 50,000 in one day |
| Draft Bank Purchase / Payment Order / Bank Check | In excess of Rs 50,000 in one day |
| Time Deposit (FD) by (a) Bank (b) Post Office (c) NBFC (d) Nidhi Company |
Skip Rs 50,000 at a time or Rs 5,00,000 per financial year |
| Life Insurance Premium | If the value exceeds Rs 50,000 per FY |
| Securities trading | More than Rs 1,00,000 per job |
| Trading listed unlisted company | More than Rs 1,00,000 per job |
| The sale or purchase of any immovable property | If the value or value registered exceeds Rs 10,00,000 |
| Purchase and sale of goods and services | Rs 2,00,000 per job |
PAN v/s Form 60, Can Form 60 substitute PAN in all cases?
Well, Form 60 is a way to provide a PAN but, NOT in all cases. Form 60 is not and will never change the PAN quote. It is only because of the users that the government has given us some rest, according to a certain category of activities. All communications made to the revenue department are monitored through your PAN whether it fills in a refund, receives a refund, provides notifications and any other such communications. In some cases the department imposes a mandatory requirement for a person to have a PAN, these conditions in terms of section 139A include
- If you exceed the required ITR filling limit
- Your profit in business or employment exceeds 5,00,000 / -
- Citizen other than a person doing financial work amounting to Rs 2.5 lakhs or more per annum
- All MD, director, Karta of HUF, factory partner etc
- A person filing a refund under section 139 (4A)
- Employer is required to file an ITR to provide extra benefits
Compliance with KYC requirement, even existing E-KYC transactional procedures such as Paytm, OLA etc also require PAN.
What is the applicability of Rule 114B on Minor?
Act 114B of the Income Tax Act 1961 explicitly provides that, if, a minor enters into any of the above and has no taxable income, then the Minor may quote the PAN of his or her Father, Mother or Guardian while making these contracts.
Whether NRI needs to submit Form 60?0
In terms of Rule 114B, Non-Citizens are required to quote a PAN or submit only Form 60 for a limited number of jobs, below:
| Nature of Transaction | Value of Transaction |
| Selling or buying a car | Without Value / Any Price |
| Opening a bank account | Without value |
| Opens D MAT account | Without value |
| Purchasing Shared Investments | Amount of more than Rs 50,000 |
| Buying bonds or loans | Amount of more than Rs 50,000 |
| Investing with (a) Bank (b) Post |
In excess of Rs 50,000 in one day |
| Time Deposit (FD) by (a) Bank (b) Post Office (c) NBFC (d) Nidhi Company |
Skip Rs 50,000 per time or Rs 5,00,000 per financial year |
| Life Insurance Premium | If the value exceeds Rs 50,000 per FY |
| Securities trading | More than Rs 1,00,000 per job |
| Trading listed unlisted company | More than Rs 1,00,000 per job |
| The sale or purchase of any immovable property | If the value or value registered exceeds Rs 10,00,000 |
Does Rule 114B exempts any other person except NR and Minor to quote PAN?
Yes, like the NR and its jurisdiction, the Central Government, the Provincial Government and the Consular Offices are also completely exempt from quoting PAN while conducting any transaction referred to in Rule 114B.
What is the manner of submission of Form 60? Can it be submitted online?
For user convenience, Form 60 can be sent both online and offline. Offline ie physical submission of Form 60 can be done to the relevant authorities, after completing the form accordingly. Eg. If you submit Form 60 in terms of the Income Tax Act and send it to the Tax Administration or when you complete Form 60 to open a bank account take it to the bank concerned.The online process of submitting a Form 60 to the Income Tax Department will be followed as follows
- A) Electronic verification can be done through this website-
- B) Aadhaar Specific Authentication can be created and used:
- By OTP on your mobile number linked to aadhar or mail ID.
- By Biometric Methods i.e. it can be an iris (scan your eye) or fingerprints.
- Two-way authentication namely OTP + biometric methods
- Or, OTP use and fingerprints and iris all together
How Form 60 looks like?
So far we have discussed a number of things about Form 60. You may be curious about what form 60 looks like, is very long, is a collection of forms or what it really looks like !! WELL to rest all your questions, a simple one-page example of Form 60 is included here.
What are Documents to be submitted with form 60?
Other documents that need to be included in the submission of Form 60
- Aadhaar Card
- Driving license
- Bank Pass Book (having photograph)
- Elector’s Photo ID
- Ration Card
- Passport
- Pensioner Photo card
- Proof of address
- Telephone bill and electricity bill copies
- Communication or document issued by Central or State Government or local bodies
- Domicile Certificate
- Kisan passbook
- Arm’s License etc
There is much more evidence, their list of possible attachments to Form 60.
If you have already submitted Form 49A for the PAN allocation, you only need to provide an application receipt and bank account summary for 3 months. No more documents listed as specified above will be required.
What are the various Information required to be filled in form 60?
The details as set out below are required to be provided when completing form 60
- Your complete name
- Date of Birth
- Full address
- Telephone Number / Mobile Number
- Amount of Transaction
- Date of transaction
- Mode of transaction
- Aadhaar number
- If PAN applied then application and acknowledgement number
- Disclosures of income
- Sign and mention date and place.
If you do not have the information that will be disclosed in a particular column write - "Not applicable".
Are there some Consequences of wrong declarations made in Form 60?
Any incorrect declaration on Form 60 will entitle you to the consequences under section 277 of the Income Tax 1961.
Subject to the provisions of section 277, any person who discloses information that is misleading or false is liable to liability below:
- If the tax evasion result is more than Rs 25 lakhs, imprisonment for at least 6 months to 7+ years and fines as appropriate.
- In some cases, imprisonment for at least 3 months to 2 years and a fine.
Are there other forms related to PAN, apart from Form 60?
Yes there are a few forms also related to PAN. A brief description of these forms is set out below:
49A - This application form is used by Indian citizens to obtain a PAN and to adjust the PAN.
49AA - Unlike 49A, this application form is used by Non-Citizens (outsiders) or organizations affiliated outside India to obtain a PAN in India.
Is there any difference between Form 60 and Form 16?
These two forms are completely different. Where form 60 is used as a document instead of providing PAN for other financial matters, Form 16 is issued by your employer. , covering your income portions etc.
How many times can I use form 60?
You can use Form 60 as many times as needed. However, if you submit the Form 60 to the same person or authority next, you may choose to disclose only additional information. Additional information means the details changed after submitting your last Form 60. Form 60 is a blessing for someone who intends to enter the financial business, but was stopped because he did not have a PAN. Distributing this form online according to the latest changes made by CBT has added benefits. So, well-equipped to fire someone, they will then tell you to get a PAN just to open a Bank account or similar. To contact the CA's expert team, Contact Us Now !!
Frequently asked questions
How many times can we use Form 60 for banking transactions?
Is a PAN or form 60 mandatory to open a basic savings bank account (BSBDA)?
What is the maximum amount I can deposit to a savings account without having a pan card?
Can a minor fill form 60?
What is the validity of Form 60?
Is Form 60 required for NRI?
Krishna Gopal Varshney
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