Form 60 is an important document that is submitted when an individual does not have a permanent account number and enters into certain transactions specified in Rule 114B of the Income-tax Rules, 1962.
PAN card helps in the identification of tax payers and provides information about them such as total taxes paid, pending taxes, refunds issued etc. The Government of India has also made it mandatory to provide Permanent Account Number (PAN) for a variety of transactions. This helps them in tracking tax evasions, tax frauds and illegal transactions.
In certain situations, the individuals involved in the transactions specified in Rule 114B, may not have a PAN card and in such situations, they will need to provide a filled and duly signed copy of Form 60 along with other supporting documents.
About Form 60
What is Form 60
Form 60 is a declaration that must be submitted by individuals when they enter into a particular transaction mentioned in Rule 114B of the Income-tax Rules, 1962 and do not hold a PAN. The Income Tax Act mentions specifically the transactions where PAN is mandatory. Click here to download Form 60
When is Form 60 Required?
Form 60 must be produced by an individual who does not have a PAN card but gets involved in any of the transactions mentioned below as per the Income-tax Rule, 1962:
Purchase or sale of any motor vehicle. This excludes two wheelers but includes detachable side cars which have wheels attached to the vehicle.
Opening a demat account
Purchase or sale of an immovable property
If more than Rs.10 lakh
Fixed deposit with any bank
Post Office deposit
Contract for the purchase or sale of the securities
If more than Rs. 1 Lakh per transaction
Opening of bank account with any bank or financial institution
Applying for a credit or debit card
Payment of restaurant/ hotel bills or purchase of foreign currency or for foreign travel
If more than Rs.50,000 one time
Payment to mutual funds
If more than Rs.50,000
Life insurance premium payment
If more than Rs.50,000 in a year
Purchase or Sale of the shares of a company not listed in any of the recognised stock exchanges.
If more than Rs. 1 Lakh per transaction
Purchase or sale of services/goods not listed above
If more than Rs.2 Lakh per transaction
Disclaimer: Please note that the table above is for information purpose only. Please visit the official website of the Income Tax department to know about the transactions for which PAN is mandatory.
In case a minor in India opens a savings account with a bank or invests in a time deposit, the PAN of the guardian must be provided along with the application. If PAN is not available, Form 60 must be provided.
Information Required to fill Form 60
There are 24 items Form 60 has 20 items that an individual must fill before submitting it. Here is a breakdown of these items:
Item 1: First Name, Middle Name and Surname
Item 2: Date of Birth in DDMMYYYY format
Item 3: Father's First Name, Middle Name and Surname
Items 4 - 13: Address as per official documents - Flat/ Room No, Floor No, Name of premises, Block Name/No, Road/ Street/ Lane, Area/ Locality, Town/ City, District, State, Pin code
Items 14 - 15: Telephone Number and Mobile Number
Item 16: Amount of transaction
Item 17: Date of transaction in DDMMYYYY format
Item 18: Names of all persons in case of joint transactions
Item 19: Mode of transaction
Item 20: Aadhaar number if available
Item 21: Acknowledgment and date of application of PAN if applied for it
Item 22: Estimated total income for the financial year if PAN not applied
Item 23: Details of identity proof document
Items 24: Details of address proof document
How to Download Form 60 PDF
You can find the Form 60 on the Income Tax Department's official website. Follow the steps given below to download the PDF version of Form 60:
Step 1: Visit the official website of the Income Tax Department
Step 2: Click on ''Forms/Download'' on the top navigation menu
Step 3: In the drop-down menu, select ''Income Tax Forms''
Step 4: You will be redirected to a page with a list of different forms for income tax
Step 5: Scroll down the list until you reach ''Form No.60''
Step 6: Select the document and it will get automatically downloaded to your system
How to Submit PAN Form 60?
Form 60 declaration must be submitted either online or in paper to the entity with which the transaction is being completed. For example, for opening a bank account when you don't have a PAN card you will need to submit a duly filled and signed copy of Form 60 along with supporting documents to the bank. In case you get the PAN card anytime during this process, you must ensure that the bank, where you have opened the savings account, is informed about it.
Structure of Form 60
Given below are the details that must be filled in Form 60:
- First name, middle name, and surname
- Date of birth (DDMMYYYY format)
- Father’s first name, middle name, and surname
- Flat number or house number
- Floor number
- Name of the apartment or house
- Block name and number
- Locality or area
- Pin code
- Telephone number along with the STD code
- Mobile number
- Transaction amount
- Date of the transaction (DDMMYYYY format)
- The number of individuals who have been involved in the transaction
- Mode of payment
- Aadhaar number
- The acknowledgment number in case you have applied for a PAN Card but have not yet received it (DDMMYYYY format)
- Agricultural income and non-agricultural income for the financial year must be provided if you have not applied for a PAN
- Details of the document that you have provided as proof of identity
- Details of the document that you have provided as proof of address
A declaration must also be signed along with the date mentioned on it.
Other Pan Card Forms
How to Fill Form 60
If you are planning to go with Form 60 instead of your PAN card, it is important to keep a few details handy which will be required to be filled up before the form is submitted. These details are as follows:
- The declarant’s full name must be provided.
- The declarant’s address of residence must be provided.
- The declarant’s date of birth and father’s name (applicable to individuals only).
- Along with the declarant’s mobile number, the full address of the declarant must be provided.
- Transaction details must be given (including the amount).
- The place where you filed the income tax returns must be given.
- Aadhaar number of the declarant.
- The acknowledgement number and the date you applied for the PAN must be provided in case you have not received it.
Supporting Documents to Submit Form 60:
The table below mentions the documents that can be produced as address and identity proof along with Form 60
|Name of Document||Address Proof||Identity Proof|
|Bank/ Post office passbook with photo||Yes||Yes|
|Ration card with photo||Yes||Yes|
|Pensioner card with photo||Yes||Yes|
|Domicile/ Caste certificate with photo||Yes||Yes|
|NREGS) Job card||Yes||Yes|
Please note that submission of any of these documents will not be required if you have already apply for a PAN and have provided your Aadhaar number in Form 60.
Disclaimer: Please note that this page is for information purpose only. Please visit the official website of the Income Tax department to know about Form 60 and transactions for which PAN is mandatory.
How and to whom one can Submit Form 60
The submission of Form 60 can be made through both online and offline channels. The Form 60 is to submitted to the person with whom the transaction is being made.
Who need not Submit Form 60
Non-residents who are making transactions such as applying for credit or debit card, paying restaurant or hotel bills, etc. are not required to submit Form 60.
Essentials of Form 60
Form 60 is to be submitted if you do not possess a PAN Card. Mentioned below are the essentials of Form 60 which you must be aware of. You will have to produce Form 60 for the following situations given below:
- Any purchase or sale on an immovable property which is worth Rs.5 lakh and above.
- If you purchase or sell any motor vehicle. Though you will not be required to produce Form 60 during the purchase or sale of two-wheelers, you will have to produce the same if you purchase or sell detachable sidecars.
- Fixed deposit account having Rs.50,000 and above with any bank.
- If you have made a deposit worth Rs.50,000 and above in any post office savings bank account.
- Contract valued Rs.10 lakh or above for the buying or selling of securities.
- If you open a bank account with any bank or lending institution.
- If you submitted an application for the installation of a telephone connection including mobile phone.
- Payment made to hotels or restaurants against a bill with amount Rs.25,000 and above at one given time.
Get More Information About Pan Card:
FAQ's on Form 60
- What are the consequences of a wrong declaration on Form 60?
- What are the consequences of a wrong declaration on Form 60 for amounts exceeding Rs.25 lakh?
- If PAN is applied for but allotment is pending, what are the documents required to be submitted for Form 60?
- Is there anyone not required to submit Form 60?
- What should be done if a minor is entering into a transaction that requires a PAN?
The consequences of a wrong declaration on Form 60 are imprisonment that ranges from 3 months to two years. A fine can be imposed along with the imprisonment.
For transaction amounts that exceed Rs.25 lakh, if there is a wrong declaration on Form 60, the consequences are imprisonment ranging from 6 months to 7 years along with a fine.
In such cases, proof of submission of application will have to be submitted.
The individuals who are exempted from having to submit Form 60 are non-residents. However, this exemption is only for certain transactions such as payment to hotels or restaurants against a bill, applying for a debit card or credit card, etc.
Minors can obtain a PAN number if it is applied for on behalf of them by the parent or guardian. However, if the minor does not have a PAN, but still has to conduct a financial transaction that requires a PAN, then either Form 60 or the PAN of the guardian or parent can be submitted.
List Of Pan Card Office in India 2021