Form 60 –PAN Card Not Available For 114B Transactions

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.

Topics covered in this article

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.

All value

Opening a demat account

All value

Purchase or sale of an immovable property

If more than Rs.10 lakh

Fixed deposit with any bank

Above Rs.50,000

Post Office deposit

Above Rs.50,000

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

All value

Applying for a credit or debit card

All value

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 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.

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
Voter ID Yes Yes
Bank/ Post office passbook with photo Yes Yes
Aadhaar card Yes Yes
Ration card with photo Yes Yes
Passport Yes Yes
Driving License Yes Yes
Pensioner card with photo Yes Yes
Domicile/ Caste certificate with photo Yes Yes
NREGS) Job card Yes Yes
Electricity Bill Yes No
Water Bill Yes No
Landline Bill Yes No

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.

*Disclaimer

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  • Important forms to submit while applying for PAN Card

    The Permanent Account Number allows the Income Tax Department to monitor all transactions such as TDS/TCS credits,?specified transactions, tax payments, returns of income, etc. carried out by the PAN holder. The PAN is also needed while applying for a passport, driving license, etc.

    There are two important forms that one must submit while applying for PAN; these are 49A and 49AA. The applicant has to mandatorily submit these forms to the Assessing Officer (AO) while applying for their PAN.

    While form 49A is for companies, citizens, and entities staying and formed in India, form 49AA should be filled by individuals who are not citizens of India or entities incorporated outside the country, or unincorporated entities formed outside India.

    20 May 2019

  • Form 60 or PAN Card Compulsory for Paying 1st Hajj Expenses Instalment

    Residents of Telangana who wish to go for Hajj have been asked to submit their PAN Card while paying the 1st instalment of Rs.81,000. People who do not have a PAN Card have to submit Form 60. The instalment can be deposited at any Union Bank or State Bank of India branch before April 5, 2017. PAN Card or Form 60 is compulsory to deposit an amount of more than Rs.50,000 in any bank.

    31 March 2017

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