For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

What is Form 60? When And Where It Is Required?

|

PAN or Permanent Account Number is a unique number assigned to a taxpayer and serves as an important proof of identity. The number links all of the information of the taxpayer such as taxes paid, outstanding arrears, refund issued, transactions undertaken, source of income etc. via the computer network. This is done to keep a track of transactions of financial nature which is aimed at checking and hence curbing tax evasion. The unique number is required to be quoted at a number of places such as while filing tax returns, opening bank account etc.

 
What is Form 60? When And Where It Is Required?

Nonetheless, in case you do not have a PAN or have applied for the same but the PAN has not been allotted as yet, the department of Income Tax requires you to furnish Form 60 in the absence of PAN. This is done to allow individuals to enter into various transactions even without PAN such that the dept. can take notice of the various transactions entered into by the concerned person.

 

What is Form 60 and when it is to be submitted?

Form 60 is a document to be submitted by an individual or any person not company or firm to undertake a financial transaction that requires quoting of PAN mandatorily but the concerned does not has a PAN.

Here, we have listed out the different transactions that require submission of Form 60 in case the PAN is not held or allotted to the concerned individual.

Nature of Transaction Transaction value
Purchase or sale of any motor vehicle except two-wheelerAny value
Purchase or sale of an immovable propertyRs. 10 lakh or more
Bank account opening except in case of basic savings deposit account.Any value
Demat account openingAny value
FD with any bank, NBFC, Post officeAmount more than Rs. 50000 or in aggregate over Rs.5 lakh in a particular financial year
Application for debit or credit card at a bank or other financial institutionAny value
Payments made in cash to hotel against billAmount over Rs. 50,000 at one time
Payment made in cash for the purchase of forex or in relation to travel to foreign nationAmount over Rs. 50,000 at one time
Payment of a an insurance premiumAmount over Rs. 50,000 in a year
Sale or purchase of shares or contract for purchase or sale of securitiesIf the amount exceeds Rs. 1 lakh per transaction
Sale or purchase of goods and services other than listed aboveIf the amount exceeds Rs. 2 lakh per transaction
Mutual fund purchaseAmount value exceeds Rs. 50,000

How to fill and submit form 60?

When filling form 60, one needs to give the reason as to why he or she does not has a PAN. In case you have applied for it, you need to specify that too. The name and full address of the declarant needs to be mentioned together with the nature of the transaction and transaction amount.

Note, form 60 is to be submitted to the person or institution with whom the transaction is being undertaken. Say for eg: If you visit the bank to open a FD account of value over Rs. 50,000, you need to submit Form 60 in case you do not have PAN to the bank.

Relevant documents to be submitted along with Form 60

The documents which are accepted as identity and address proof need to be furnished along with form 60 and these include passport, DL, ration card, ID card issued by a recognized concern, telephone or electricity bill copy, a documentary evidence for address proof or any document issued by central or state government or any local body.

Goodreturns.in

Read more about: pan card
Story first published: Friday, July 20, 2018, 12:42 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X