The government of India has made it mandatory for citizens to possess a PAN card if they are earning income or if they have to carry out financial transactions in the country.
The PAN Card is used as an important document and it is essential to quote its number while making a financial transaction, filing of income tax returns, identification proof and so on. If in case, if any individual or non-individuals do not possess a PAN Card, then they will have to submit Form 60 to the concerned authority to proceed with the financial transaction.
The Income Tax Department in India also uses PAN to track the financial transactions of an individual as it helps to curb tax evasion or any kind of fraudulent activities performed either by individuals or entities.
Form 60 is an official document which is submitted by the individuals who do not possess PAN card to carry out a financial transaction or to open a bank account. It can also be used at the time of buying and selling assets or on payment of cash above Rs 50,000, registration of a business, filing of tax returns. Form 60 is a mandatory document which has to be filled to carry out financial transactions if one does not possess PAN.
Form 60 is required when an individual does not possess PAN card and wants to get into the below mentioned financial transactions:
Individuals who do not have PAN card should submit some of the documents which are mentioned below along with Form 60 as a proof of identity or address proof. The list of documents includes:
One should always keep in mind the following list of things before filling and submitting the Form 60:
After filling up all the required details in Form 60, go through it carefully and hand over the same to the concerned authorities before carrying out the financial transactions. This will ensure smooth financial transactions apart from the existence of proof and benefits when one enters into any transactions.
Q. How can I apply for a PAN card?
A. You can request a PAN card from both online and offline. You can request a PAN online by visiting the TIN NSDL website. Also, you can apply to PAN card Offline by visiting a PAN centre.
Q. Where can I get the PAN application form?
A. You will get the PAN application form in the PAN card centre. You can also download the PAN 49A or 49AA application form online from the TIN NSDL website.
Q. Do I have to pay a fee for the PAN card application form?
A. No, no need to pay any fees for the PAN card application form. However, applicants, who are residing in India must pay a service charge of Rs107 and that of foreign nationals residing in India have to pay Rs1017 for the PAN card.
Q.Where should the PAN card application form to be submitted?
A. The PAN card application form must be sent to:
Income Tax PAN Services Unit, NSDL e-Governance Infrastructure Limited, 5th Floor, Mantri Sterling, Plot No. 341, Survey No. 997/8, Model Colony, Near Deep Bungalow Chowk, Pune – 411 016.