Form 60

Form 60 is a crucial document used in India when an individual or entity does not possess a Permanent Account Number (PAN) but needs to undertake financial transactions where quoting a PAN is mandatory. This form ensures compliance with tax regulations, enabling the government to monitor significant financial activities. It is commonly used for transactions like opening bank accounts, purchasing high-value items, or making large cash deposits. Understanding and correctly filing Form 60 is essential for avoiding potential legal issues and penalties.

What is a Form 60?

Form 60 means a declaration filed by individuals or entities in India who do not have a Permanent Account Number (PAN). It is required for undertaking financial transactions where quoting a PAN is mandatory, such as opening bank accounts or purchasing high-value assets, ensuring compliance with tax regulations.

When do you need to provide the Form 60 of income tax?

You need to provide Form 60 of income tax in various situations where quoting a Permanent Account Number (PAN) is mandatory, but you do not possess one. It serves as a declaration to ensure compliance with income tax regulations. Key instances when Form 60 is required include:

• Opening a bank account: When you open a new savings, current, or fixed deposit account without a PAN.
• High-value transactions: For cash deposits exceeding Rs. 50,000 in a single day in a bank account. For example, a fixed deposit more than Rs. 50,000 in a bank.
• Purchasing assets: When buying property, vehicles, or other high-value items without a PAN.
• Credit applications: When applying for loans or credit cards without a PAN.
• Insurance premiums: For paying premiums exceeding Rs. 50,000 in a financial year without a PAN.

Providing Form 60 ensures that financial transactions are tracked and reported accurately for tax purposes.

How can I download the Form 60 PDF online?

To download the Form 60 PDF online, follow these steps:

• Visit the official website: Go to the Income Tax Department’s official website.
• Navigate to forms section: Click on the 'Forms/Downloads' tab.
• Select income tax forms: Choose 'Income Tax Forms' from the dropdown menu.
• Search for Form 60: In the search bar, type "Form 60" and press enter.
• Locate Form 60: Find the link to Form 60 in the search results.
• Download the PDF: Click on the download link to save the Form 60 PDF to your device.
• Save the file: Ensure the file is saved in a location where you can easily access it for printing or digital filling.

What are the information required to fill the Form 60?

To fill out Form 60, you will need the following information:

• Personal details: Include your full name, address, and contact details. This helps in identifying you and ensuring the accuracy of the form.
• Income details: Provide information about your income sources, such as salary, business, or other income. This is necessary to understand your financial background.
• Transaction details: Specify the nature and amount of the transaction for which Form 60 is being submitted. This includes details of high-value purchases or deposits.
• Identification proof: Attach a copy of an identification document, such as an Aadhaar card or passport, to validate your identity and address, as Form 60 is used in lieu of PAN.

How do I submit the Form 60?

To submit Form 60, fill it out with accurate personal and financial details. For example, if you are opening a new bank account and lack a PAN, complete Form 60 and provide it to the bank. Ensure the form is signed and attached with relevant documents like your Aadhaar card or passport. The institution will then process your Form 60, allowing your transaction to proceed without a PAN.

When should you submit the Form 60?

Form 60 should be submitted in various financial and investment scenarios where quoting a Permanent Account Number (PAN) is mandatory, but you do not possess one. Below is a table detailing specific instances:

Form 60 ensures compliance with tax regulations and helps track significant financial transactions.

Who does not require to submit a Form 60?

Individuals who possess a Permanent Account Number (PAN) do not require to submit Form 60. Additionally, certain exempted entities, such as government departments, charitable organisations, and some non-resident Indians, may also be exempt from submitting Form 60 for specified transactions.

Documents to be submitted with Form 60

• Aadhar card
• Driving license
• Passport
• Ration card
• ID proof from a recognised institution
• Electricity or telephone bill
• Any official document from the Central Government, State Government, or local authorities
• Proof of the address listed on your Form 60

Also, read: PF Form 10E

Consequences of wrong declaration

Making an incorrect declaration in Form 60 can lead to:

• Transactions under Rs. 25 lakh: Potential imprisonment of 3 months to 2 years, plus a fine.
• Transactions over Rs. 25 lakh: Potential imprisonment of 6 months to 7 years, plus a fine.

Also, read: EPF Form 5

Documentation for specific entities

Trusts: Submit a copy of your trust deed or the registration certificate issued by the Charity Commissioner.

Association of persons (other than Trusts)/ Body of individuals/ Local authority/ Artificial Juridical Person:

• A copy of your agreement
• Registration certificate (from charity commissioner, registrar of cooperative society, or similar authority)
• Any official document from a Central or State Government department that confirms identity and address.

Conclusion

Form 60 is important if you need to do things like open a bank account or buy property but do not have a PAN yet. Make sure you understand when to use it and what documents are requires.