Form 60

Form 60 is a declaration form mandated by Rule 114B of the Income-tax Rules, 1962, for individuals or entities in India who do not possess a Permanent Account Number (PAN). It enables them to undertake specific financial transactions where quoting a PAN is obligatory, such as opening bank accounts or purchasing high-value assets, thereby ensuring adherence to tax regulations.

 

What is a Form 60?

Form 60 is a self-declaration document that individuals or entities in India must submit if they do not have a Permanent Account Number (PAN) but need to conduct financial transactions where quoting a PAN is mandatory. It ensures compliance with tax regulations while allowing individuals without a PAN to carry out specific financial activities, such as opening a bank account or purchasing high-value assets.

When is Form 60 required?
 

Also Read: Form 10BA

How can I download the Form 60 PDF online?

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

Step 1: Visit the Official Website – Go to the Income Tax Department’s website.

Step 2: Go to the Forms Section – Click on the ‘Forms/Downloads’ tab.

Step 3: Select Income Tax Forms – Choose ‘Income Tax Forms’ from the dropdown menu.

Step 4: Search for Form 60 – Type "Form 60" in the search bar and press enter.

Step 5: Locate Form 60 – Find the link to Form 60 in the search results.

Step 6: Download the PDF – Click on the download link to save the Form 60 PDF to your device.

Step 7: Save the File – Store it in an easily accessible location for printing or digital filling.

By following these steps, you can quickly download Form 60 for submission.

Also Read: Tax-Free Income in India

What are the information required to fill the Form 60

Here are the 20 things that must be filled in Form 60:

1. Personal Information:

• First Name, Middle Name, and Surname
• Date of Birth (DD/MM/YYYY)
• Father's First Name, Middle Name, and Surname

2. Address:

• Flat/Room No., Floor No.
• Name of Premises, Block Name/No.
• Road/Street/Lane, Area/Locality
• Town/City, District, State, Pincode

3. Contact Information:

• Telephone Number
• Mobile Number

4. Transaction Details:

• Amount of Transaction
• Date of Transaction (DD/MM/YYYY)
• Mode of Transaction
• Names of all Persons Involved (in case of joint transactions)

5. Identification and Tax Information:

• Aadhaar Number (if available)
• Acknowledgment Number and Date of PAN Application (if applied)
• Estimated Total Income for the Financial Year (if PAN not applied)
• Details of Identity Proof Document
• Details of Address Proof Document

Structure of Form 60

Given below are the details that must be filled in Form 60:

• Forename(s) and surname
• Date of birth (DD/MM/YYYY format)
• Father's forename(s) and surname
• Flat/house number
• Floor number
• Name of the apartment/house
• Block name and number
• Street name
• Locality/area
• City/town
• District
• County/state
• Postcode
• Telephone number (including STD code)
• Mobile number
• Transaction amount
• Date of the transaction (DD/MM/YYYY format)
• Number of individuals involved in the transaction
• Mode of payment
• Aadhaar number
• Acknowledgment number (if applicable, DD/MM/YYYY format)
• Agricultural and non-agricultural income for the financial year (if not PAN card holder)
• Details of identity proof document
• Details of address proof document

A declaration must also be signed, with the date included.

How do I submit the Form 60?

If an individual, other than a company or firm, does not hold a Permanent Account Number (PAN) but needs to complete a transaction listed under Rule 114B of the Income Tax Rules, 1962, Form 60 can be submitted through the following methods:

1. Offline submission:

Complete Form 60 and provide a physical copy to the concerned authority handling the transaction. For instance, when opening a bank account, the filled form should be submitted directly to the bank.

2. Online submission (electronic verification):

Form 60 may also be filed electronically through authorised portals or applications using approved verification methods.

Electronic verification options include:

• Type 2 authentication: OTP verification using a mobile number or email linked with Aadhaar.
• Type 3 authentication: Biometric verification through fingerprint or iris scan.
• Type 4 authentication: Two factor authentication combining OTP with biometric verification.
• Type 5 authentication: Multi layer verification using OTP along with fingerprint and iris scanning.

These digital verification methods help make the Form 60 submission process secure and more convenient.

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) are not required to submit Form 60. Additionally, non-residents engaging in specific transactions, such as applying for credit or debit cards or paying restaurant or hotel bills, are exempt from submitting Form 60.

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.

Important guidelines for declaration in Form 60 of Income Tax

Accuracy of information

Before signing Form 60, the declarant must ensure that all details provided are accurate, complete, and truthful. Any false declaration may result in prosecution under Section 277 of the Income Tax Act, 1961, with the following penalties:

• For tax evasion exceeding Rs. 25 lakh: Rigorous imprisonment ranging from 6 months to 7 years, along with a fine.
• For other cases: Rigorous imprisonment ranging from 3 months to 2 years, along with a fine.

Conditions for accepting the declaration

A Form 60 declaration should not be accepted under the following conditions:

• If the income mentioned in item 23b exceeds the maximum non-taxable limit unless the applicant has applied for a PAN and has filled in column 22.
• If taxable income is indicated in item 23c(i) for a foreign company.

Ensuring compliance with these guidelines helps in avoiding legal complications and penalties.

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

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 becomes useful when you need to complete financial transactions such as opening a bank account or purchasing property without having a PAN. It is important to know the situations where Form 60 is applicable and ensure that the required details and supporting documents are provided accurately to avoid delays or compliance issues.

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