Form 60

Form 60 means a declaration form required by Rule 114B of the Income-tax Rules, 1962. Individuals or entities without a PAN must submit Form 60 to undertake financial transactions like opening bank accounts or purchasing high-value assets. This ensures compliance with tax regulations.

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 is Form 60 required?

Form 60 is required in the following situations:

• No PAN: When an individual or entity does not have a Permanent Account Number (PAN).   
• Rule 114B Transactions: When entering into transactions specified under Rule 114B of the Income-tax Rules, 1962.   
• Mandatory PAN Transactions: In cases where a PAN is mandatory for a specific transaction, and the individual does not have one.

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 60AN

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?

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

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.

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

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.