Form 60 for PAN card

In today's financial landscape, documentation is essential for regulatory compliance and transparency. One such important document is Form 60 for PAN card, a vital alternative for you if you don't have a Permanent Account Number (PAN) card but need to conduct specific financial transactions.

The form can be used in place of a PAN card and helps with complying with the Know Your Customer (KYC) formalities that are associated with financial transactions. Moreover, if you want to file your income tax returns and don't have a PAN card, the form can fulfil the required mandate and allow easy tax filing.

Let's understand the different aspects of Form no. 60 for PAN card and how to get it.

What is Form 60?

Form no. 60 for PAN card is an official document prescribed by the Income Tax Department of India. If you do not have a PAN, you must submit this form when conducting the financial transactions specified under Rule 114B of the Income Tax Rules, 1962. This form acts as a temporary substitute for a PAN card, allowing you to carry out necessary financial activities.

The primary purpose of Form 60 for PAN card is to ensure that financial transactions remain traceable and within the regulatory framework even without a PAN.

This documentation helps the Income Tax Department monitor high-value transactions and maintain proper records of individuals' financial activities, thereby reducing tax evasion and promoting financial transparency.

Structure of Form 60

Here is the common structure that is how the form is designed:

Personal information section:

• Full name (first, middle, and last name).
• Date of birth in DD/MM/YYYY format.
• Father's name (first, middle, and last name).
• Complete residential address including flat/room number, premises name, road/street details, area, town/city, district, state, and pin code.
• Contact details, including telephone number and mobile number.

Transaction details section:

• Transaction amount.
• Transaction date.
• Details of all individuals involved in joint transactions.
• Mode of transaction (cash, cheque, card, etc.).

Identification details:

• Aadhaar number (if available).
• PAN application details (if applied for).
• Estimated total income for the financial year (if PAN not applied for).

Document details section:

• Type and number of identity and address proof documents submitted.

Declaration section:

• Statement confirming the accuracy of the information provided.
• Signature of the declarant with date and place.

When is Form 60 of income tax required?

Form 60 for PAN card of income tax is required in numerous scenarios where financial transactions exceed certain thresholds and the individual doesn't possess a PAN card. The key situations include:

• Purchase or sale of immovable property valued at ₹10 lakhs or more.
• Vehicle purchases (excluding two-wheelers), regardless of value.
• Opening Bank Accounts or applying for Credit and Debit Cards.
• Fixed Deposits exceeding ₹50,000 or aggregating to more than ₹5 lakhs in a financial year.
• Life insurance premium payments totalling more than ₹50,000 in a financial year.
• Sale or purchase of company shares or other securities exceeding ₹1 lakhs per transaction.
• Purchase or sale of goods/services exceeding ₹2 lakhs per transaction.
• Purchase of Mutual Fund units of more than ₹50,000.

It's important to note that PAN Form 60 cannot be used if your taxable income exceeds the basic exemption limit and you haven't applied for a PAN. In such cases, you must first apply for a PAN and mention the acknowledgement number in Form 60 for PAN card.

How to download Form 60 in PDF?

Obtaining Form 60 for PAN card in PDF format is a straightforward process that can be completed through the official Income Tax Department website. Follow these steps:

• Visit the official Income Tax Department website (www.incometaxindia.gov.in).
• Navigate to the "Forms/Downloads" section from the main menu.
• Select "Income Tax Forms" from the dropdown options.
• Locate "Form No. 60" in the list of available forms.
• Click on the form to initiate the download.

How to submit Form 60 for income tax?

Here's how you can submit Form 60 for PAN card to the Income Tax Department -

Physical submission:

• Download and print the PDF of Form 60 for PAN.
• Fill in all required details accurately and completely.
• Sign the declaration with the date and place.
• Attach all necessary supporting documents.
• Submit the completed form to the relevant financial institution or entity requiring it.

Digital submission:

• Some financial institutions offer online submission facilities.
• Fill the digital form with accurate details.
• Upload scanned copies of supporting documents.
• Complete the verification process (usually OTP-based).
• Submit the form digitally.

Supporting documents for Form 60

The following documents are needed for Form 60 for PAN card:

For identity proof (any one):

• Voter ID card
• Aadhaar card
• Passport
• Driving licence
• Pensioner card with photograph
• Domicile certificate
• NREGS job card

For address proof (any one):

• Electricity bill (not older than 3 months)
• Water bill (not older than 3 months)
• Landline telephone bill (not older than 3 months)
• Passport
• Driving license
• Voter ID card
• Aadhaar card
• Bank statement or passbook

Essential requirements to submit Form 60

• Accuracy of information: Ensure all details provided are accurate and match your supporting documents. Any discrepancies may lead to rejection. If the information declared in your Form 60 is incorrect, you may face severe consequences, such as possible imprisonment and a fine. The imprisonment period can be as high as 7 years if the amount involved is over ₹25 lakhs.
• Complete documentation: Attach all required supporting documents as specified by the receiving entity.
• Proper verification: Sign the declaration after verifying all information. False declarations can attract severe penalties.
• Timely submission: Submit the form at the time of transaction or within the timeframe specified by the receiving entity.
• PAN application details: If you have already applied for a PAN, include the acknowledgement number and application date in Form 60.
• Income declaration: If you haven't applied for a PAN, you need to declare your estimated total income for the financial year. Make sure that the information is as accurate as possible.

Conclusion

Form 60 for PAN card allows you to participate in essential financial transactions without a PAN while maintaining compliance with tax regulations. Understanding its structure, requirements, and submission process is vital for anyone navigating the financial system without a PAN.

While Form 60 for PAN provides temporary relief, it's advisable to apply for a PAN card at the earliest opportunity. Doing so simplifies financial transactions and ensures seamless compliance with tax regulations.

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Frequently Asked Questions

What are the consequences of a wrong declaration on Form 60?

Making incorrect declarations on Form 60 can result in serious penalties under the Income Tax Act. If the amount involved is less than ₹25 lakhs, you may face imprisonment ranging from 3 months to 2 years, along with a fine. For amounts exceeding ₹25 lakhs, the imprisonment term escalates to 6 months to 7 years with substantial financial penalties.

Is there anyone not required to submit Form 60?

Yes, several categories of individuals are exempt from submitting PAN Form 60:

• Individuals who possess a valid PAN card.
• Companies, Limited Liability Partnerships (LLPs), and other entities that are mandatorily assigned a PAN at the time of incorporation.
• Individuals conducting transactions below the specified thresholds mentioned in Rule 114B.
• Central and state government departments.
• Individuals who are not required to pay income tax as per the prevailing tax laws.

How many years is Form 60 valid for?

PAN card 60 no Form is valid for 6 years from the end of the financial year in which the transaction was conducted. Financial institutions and other entities accepting Form 60 are required to maintain records of these forms for this duration. However, Form 60 is transaction-specific and not a permanent substitute for a PAN card. For each new qualifying transaction without a PAN, a fresh Form 60 must be submitted.

Disclaimer: This article is intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.