What is Form 60?

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PAN Card or Form 60?

PAN Card is a mandatory requirement for transactions involving purchase or sale of assets above a specified limit. PAN Card is primarily used for the purpose of tracking financial transactions so as to prevent tax frauds. There may be some situations where applicants may not have PAN card due to some circumstances. For those cases based on necessity, Form 60 may be submitted along with supported documents.
Form 60 is a declaration filed by an individual or any person to carry out financial transactions that require quoting of PAN when the concerned person does not have PAN or has applied for PAN but allotment is pending.

When is Form 60 Required?
Form 60 is required to be produced by an individual who does not have a PAN Card but wants to get involved in these types of transactions:
  • Purchase or Sale of immovable property valuing Rs. 500000 or above.
  • Any fixed deposit in bank of value more than Rs. 50000
  • Any deposit in Post Office Savings bank account of more than Rs. 50000
  • Purchase or Sale of any motor vehicle excluding two wheelers
  • Applying for installation of telephone connection including mobile phone
  • Opening an account with bank or any financial institution
  • Purchase or Sale of securities for value for Rs. 1000000 or above
  • Payment to restaurants or hotels for bills of above Rs. 25000 at one time
form 60

form 60

Image Source: incometaxindia.gov.in
How to Fill Form 60?
You need to fill up certain details on filing Form 60:
  • Full address and name of declarant.
  • Transaction amount
  • Particular related to transaction for which you are filling Form 60. For example, you are opening a saving account; then you need to fill up this form.
  • If you are assessed income tax, mention the details of range, circle or ward where you had filed last return.
  • The reason for not having PAN card.

What are the documents required along with Form 60?
  • Ration card
  • Passport
  • Driving License
  • ID issued by recognized institution
  • Copy of telephone bill or electricity bill
  • Any other document that serve as address proof
How to Submit Form 60?
One should handover the Form 60 to the concerned authority before making any financial transaction.

Do you have PAN Card or carry out transactions with Form 60? Let us know your views in the comments section below.

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