What is Form 60 of Income Tax?

It is a declaration filed by an individual in the absence of PAN card in order to carry out specific financial transactions. Form 60 is filed by an individual in the following two situations –

  1. In case the individual is not having the PAN (Not applied for)
  2. In case individual has applied for PAN (Allotment is pending)

It is acceptable only in the situation when the total income of a person exceeds the maximum amount (Not taxable) in a relevant transaction year.

Income Tax Form 60

When to submit Income Tax Form 60?

PAN is mandatory for certain specific transactions. These transactions are shown in the tabular Format below –

Nature of Transaction Value of transaction
Purchasing or selling of any motor vehicle excluding two wheelers Any value
Opening of bank account other than basic saving bank account/application to bank or company for a debit or a credit card Any value
Purchasing or selling of any immovable property Value of Rs.10 Lakhs or above
Any fixed deposit with Bank/Non-banking financial institution/Post office/Nidhi Amount exceeding Rs.50000 or more than Rs.5 Lakhs in aggregate during a tax year
Payment to restaurants or hotels in cash against the bills Exceeding Rs.50000 at one time
Payment of a life insurance premium Exceeding Rs.50000 in a year
Payment done in relation with travel to any foreign country or payment made to purchase a foreign currency in cash Exceeding Rs.50000 at one time
Selling or purchasing of company shares or any contract for sale or purchase of securities Exceeding Rs.1 Lakh per transaction
Payment to mutual funds to purchase units Exceeding Rs.50000
Selling or purchasing goods/services other than above Exceeding Rs.2 Lakhs per transaction

How & whom one can submit Form 60?

The declaration in Form 60 filed either online or in paper Form. Form 60 is submitted to the person with whom you are entered into a transaction.

Who need not submit Form 60?

Non-residents are exempted from submitting PAN or Form 60 for transactions like applying credit or a debit card, payment made to restaurants or hotels against the bill provided by them.

Documents to be submitted with Form 60

Every individual needs to submit copy of the following documents along with Form 60 in the situation where PAN is not been applied by the individual –

  1. Aadhar Card
  2. Driving license
  3. Ration card
  4. Passport
  5. ID proof of an accredited institution
  6. Copy of electricity or telephone bill
  7. Any document issued by state government, central government or any local bodies.
  8. Any documentary proof related to address mentioned in the Form.

In case PAN is applied and allotment is pending, evidence of application submission will serve the purpose.

Required information to be filled in Form 60

Individual needs to submit the following information in Form 60 –

  1. Name & full address of the declarant
  2. Nature of the transaction. For ex – In case, your transaction is related to opening of a bank account, you need to enter the details like bank name, transaction amount. In case, the same is not applicable, you need to write “Not applicable”.
  3. State your reason for not having PAN card and mention the same in the Form.
  4. Kindly provide details of range, ward or circle where you filed your last income tax return (In case you are an assessed individual).

In case the particulars mentioned in Form 60 mismatches with the supporting documents, Form will be cancelled and you need to resubmit it.

Income Tax Form 60 Format

You can download Form 60 by visiting below link –

Consequences of wrong declaration in Form 60

Before signing this declaration in Form 60, you must be cautious enough as any false information may result in consequence of the following types –

  1. Imprisonment varies from 3 months to 2 years along with a fine.
  2. In case the amount is greater than Rs.25 Lakhs, imprisonment varies from 6 months to 7 years along with a fine for false declaration.

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