In India, PAN Card Registration is mandatory to carry out certain financial transactions. Serving as a tool for the Income Tax Department, to keep track in case of tax evasions or fraudulent activities. However, there are some individuals, or non-individuals, who may not have a PAN card, and still may want to undertake some such transactions. For these users, the Government has provided some relaxation. They can submit Form 60 to the concerned authority to avail of the transaction. It applies to a particular class of transactions, in certain situations only. And with the accompanying documents, as may be required.
When to furnish Form 60
It is to be filed by an individual or any person (not company or firm) to carry out financial transactions that require PAN number, if:
- The person is yet to file a PAN Card application in India, or
- If applied, the allotment is pending.
If the total income of the person exceeds the maximum amount not chargeable to tax in the year of the transaction, then Form 60 would be acceptable only in condition (2).
When Form 60 may be used
As specified by Rule 114B of the Income Tax Act, Form 60 must be provided to carry below transactions and not having a PAN card:
- during purchase/sale of land and/or building of a value of more than Rs. 10 lakh.
- for purchase/sale of a motor vehicle, excluding 2-wheelers, but still including detachable sidecars which have wheels attached to the vehicle.
- during purchase/sale of any goods or services, other than mentioned above, of a value of more than Rs. 2 lakh.
- having any kind of Deposit in a bank/post office/NIDHI/NBFC, of more than Rs. 50,000. Or aggregating more than Rs. 5 lakh during a financial year.
- a contract made for purchase/sale of securities, of over Rs. 10 lakh value.
- to open an account with NBFC or bank. If minor, then wither PAN or Form 60 of the Guardian has to be provided.
- opening a Demat Account.
- payment towards a life insurance policy premium or mutual fund investment, over Rs. 50,000.
- to get a phone connection, including mobile.
- pay bills of restaurant hotel, of an amount over Rs. 25,000, at one time.
- Payment towards a purchase of foreign currency or travel abroad, of over Rs. 50,000, at one time, in cash.
Before submitting Form 60, individuals are supposed to submit some of the documents mentioned below to provide proof of identity or proof of address along with Form 60. Some of the documents include:
- Ration Card,
- Driving License,
- Copy of Electricity or Telephone bill that mentions address,
- ID proof from a recognized institution,
- Any Communication or Document issued by State Government, Central Government or local bodies,
- Any documentary proof related to the address mentioned in the application.
Details for filing Form 60
It is important to know all the information mentioned below before filing and submitting up Form 60:
- Your Full name,
- Full Address,
- Date of birth,
- If filing for an Individual, then Name of the Father,
- Your Telephone Number/Mobile Number,
- Aadhaar Card if you have,
- Particulars about the transactions, such as Amount, Date, Mode, etc,
- Disclosure of income,
- If previously assessed to tax then the details of Range, Ward or Circle where you filed last Income Tax Return,
- In case you have taken the steps to apply for PAN Card, then the date of application and acknowledgment number.
If in any column, you do not have any information to be disclosed, then you need to write – “Not Applicable”.
How to submit Form 60?
Form 60 can be submitted both online and offline. Fill up the hard copy of Form 60 and submit to the concerned authority, as per the purpose. Bank, Income Tax Authority, etc.
Else, the online procedure is as under, for filing with the Income Tax Authority:
- For electronic verification, visit https://report.insight.gov.in/reporting-webapp/portal/homePage
- If you already have Aadhaar, then:
- get OTP on your mobile number, that is linked to Aadhaar,
- using Biometrics, either Fingerprint or Iris-scan,
- both OTP & biometrics, or
- using all, OTP, Iris-scan & Fingerprint.
For filing Form 60, the particulars must match. You need to clearly mention the details of the transactions, and about the previous assessment made under the Income Tax Act.
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