When it comes to the Permanent Account Number (PAN), it is considered to be a valid identity proof of an Indian taxpayer. Thus, the Indian Government has made it mandatory for all citizens to carry a PAN Card, if they belong to the group of income earning. But if an individual does not have a PAN Card, Form 60 is considered as a legal validity under section 114B of the Income Tax Act 1942. Form 60 is a replacement of a PAN Card that must be submitted to the concerned authority at the time of any financial/banking activity like opening of a bank account, filing ITR,etc. While submitting PAN Card Form 60, an individual must also submit identity and address proof such as passport, ration card, driving license, water bill, landline bill, etc. This form can either be submitted online or in paper to the entity with which the transaction is being completed. One must be careful while signing the declaration in Form60 as any false information in the statement can lead to strict consequences.
It is an official document that is submitted by individuals who do not possess a PAN card to carry out the financial transactions. It is also necessary to quote PAN in various documents i.e.income tax return, any correspondence with the income tax department, documents pertaining to certain transactions such as sale and purchase of assets etc. While filling the form 60 an individual needs to provide his Name, Date of Birth, Address, aadhaar details,etc. Other documents like identity and address proof also need to be submitted to the concerned authority. Form 60 is intended to track financial transactions of taxpayers and, in turn, prevent tax frauds and evasion.
Download PAN Card Form 60
|Nature of Transaction||Value of Transaction|
|Purchase or sale of any motor vehicle excluding two-wheelers||Any value|
|Opening a demat account||Any value|
|Opening an account with any banking institution or bank other than a basic savings deposit account||Any value|
|Applying for a credit or debit card||Any value|
|Purchase or sale of an immovable property||Rs.10 lakh or above|
|A fixed deposit with any bank/post office/Nidhi/non banking financial company||Amount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year|
|The contract for the purchase or sale of the securities||More than Rs.1 Lakh per transaction|
|Payment to restaurants or hotels in cash against the bills||Exceeding Rs.50,000 at one time|
|Purchase of foreign currency or for foreign travel||Exceeding Rs.50,000 one time|
|Payment of a life insurance premium||Exceeding Rs.50,000 in a year|
|Sale or purchase of goods/services other than the above||Exceeding Rs.2 lakh per transaction|
|Purchase or Sale of the shares of a company not listed in any of the recognised stock exchanges||Exceeding Rs.1 Lakh per transaction|
Documents Required to Fill Form 60
- Aadhar card
- Driving License
- Ration Card
- ID proof from an accredited institution
- Bank/Post Office passbook with photo
- Copy of the electricity bill, telephone bill or water bill
- Pensioner Card
- Domicile/Caste Certificate with photo
- NREGA Job Card
- Any document issued by the Central Government, State Government or any local bodies
- Any documentary proof related to the address mentioned in the form
How to Fill Form 60?
One should keep all the things in mind and should know all the details before filling Form 60. You should fill the below details:
- Full name and Address of the declarant
- Date of birth of the declarant and name of Father (in case of individual)
- Full Address of the declarant with mobile number
- Particulars of the transaction and the amount of the transaction
- If you have been assessed to tax then mention your details of Range, Ward or Circle where you had last filed IT
- Mention your Aadhaar Number if issued
- Date of application and acknowledgment number of PAN if applied and not received yet
How to Submit Form 60?
To the relief of users, Form 60 can be submitted both online and offline. Offline i.e physical submission of Form 60 can be made to the concerned authority, after duly filling up the form. For eg. If you are submitting Form 60 as per Income Tax Act then submit it to Tax Authorities or if you are filing Form 60 for opening a bank account submit it to the concerned bank.
The online procedure to file Form 60 with the Income Tax Department shall follow as under
- A) The electronic verification can be done through this website- https://report.insight.gov.in/reporting-webapp/portal/homePage
- B) It can also be done using certain Aadhaar specified Authentications :
Option 1:Through OTP on your aadhaar linked mobile number or mail ID
Option 2: Through Biometric modalities i.e. either through iris (scanning your eye) or fingerprint
Option 3: Two-way authentication i.e. OTP + biometric modalities
Use of OTP, fingerprint & iris all together
Key Essentials in Form 60
Form 60 has 24 items that an individual needs to fill while submitting the form.
- First name, middle name and surname
- Date of Birth in DDMMYYYY format
- Address as per official documents – Flat Number, Name of premises, Block name, Street, Lane, Area, Locality, City, town, District and Pin Code.
- Telephone Number and Mobile number
- Amount of transaction
- Date of transaction in DDMMYYYY format
- Name of all person in case of the joint transactions
- Mode of transaction
- Aadhar number if available
- Acknowledgement and date of PAN application if applied for it.
- Estimated total income for the Financial year if PAN not applied
- Details of identity proof document
- Details of address proof document
Consequences of the Wrong Declaration
You must be careful before signing the declaration in Form 60 as any false information in the statement may have major consequences.
The imprisonment from 3 months to 2 years along with a fine can be imposed. If the amount involved is greater than Rs.25 lakh, imprisonment from six months to seven years along with a fine can be imposed for the false declaration made.
In case of a minor entering into a transaction requiring PAN, the PAN of the guardian or Form 60 as the case may be must be provided along with the application.
Frequently Asked Questions (FAQs)
Q.PAN v/s Form 60, Can Form 60 substitute PAN in all cases?
A.Well, Form 60 is recourse to furnishing PAN but not in every scenario. Form 60 is not and can never be a replacement of quoting PAN. It is just for the sake of users that the government has provided us some relaxation, for a particular class of transactions.
Q.What is the applicability of Rule 114B on Minor?
A.Rule 114B of Income Tax Act 1961 expressly provides that, if, minor enters into any of above-specified transactions and he does not have income chargeable to tax, then Minor can quote PAN of his Father, Mother or Guardian while entering into such contracts.
Q.Whether NRI needs to submit Form 60?
A.As per Rule 114B, Non Residents are required to quote PAN or file Form 60 only for a limited number of transactions.
Q.Does Rule 114B exempts any other person except NR and Minor to quote PAN?
A.Yes, like NR and minor, Central Government, State Government and Consular offices are also completely exempted from quoting PAN while making any transaction referred in Rule 114B.
Q.Are there other forms related to PAN, apart from Form 60?
A.Yes there are few forms that are also related to PAN. A short description of these forms has been mentioned below :
49A – This Application form is used by Residents of India to obtain PAN and for correction of PAN.
49AA – Unlike 49A, this application form is used by Non-Residents (foreigners) or bodies incorporated outside India to obtain PAN in India.
Q.Is there any difference between Form 60 and Form 16?
A.These two forms are altogether different. Where form 60 is used as a document in lieu of furnishing PAN for some financial transaction, Form 16 is issued by your employer, which enlists your components of salary etc.