What is Form 60 ?

If a person conducts one of the specific transactions stated in Rule 114B of the Income-tax Rules, 1962 but does not have a PAN, they must file Form 60 as a declaration. The transactions that call for a PAN are expressly listed in the Income Tax Act.

What is Form 60?

Form 60 is a declaration that must be submitted by individuals who are entering into certain financial transactions outlined under Rule 114B of the Income Tax Rules, 1962, but do not possess a PAN card.

This form acts as an alternative to PAN and helps the government monitor high-value transactions, prevent money laundering, and reduce instances of tax evasion. It ensures that even if you don’t have a PAN, your financial activity is still being recorded.

When is Form 60 Required?

Form 60 becomes mandatory when an individual, who does not hold a PAN, is involved in certain high-value financial transactions. According to the Income Tax Rules, here are the key scenarios where submission of Form 60 is required:

  1. Buying or Selling Immovable Property: If you are purchasing or selling land, a house, or any immovable property worth ₹5,00,000 or more, you must either provide your PAN or submit Form 60.
  2. Sale or Purchase of Motor Vehicles: Buying or selling a motor vehicle (other than two-wheelers) requires PAN. If unavailable, Form 60 must be submitted. This includes detachable sidecars.
  3. Fixed Deposit of ₹50,000 or More: Opening a fixed deposit of ₹50,000 or more at a bank, cooperative bank, or post office requires PAN. Without it, Form 60 is necessary.
  4. Deposits in Post Office Savings Account: Any deposit of ₹50,000 or above in a post office savings account must be accompanied by PAN or Form 60.
  5. Stock Market Transactions: If you enter into a contract for sale or purchase of securities exceeding ₹1,00,000 per transaction, and you don’t have PAN, Form 60 needs to be submitted.
  6. Opening a New Bank or Credit Account: If you're opening a new bank account, including savings or term deposit accounts, Form 60 is mandatory if you don’t have a PAN.
  7. Activation of Telephone or Mobile Connection: Requesting a new telephone or mobile connection requires PAN, and if not available, Form 60 is required.
  8. Payments Exceeding ₹25,000 in Hotels/Restaurants: If you’re paying a single bill amounting to ₹25,000 or more in cash at a hotel or restaurant, Form 60 must be provided if PAN is not available.
  9. Cash Payment for Travel: Any cash payment of ₹50,000 or more related to foreign travel or purchasing foreign currency necessitates PAN or Form 60.
  10. Purchase of Mutual Fund Units: Investing ₹50,000 or more in mutual funds? You'll either need to provide your PAN or submit Form 60.

What if a Minor Needs a Bank Account or Investment?

If a minor wants to open a savings account or invest in a time deposit, they too must adhere to the PAN requirement. In such cases, if the minor doesn’t have a PAN, the guardian’s PAN must be quoted. If the guardian doesn’t have a PAN either, then Form 60 must be submitted on their behalf.

Information Required to Fill Out Form 60

Form 60 contains a total of 24 sections, out of which 20 must be mandatorily filled. Here is a breakdown of what you’ll need to provide:

  1. Full Name: First, Middle, and Last Name
  2. Date of Birth: In DDMMYYYY format
  3. Father’s Name: Full name of the father
  4. Complete Address Details:
    1. Flat/Room No.
    2. Floor No.
    3. Name of Premises or Building
    4. Block or Street
    5. Road/Street/Lane
    6. Area/Locality
    7. Town/City
    8. District
    9. State
    10. Pincode
  5. Contact Information:
    1. Telephone number (with STD code)
    2. Mobile number
  6. Amount of Transaction: The value of the transaction
  7. Transaction Date: In DDMMYYYY format
  8. Names of All Parties Involved: In case of joint transactions
  9. Transaction Method: Cash, cheque, demand draft, etc.
  10. Aadhaar Number: If available
  11. PAN Acknowledgement Number: If PAN application is submitted
  12. Estimated Annual Income: For the financial year (if PAN not used)
  13. Proof of Identity: Document details
  14. Proof of Address: Document details

How to Download Form 60 (PDF Format)

Want to download Form 60 online? Just follow these steps to get it from the Income Tax Department’s official website:

  1. Visit the Income Tax Department official website.
  2. Navigate to the top menu and click on “Forms/Downloads.”
  3. From the dropdown, choose “Income Tax Forms.”
  4. Scroll through the list to find “Form No. 60.”
  5. Click to download the PDF version, which you can then print or fill out digitally.

How to Submit Form 60 (Online & Offline)

One of the great conveniences of Form 60 is that it can be submitted both online and offline, depending on the nature of the transaction and the institution involved.

Offline Submission

You can print and fill out Form 60 manually and submit it to the relevant authority, such as:

  • Banks (for opening a bank account or FD)
  • Post offices
  • Property registration offices
  • Vehicle dealerships

Always ensure you attach self-attested copies of your proof of identity and address.

Online Submission

Some organizations—especially banks and financial institutions—allow you to submit Form 60 online through their portals. Make sure you:

  • Download and fill the form accurately
  • Scan and upload the required documents
  • Keep an acknowledgment or receipt for future reference

Remember, once you obtain a PAN card after submitting Form 60, you must update your details with the institution where the form was submitted—such as the bank or post office.

Why PAN or Form 60 is Important

The Government of India mandates PAN for high-value transactions to ensure transparency in the financial system. It helps authorities:

  • Track tax payments
  • Detect and prevent tax evasion
  • Identify suspicious or unauthorized transactions
  • Maintain accurate financial records for both individuals and businesses

Even if you do not have a PAN card at the time of the transaction, filing Form 60 ensures that your actions remain compliant with tax laws.

In summary, Form 60 is your go-to solution when you’re ready to engage in a financial transaction that requires PAN, but you don’t yet have one. It serves as a legal declaration that keeps your activities within the framework of Indian tax laws and protects you from non-compliance penalties.

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