When a person conducts certain activities stated in Rule 114B of the Income-tax Rules, 1962, but lacks a permanent account number, they must submit Form 60, which in this instance is a required form.

PAN cards make it easier for taxpayers to be identified and provide information on the overall amount of taxes paid, any owed taxes, refunds, etc. A Permanent Account Number (PAN), which is required by the central government for a number of activities, aids in the investigation of unauthorized transactions and other tax offenses including tax evasion.

A Form 60 is what? 

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.

When must Form 60 be submitted?

In the event that you lack a PAN card, you must submit Form 60. For your information, the important elements of Form 60 are presented below. You must provide a Form 60 for the situations detailed below:

• When buying or selling an immovable property valued at least 5 lakh.

• Whenever you acquire or sell any vehicles. Form 60 must be presented when purchasing or selling a detachable sidecar, but not when purchasing or selling two-wheelers.

• Any fixed deposit account at a bank that has a balance of at least 50,000.

• If you have deposited money into a post office savings bank account, your balance must be at least 50,000 rupees.

• Contract to buy or sell stocks with a minimum value of 10 lakh and a maximum value of 10 lakh. 

• If you open a new account with a bank or a credit company.

• If you asked for the activation of a phone line, including a mobile phone.

• A single bill for at least 25,000 must be paid in full before any payments to hotels or restaurants can be made.

Please take note that the information in the aforementioned table is only being utilised as background. For further information on the transactions for which a PAN is necessary, please visit the official website of the Income Tax department.

If a minor in India wishes to create a savings account or make an investment in a time deposit, their guardian's PAN must be submitted with the application. Form 60 must be submitted if PAN is not present.

Information Required to Finish Form 60

Form 60 has 24 sections in total. Form 60 requires 20 things to be filled out before it can be submitted. These sections are divided into the following subsections:

• First Name, Middle Name, and Surname are all included in Section 1.

• The birthdate is listed in Section 2 in the following format: DDMMYYYY.

• The third section contains the father's first name, middle name, and last name.

• The following details regarding the address are included in Sections 4 through 13: Flat/Room No., Floor No., Name of Property, Block No., Road/Street/Lane, Area/ Locality, Town/City, District, State, Pin code.

• Phone and mobile phone numbers are included in sections fourteen through fifteen.

• The amount of the payment is disclosed in Section 16.

• The Transaction date is stated in Section 17 using the format DDMMYYYY. 

• In the case of joint transactions, Section Eighteen contains the names of all participants.

• The Transaction technique is found in Section Nineteen.

• The Aadhaar number, if existent, is included in Section 20. 

• The Acknowledgement and, if applicable, the date of the PAN application are included in Section 21.

• The anticipated total revenue for the fiscal year is listed in Section 22 assuming no PAN is utilized.

• Information regarding the identity proof paper can be found in Section 23.

• The address proof document information is included in section 24 as well.

What is the URL for Form 60? 

You can access Form 60 on the Income Tax Department's official website. Please follow the instructions below to access the Form 60 in PDF format:

•  It is necessary to start by going to the official website of the Income Tax Department.

• Choose "Forms/Download" from the top navigation menu in order to proceed to the next step.  

• Choosing "Income Tax Forms" from the drop-down list is the third step.

• You'll be led to a site with numerous income tax forms after the third step.

• To find "Form No. 60," you must scroll down the list further.

• The document you select in the final step will start downloading right away on your computer.

Online & Offline Submission of Form 60

It is fantastic news for users that Form 60 can be submitted both online and offline. Form 60 may be delivered physically or offline to the appropriate authority after being correctly filled out. Send Form 60, as required by the Income Tax Act, to the appropriate tax body, for instance. To open a bank account, fill out Form 60 and send it to the appropriate bank.

The organization with whom the transaction is being undertaken must receive Form 60 declaration, either electronically or on paper. You must submit a properly filled-out and signed copy of Form 60 to the bank along with any required supporting documentation in order to open a bank account without a PAN card. Additionally, confirm that if you get a PAN card during this process, the bank where you opened the savings account is informed.