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Form 60: What Is It, How To Fill It, And How To Download It

Introduction

If you are an Indian citizen and you do not have a Permanent Account Number (PAN), you may have to fill a form called Form 60. This form is required for certain transactions where quoting PAN is mandatory. In this article, we will explain what is Form 60, who needs to fill it, what are the transactions that require it, how to fill it, and how to download it.

What is Form 60?

Form 60 is a declaration form that can be filed by an individual or a person (not being a company or a firm) who does not have a PAN and who enters into any transaction specified in rule 114B of the Income Tax Rules, 1962. Rule 114B lists various transactions where quoting PAN is mandatory, such as opening a bank account, applying for a credit card, buying or selling immovable property, etc. If a person does not have a PAN and wants to enter into any of these transactions, he or she has to fill Form 60 and submit it to the person or entity with whom the transaction is made.

Who needs to fill Form 60?

Form 60 is applicable only for those persons who do not have a PAN and who enter into any transaction specified in rule 114B. However, there are some exceptions where Form 60 is not acceptable. These are:

• If your total income (other than agricultural income) is more than the basic exemption limit (Rs. 2.5 lakh for individuals below 60 years, Rs. 3 lakh for senior citizens, and Rs. 5 lakh for super senior citizens).
• If you are required to file income tax returns as per section 139 of the Income Tax Act, 1961.
• If you are an assessee as per section 160 of the Income Tax Act, 1961 (such as guardian or trustee).

In these cases, you have to apply for PAN and quote it in the transactions. You can use Form 60 only if you have applied for PAN and you must also mention the date of application and acknowledgement number in column 21 of the form.

What are the transactions that require Form 60?

As per rule 114B, there are 18 transactions where quoting PAN or filling Form 60 is mandatory. These are:

1. Opening an account (other than a time-deposit or a Basic Savings Bank Deposit Account) with a banking company or a co-operative bank.
2. Making an application for issue of a credit or debit card.
3. Opening of a demat account with a depository, participant, custodian of securities or any other person registered under SEBI Act.
4. Payment in cash of an amount exceeding Rs.50,000 to a hotel or restaurant against bill at any one time.
5. Payment in cash of an amount exceeding Rs.50,000 in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time.
6. Payment of an amount exceeding Rs.50,000 to a mutual fund for purchase of its units.
7. Payment of an amount exceeding Rs.50,000 to a company or an institution for acquiring debentures or bonds issued by it.
8. Payment of an amount exceeding Rs.50,000 to the Reserve Bank of India for acquiring bonds issued by it.
9. Deposit of cash exceeding Rs.50,000 during any one day by a person in an account maintained with a banking company or a co-operative bank.
10. Payment in cash for purchase of bank drafts or pay orders or banker’s cheques for an amount aggregating to Rs.50,000 or more during any one day.
11. Payment in cash for purchase of prepaid payment instruments for an amount aggregating to Rs.50,000 or more during any one day.
12. Payment of cash for an amount exceeding Rs.50,000 during any one day for purchase of goods or services.
13. Cash deposits aggregating to Rs.10 lakh or more in a financial year in one or more accounts (other than a current account and time deposit) of a person.
14. Cash deposits aggregating to Rs.12.5 lakh or more in a financial year in one or more current accounts of a person.
15. Cash deposits aggregating to Rs.50 lakh or more in a financial year in one or more accounts (current or otherwise) of a person, other than a company or a firm.
16. Payment of an amount aggregating to Rs.1 lakh or more in a financial year as life insurance premium to an insurer.
17. Sale or purchase of any immovable property for an amount exceeding Rs.10 lakh or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding Rs.10 lakh.
18. Sale or purchase of goods or services of any nature other than those specified above for an amount exceeding Rs.2 lakh per transaction.

How to fill Form 60?

Form 60 is a simple form that can be filled either online or offline. It has two parts: Part A and Part B. Part A contains the personal information of the declarant and Part B contains the details of the transaction. Here are the steps to fill Form 60:

Details to be filled in Form 60

Part A: Personal information

• Name and address of the declarant: Write your full name and complete address with PIN code.
• Date of birth: Write your date of birth in DD/MM/YYYY format.
• Father’s name: Write your father’s name (even if married).
• Spouse’s name: Write your spouse’s name (if married).
• Status: Tick the appropriate box whether you are an individual, HUF, AOP, BOI, artificial juridical person, trust, local authority, company, firm, LLP, co-operative society, registered society, government, local authority, statutory body, association of persons, body of individuals, artificial juridical person, trust, limited liability partnership, co-operative society, registered society.
• Gender: Tick the appropriate box whether you are male, female, transgender, or other.
• Residential status: Tick the appropriate box whether you are resident or non-resident as per the Income Tax Act.
• Citizenship: Tick the appropriate box whether you are Indian citizen or foreign citizen.
• Aadhaar number: Write your Aadhaar number if you have one.
• Email ID and mobile number: Write your email ID and mobile number if you have them.

Part B: Transaction details

• Nature of transaction: Write the nature of transaction as specified in rule 114B (such as opening bank account, buying property, etc.).
• Amount of transaction: Write the amount of transaction in rupees.
• Date of transaction: Write the date of transaction in DD/MM/YYYY format.
• Name and address of the person with whom transaction is entered into: Write the full name and complete address with PIN code of the person or entity with whom you are entering into the transaction (such as bank, company, etc.).

Documents to be attached with Form 60

You have to attach copies of the following documents along with Form 60:

• Proof of identity: Any one document from among voter ID card, driving license, passport, ration card having photograph of the applicant, identity card issued by any institution (central/state government department/PSU/bank/college/university), Aadhaar card/enrolment number/letter issued by UIDAI containing details such as name and address.
• Proof of address: Any one document from among electricity bill/landline telephone bill/postpaid mobile bill/water bill/gas connection card/book/piped gas bill/bank account statement/credit card statement/depository account statement/property tax assessment order/passport/voter ID card/driving license/Aadhaar card/enrolment number/letter issued by UIDAI containing details such as name and address.

Verification and signature of the declarant

You have to verify the correctness of the information given in Form 60 by signing it at the end. You have to mention your name, place, and date of signing. If you are filling the form online, you have to use a digital signature. If you are filling the form offline, you have to use a physical signature.

How to download Form 60?

You can download Form 60 either online or offline. Here are the methods to download Form 60:

Online method

You can download Form 60 from the official website of the Income Tax Department. You have to follow these steps:

1. Go to the website https://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx
2. Click on “Forms/Downloads” tab and select “Income Tax Forms” from the drop-down menu.
3. Scroll down to find “Form No.: 60” and click on “PDF” or “Fillable PDF” option as per your preference.
4. A new window will open with the Form 60 in PDF format. You can save it on your device or print it directly.

Offline method

You can also get Form 60 from any of the following sources:

• The person or entity with whom you are entering into the transaction (such as bank, company, etc.). They may provide you with a printed copy of Form 60 or direct you to their website where you can download it.
• The nearest income tax office or tax information network facilitation centre (TIN-FC). You can visit them and ask for a copy of Form 60 or download it from their website.
• The nearest post office or book store. You can buy a copy of Form 60 from them or download it from their website.

Conclusion

Form 60 is a declaration form that can be used by those who do not have a PAN and who enter into certain transactions where quoting PAN is mandatory. It is a simple form that can be filled online or offline. It requires personal information, transaction details, and verification by the declarant. It also requires proof of identity and address to be attached with it. It can be downloaded from the official website of the Income Tax Department or from other sources such as banks, income tax offices, post offices, etc.

FAQs

1. What is the difference between Form 60 and Form 61?

Form 60 is for those who do not have a PAN and who enter into any transaction specified in rule 114B. Form 61 is for those who have an agricultural income and who do not have any other income chargeable to tax. Form 61 is also required for certain transactions specified in rule 114B.

2. What are the consequences of not filling Form 60?

If you do not fill Form 60 when required, you may face penalties under section 272B of the Income Tax Act, 1961. The penalty is Rs.10,000 for each default. You may also face difficulties in completing your transaction or availing certain services.

3. Can I fill Form 60 online?

Yes, you can fill Form 60 online by using a digital signature. You have to visit the official website of the Income Tax Department and download the fillable PDF version of Form 60. You have to fill the details, verify them, and sign them digitally. You have to submit the form online along with the proof of identity and address.

4. How long does it take to get PAN after filling Form 60?

If you have applied for PAN and filled Form 60, you can expect to get your PAN within 15-20 days from the date of application. You can track the status of your PAN application online by visiting https://www.tin-nsdl.com/services/pan/pan-status.html

5. Can I use Aadhaar instead of PAN for transactions?

Yes, you can use Aadhaar instead of PAN for transactions where quoting PAN is mandatory as per rule 114B. However, you have to link your Aadhaar with your PAN if you have both. You also have to ensure that your Aadhaar details are correct and updated.

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