Form 60 is the declaration that is required to be filed by an individual or a person (except companies and firms) who does not have a permanent account no. (PAN) while entering into some specified transactions as per Rule 114B of the Income Tax Rules, 1962.
If your total income (other than agriculture) is more than the basic exemption limit, then in such cases, form 60 format is not acceptable. In such a case, you can use Form 60 only if you have already applied for PAN, and you must also mention the date of application in column 21 of the form.
Form 60 format is available on the Income tax website and can be downloaded from here. It is required to be submitted to the person with whom you are entering into a specified transaction.
When you decide to enter into any transaction with a banking institution or deal in some sort of asset, a PAN card is the basic identity proof required.
But, there are still several people who do not possess PAN, or they might have already applied for PAN and are waiting for an allotment. Form 60 can be used in many cases instead of furnishing PAN by such people.
Other than tax authorities, PAN or Form 60 PAN card, is required for a variety of transactions such as
| Nature of Transaction, |
Value of Transaction |
| Sale or purchase of Motor Vehicle [other than two-wheeled vehicles], |
Irrespective of value / Any Value |
| Opening a Bank account(other than basic savings deposit account) |
Irrespective of value |
| Getting new Debit or Credit card |
Irrespective of value |
| Opening DEMAT account |
Irrespective of value |
| Payment to hotel or restaurant at one time |
Cash payment exceeding Rs 50,000 |
| Travelling expenses to a foreign country or buying foreign currency at one time |
Cash payment exceeding Rs 50,000 |
| Buying Mutual funds |
Amount exceeding Rs 50,000 |
| Acquiring bonds or debentures |
Amount exceeding Rs 50,000 |
| Acquiring bonds issued by RBI |
Amount exceeding Rs 50,000 |
Depositing money with
(a) Bank
(b) Post Office |
Cash exceeding Rs 50,000 in one day |
| Purchasing Bank Draft/ pay order/ banker’s cheque |
Cash exceeding Rs 50,000 in one day |
Time deposit (FD) with
(a) Bank
(b) Post Office
(c) NBFC
(d) Nidhi company
|
Exceeding Rs 50,000 at a time or Rs 5,00,000 in a financial year |
| Life Insurance Premium |
If the amount exceeds Rs 50,000 in an FY |
| Trading in securities |
Amount Exceeding Rs 1,00,000 per transaction |
| Trading in shares of unlisted company |
Amount Exceeding Rs 1,00,000 per transaction |
| Sale or purchase of any immovable property |
If the amount or registered value is Rs 10,00,000 or more |
| Buying and selling of goods and services |
Exceeding Rs 2,00,000 per transaction |
You can download Form 60 format via the Income Tax Department portal via the following princess:-
- Step 1 - Visit the official website of the Income Tax Department
- Step 2 - Click on ''Forms/Download'' on the top navigation menu
- Step 3 - In the drop-down menu, select ''Income Tax Forms''
- Step 4 - You will be redirected to a page with a list of different forms for income tax
- Step 5 - Scroll down the list until you reach "Form No.60."
- Step 6 - Select the document, and it will get automatically downloaded to your system.
Download Form 60
- Your complete name
- Date of Birth
- Full address
- Telephone Number / Mobile Number
- Amount of Transaction
- Date of transaction
- Mode of transaction
- Aadhaar number
- If PAN is applied, then the application and acknowledgment number
- Disclosures of income
- Sign and mention the date and place.
If you do not have any information to be disclosed in a particular column, write - “Not Applicable”.
It is possible that a person may not have a PAN, or he may have applied for a PAN but not received it yet. In this situation, not having a PAN should not become a bar to make certain transactions. In such scenarios, Form 60 can be submitted along with relevant supporting documents to carry out the transaction. These documents are:-
- Aadhaar Card
- Driving license
- Bank Pass Book (having photograph)
- Elector’s Photo ID
- Ration Card
- Passport
- Pensioner Photo card
- Proof of address
- Telephone bill and electricity bill copies
- Communication or document issued by Central or State Government or local bodies
- Domicile Certificate
- Kisan passbook
- Arm’s License etc
There are many other proofs, a list of which can be found attached to Form 60.
If you have already filed Form 49A for allotment of PAN, you just need to render the application receipt and 3-month bank account summary. No other documents from the list, as specified above, will be needed.
Form 60 must be filed only if you do not have a PAN or you are awaiting PAN allotment.
| Nature of transaction |
Value of transaction |
| Purchase or sale of any motor vehicle excluding two-wheelers |
Any value |
| Opening of Demat account |
Any value |
| Opening an account with any banking institution or bank other than a basic savings deposit account/Application to an institution bank, or company for debit or credit card |
Any value |
| Purchase or sale of an immovable property |
value of 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 |
| Payment to restaurants or hotels in cash against the bills |
Exceeding Rs.50,000 at one time |
| Payment in connection with travel to any foreign country or payment for purchase of any foreign currency in cash |
Exceeding Rs.50,000 at one time |
| Payment of a life insurance premium |
Exceeding Rs.50,000 in a year |
| Sale/purchase of company shares or contract for sale or purchase of securities |
Exceeding Rs.1 lakh per transaction |
| Sale or purchase of goods/services other than the above |
Exceeding Rs.2 lakh per transaction |
| Payment to a Mutual Fund for purchase of units |
Exceeding Rs.50,000 |
To the user's relief, 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 the 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
- The electronic verification can be done through this website- https://report.insight.gov.in/reporting-webapp/portal/homePage
- It can also be done using certain Aadhaar specified Authentications:
- Through OTP on your Aadhaar-linked mobile number or mail ID.
- Through Biometric modalities, i.e., either through iris (scanning your eye) or fingerprint.
- Two-way authentication, i.e., OTP + biometric modalities
- Or Use of OTP & fingerprint & iris altogether.
What Should be Done if a Minor is Entering into a Transaction that Requires a PAN?
Rule 114B of the Income Tax Act 1961 expressly provides that if a minor enters into any of the above-specified transactions and he does not have income chargeable to tax, then the Minor can quote the PAN of his Father, Mother, or Guardian while entering into such contracts.
As per Rule 114B, Non Residents are required to quote PAN or file Form 60 only for a limited number of transactions, which are as under:
| Nature of Transaction |
Value of Transaction |
| Sale or purchase of Motor Vehicle |
Irrespective of value / Any Value |
| Opening a Bank account |
Irrespective of value |
| Opening DEMAT account |
Irrespective of value |
| Buying Mutual funds |
Amount exceeding Rs 50,000 |
| Buying bonds or debentures |
Amount exceeding Rs 50,000 |
Depositing money with
(a) Bank
(b) Post Office
|
Cash exceeding Rs 50,000 in one day |
Time deposit (FD) with
(a) Bank
(b) Post Office
(c) NBFC
(d) Nidhi company
|
Exceeding Rs 50,000 at a time or Rs 5,00,000 in a financial year |
| Life Insurance Premium |
If amount exceeds Rs 50,000 in a FY |
| Trading in securities |
Amount Exceeding Rs 1,00,000 per transaction |
| Trading in shares of unlisted company |
Amount Exceeding Rs 1,00,000 per transaction |
| Sale or purchase of any immovable property |
If amount or registered value is Rs 10,00,000 or more |
For remaining transactions like payments made to hotels and restaurants, getting debit or credit card, traveling expenses, etc. Non-Residents are not required to furnish PAN or Form 60 in lieu of PAN.
Non-residents do not have to submit Form 60 or quote their PAN card. This is applicable to specified transactions such as applying for debit/credit card or paying for restaurant bills.
Along with NRIs, individuals having a valid PAN card also are not required to submit Form 60.
Any wrong declaration in Form 60 will make you entitled to repercussions under section 277 of the Income Tax Act 1961.
As per provisions of section 277, a person disclosing misleading or untrue information will be held liable under:
- If the resulting tax evasion amount exceeds Rs 25 lakhs, rigorous imprisonment of a minimum of 6 months to a maximum of 7 years + fine as applicable.
- For other cases, rigorous imprisonment of at least 3 months to 2 years with a fine.
Want to ensure that your Form 60 is filed accurately? Contact our tax experts for any tax-related queries. Get a CA Now!
Yes, there are a 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.
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