What is Income Tax Form 60: Requirement and Download Form 60

What is Form 60?

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 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.

When is Form 60 required?

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, is required for a variety of transactions such as

Who Needs to Submit Form 60?

Any person who needs to enter into any transaction with a banking institution, or deal in some sort of assets and who is not in possession of a PAN or might have already applied for a PAN card and is waiting for the same. Form 60 can be used in lieu of furnishing PAN by such people wherever required and allowed.

Download Form 60

Information Required to Fill Form 60

1. Your complete name
2. Date of Birth
3. Full address
4. Telephone Number / Mobile Number
5. Amount of Transaction
6. Date of transaction
7. Mode of transaction
8. Aadhaar number
9. If PAN is applied then application and acknowledgment number
10. Disclosures of income
11. Sign and mention the date and place.

If you do not have any information to be disclosed in a particular column write - “Not Applicable”.

Documents Required to Submit with Form 60

Some documents which are required to be annexed while submitting Form 60 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 bank account summary of 3 months. No other documents from the list as specified above will be further needed.

How and To Whom One Can Submit Form 60?

Form 60 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.

PAN v/s Form 60. Can Form 60 Substitute PAN in All Cases?

Well, Form 60 is a recourse to furnishing PAN but NOT in every scenario. Form 60 is not and can never be a replacement for quoting PAN. It is just for the ease of users that the government has provided us some relaxation, for a particular class of transactions.

Every communication made to the income tax department is traced through your PAN whether it is filing a return, getting a refund, serving notices, or any other communication. In certain cases, the department lays mandatory requirements upon a person to possess PAN, these cases as per section 139A include

• When you exceed the mandatory filing threshold of ITR
• Your turnover in business or profession exceeds 5,00,000/-
• Resident other than individual entering into financial transaction aggregating to Rs 2.5 lakhs or more in a year
• Every MD, Director, Karta of HUF, Partner of a firm, etc
• Person filing return under section 139(4A)
• Employer liable to file ITR for giving fringe benefits

Complying with KYC requirement, even the prevailing E- KYC norms for e-commerce industry like Paytm, OLA, etc also require PAN.

What is the applicability of Rule 114B on Minor?

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.

Whether NRI needs to submit Form 60?

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:

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.

How to fill out Form 60?

To the relief of the user, 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

• 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.

Are there some Consequences of wrong declarations made in 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 as 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.

Are there other forms related to PAN, apart from Form 60?

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.

Is there any difference between Form 60 and Form 16?

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.

How many times can I use form 60?

You can use Form 60 as many times as it is required. But, if you are subsequently furnishing Form 60 to the same person or authority, you can opt to disclose only the incremental information. Incremental information means the particulars which have changed after you filed Form 60 last time.

Form 60 is a boon for a person willing to enter into a financial transaction but was prevented to do so because he lacked PAN. Submitting this form online as per the recent changes made by CBDT has added to the benefits. So, you are well equipped to fire back someone, next they instruct you to get PAN just for the sake of opening a Bank account or alike things. To get in touch with the expert team of CA’s, Contact Us Now!!