Introduction
A PAN card is an important financial document in India for taxpayers and for many specified financial transactions.
If a person does not have a PAN card, they may need to submit Form 60 as a declaration in certain cases while carrying out eligible financial transactions.
In this blog, we explain what Form 60 is, when it is needed, what documents may be required, and the basic details generally asked while filling it.
What is Form 60?
Form 60 is a declaration used by a person who does not have a PAN card but needs to carry out certain financial transactions where PAN would normally be required.
It generally asks for identity, address, and the reason why the person does not hold a PAN card.
When Do You Need Form 60?
A person may need to fill Form 60 for certain financial transactions if they do not have a PAN card.
- Buying or selling immovable property above the specified threshold
- Purchase or sale of a motor vehicle other than certain excluded categories such as two-wheelers
- Opening a Demat account
- Making a fixed deposit above the specified limit
- Depositing amounts above the specified limit in a Post Office savings account
- Entering into certain securities transactions above the specified value
- Opening an account with a bank or financial institution
- Applying for a credit card or debit card
- Making mutual fund investments above the specified limit
- Paying life insurance premiums above the specified annual amount
- Buying or selling unlisted company shares above the specified transaction value
- Making high-value payments to hotels, restaurants, for travel, or for foreign exchange purchases
- Buying or selling goods or services above the specified threshold
Documents Needed for Form 60
Supporting documents are generally submitted along with Form 60 for identity or address proof.
- Driving licence
- Passport
- Ration card
- Identity proof from an accredited institution
- Telephone bill or electricity bill copy
- Document issued by State Government, Central Government, or local bodies
- Other valid address-related proof
- Pensioner card with photograph
- Water bill
- Landline bill
- NREGS job card
What is the Process for Filling Out Form 60?
While filling Form 60, the applicant generally needs to provide certain personal and transaction-related details.
- If PAN has already been applied for, provide the application date and acknowledgement number
- Full name of the declarant
- Date of birth and father’s name, where applicable
- Complete residential address and mobile number
- Details of the transaction and amount
- Income tax Range, Circle, and Ward details, if the person has filed tax returns earlier
- Aadhaar number details
Conclusion
Form 60 is relevant for people who do not hold a PAN card but still need to carry out certain specified financial transactions.
Before submitting it, make sure your identity and address details are correct and keep the required supporting documents ready.
It is also a good idea to verify the latest rules and transaction list on the official income tax website before using the form.
