Know All About PAN Form 60, Documents Required, Procedure of filling up Form 60 & How to Submit

The government of India has made a mandatory announcement for citizens to possess PAN card if they belong to an income-earning group or even otherwise if they want to carry out financial transactions in the country. PAN card is regarded as one of the most important documents which may be needed at the time of making financial transactions, as identity proof, for filing tax returns, etc.

The Income Tax Department of India uses PAN to track financial transactions and avoid tax evasion or any fraudulent activities performed by entities. In case any individual or non-individual does not possess a PAN card, then they need to submit PAN Form 60 along with other documents to the concerned authority to pursue the transaction.

Click here for Form 60 download/Form 60 PDF download

What is Form 60

PAN Form 60 is an official document which is submitted by individuals who do not possess a PAN card to carry out financial transactions or to open a bank account. Form 60 is also used when there is a buying and selling of assets, payment in cash above ₹ 50,000, filing tax returns, registration of business, etc. In this regard, Form 60 is a must-have document to carry out financial transactions if you do not possess a PAN card.

When is Form 60 Required

Form 60 is required when an individual does not possess a PAN card and wants to get into financial transactions mentioned below:

• Purchase or sale of an immovable property that has a value of Rs.10 lakh or above
• Purchase or sale of any motor vehicle. This excludes two-wheelers but includes detachable sidecars which have wheels attached to the vehicle
• Opening a demat account
• A fixed deposit amount that is more than Rs.50,000 with any bank
• Any deposit that is more than Rs.50,000 in Post Office savings bank account
• Any contract that has a value of Rs.1 lakh or more per transaction for the purchase or sale of the securities
• Opening an account with any financial institution or bank
• Applying for a debit/credit card
• Payment to mutual funds exceeding Rs. 50,000
• Life insurance premium payment exceeding Rs. 50,000 in a year
• Purchase/sale of the shares of a company not listed in any of the recognised stock exchanges if more than Rs. 1 lakh per transaction
• Payment to restaurants or hotels against the bills/purchase of foreign currency or for foreign travel for any amount more than Rs.50,000 at one time
• Purchase/sale of services/goods not listed above if more than Rs. 2 lakh per transaction

Note: The financial transactions mentioned above are only for reference. To find out the complete list of transactions that have a mandatory PAN requirement, visit the official website of the Income Tax Department.

Documents Required for Form 60

(1). The following documents can be produced as identity and address proofs along with Form 60 (Not required if you have applied for PAN or provided your Aadhaar number):

A. Individuals and HUF 

1. Aadhaar card
2. Bank/Post office passbook having the person’s photograph
3. Elector’s photo identity card
4. Public Distribution System/Ration card with the peron’s photograph
5. Passport
6. Driving license
7. Pensioner photo card
8. NREGS Job card
9. Caste or Domicile certificate having the person’s photo
10. Certificate of address/identity signed by a Member of Parliament/Member of Legislative Assembly/Municipal Councillor/Gazetted Officer as per annexure A prescribed in Form 49A
11. Certificate from employer as per annexure B prescribed in Form 49A
12. Kisan passbook having photo
13. Arm’s license
14. Central Government Health Scheme/Ex-servicemen Contributory Health Scheme card
15. Photo identity card issued by the government./Public Sector Undertaking
16. Electricity/landline telephone/water bill (not older than 3 months)
17. Consumer gas card/book or piped gas bill (Not more than 3 months old)
18. Credit Card statement (Not more than 3 months old)
19. Bank Account Statement (Not more than 3 months old)
20. Depository Account Statement (Not more than 3 months old)
21. Property registration document
22. Allotment letter of accommodation from Government
23. Passport of spouse bearing name of the person
24. Property tax payment receipt (Not more than one year old)

B. For Association of persons (Trusts):

• Copy of trust deed or certificate of registration issued by Charity Commissioner

C. Association of persons (other than Trusts)/Body of Individuals/Local authority/Artificial Juridical Person can provide the following documents:

• Copy of Agreement/copy of certificate of registration issued by Charity commissioner/Registrar of Cooperative society/any other competent authority/any other document originating from any Central or State Government Department establishing identity and address of such person

(2). If the transaction is in the minor’s name, any of the documents mentioned above as proof of identity and address of any of the parents/guardians of such minor shall be deemed to be the proof of identity and address for the minor declarant and the declaration should be signed by the parent/guardian

(3). In case of HUF any document in the name of Karta of HUF is needed

(4). If the transaction is in the name of two or more persons the total number of persons and the total amount of transaction should be mentioned in the form

Also know: Documents required for Apply new PAN Card

Information Required to Fill Form 60

Some key information that needs to be filled in Form 60 includes:

1. Full name and address of the declarant
2. Date of birth of the declarant and name of Father (in case of an individual)
3. Full Address of the declarant with mobile number
4. Particulars of the transaction and the amount of the transaction
5. If you have been assessed to tax then mention your details of Range, Ward or Circle where you had last filed IT
6. Mention your Aadhaar Number if issued
7. Date of application and acknowledgement number of PAN if applied and not received yet

With other particulars to be filled, one should not make any mistakes or overwrite before submitting the form.

How to Submit Form 60

There is no such big deal in submitting Form 60. After filling up all the entries in the form carefully one can easily handover it to the concerned authority before making any financial transaction. This will ensure the existence of benefits and proof when one enters into transactions.

FAQs on PAN Form 60

Q1. What documents do I need to submit for PAN Form 60 in case I have applied for a PAN card but have not received it yet?

In such circumstances, you need to submit the proof of submission of application.

Q2. Are non-residents also required to submit PAN Form 60?

No, non-residents are exempted from having to submit Form 60. However, this exemption is only limited to certain transactions such as hotel or restaurant bill payments, debit card/credit card applications, etc.

Q3. What if a minor undertakes a transaction that requires a PAN card?

Minors can get a PAN if it is applied by their parents/guardians on their behalf. However, in case the minor does not have a PAN card, but enters into a transaction that requires a PAN, then either the PAN of the parent/guardian or Form 60 can be submitted.

Q4. What if I make an incorrect declaration on Form 60?

A wrong declaration on PAN Form 60 can result in imprisonment that can range from 3 months to 2 years. A fine is also imposed along with imprisonment.

Q5. What if I make a wrong declaration on Form 60 for amounts exceeding Rs. 25 lakh?

In case there is a wrong declaration on Form 60, for transaction amounts exceeding Rs. 25 lakh, it could result in imprisonment ranging from 6 months to 7 years along with a fine.

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