Government of India has made a mandatory announcement for citizens to possess PAN card if they belong to 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 document which can be availed at the time of making financial transaction, identity proof, filing tax returns and many more. If any individual or non-individual does not possess PAN, then they need to submit PAN Form 60 to the concerned authority to avail the transaction.
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Income Tax Department of India uses PAN to track the financial transactions to avoid tax evasion or any fraudulent activities performed by entities. Although it is important to have a PAN card, there can be some situations where individuals fail to possess one. For this, Form 60 can be submitted along with the other documents to pursue the transactions thereby.
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What is PAN Form 60?
It is an official document which is submitted by individuals who do not possess a PAN card to carry out the financial transactions or opening of bank accounts. Form 60 is also used when there are a buying and selling of assets, payment in cash above ₹ 50,000, filing tax returns, registration of business and others. In this regard, Form 60 is a must-have the document to carry out financial transactions if you do not possess a PAN card.
Essentials of Form 60
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.5 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
- 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.10 lakh or more for purchase or sale of the securities
- Opening an account with any financial institution or bank
- Applying for the installation of a telephone connection, including mobile phone
- Payment to restaurants or hotels against the bills for any amount more than Rs.25,000 at one time
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Above mentioned financial transactions are generally made by individuals/non-individuals for which they need to possess Form 60 if there is non-availability of PAN card.
Documents Required for Form 60
Before submitting Form 60, individuals are supposed to submit some of the documents mentioned below to provide proof of identity or proof address along with Form 60. Some of the documents include:
(a) Driving License
(c) Ration Card
(d) ID proof from an accredited institution
(e) Copy of the electricity bill or telephone bill
(f) Any document issued by the Central Government, State Government or any local bodies.
(g) Any documented proof related to the address mentioned in the form.
Also know: Documents required for Apply new PAN Card
Procedure for filling up Form 60
It is important to know all the details before you decide to go ahead with Form 60 instead of PAN Card. One should keep all the things in mind mentioned below before filling and submitting up the form:
- Full name and address of the declarant
- Date of birth of the declarant and name of Father (in case of an individual)
- Full Address of the declarant with mobile number
- Particulars of the transaction and the amount of the transaction
- If you have been assessed to tax then mention your details of Range, Ward or Circle where you had last filed IT
- Mention your Aadhaar Number if issued
- Date of application and acknowledgement number of PAN if applied and not received yet
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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
Q. By when am I supposed to submit the PAN/ Form 60?
Ans. You should ideally submit the PAN/Form 60 while opening the bank account.
Q. What will happen if I do not update my PAN/ Form 60?
Ans. In case your PAN/Form 60 is not updated, you will not be able to make transactions exceeding Rs. 50,000 in the bank.