For those individuals who receives income solely from agriculture and do not entertain any other income chargeable to income tax should fill Form 61, if do not possess PAN. This document is issued by Income Tax Department of India under the supervision Central Board of Direct Taxes. PAN card contains details such as Name, Date of Birth, Photograph, Signature, Father’s Name and PAN Number and is issued to the taxpayer in a laminated form. To put a check on tax evasion, Income Tax Department of India uses PAN to track the financial transaction made by the individual at any period of time.
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Table of Content :
What is PAN Form 61?
Form 61 refers to the document which is duly filled by the individual who receives income solely from agriculture and is not the entertainer of any other income chargeable to income tax. Also, individuals who do not possess PAN need to submit Form 61 while making any of the financial transactions.
How to Apply Form 61 Online
Here’s how you can apply Form 61 online
- You have to register for Income Tax Department Reporting Entity Identification Number (ITDREIN) at e-filing portal i.e.https://incometaxindiaefiling.gov.in
- Now, you are required to use the same credentials you used when filed for the Income Tax Return
- Click on ‘Reporting Portal’ link under ‘My Account’ tab for the first time registration
- Now, enter the necessary information like the form type, category, and address of the reporting person
- You must enter the details of the Principal Officer
- After the submission, the ITDREIN will be generated automatically
- The Principal Officer will be informed about the same through an e-mail on his/her registered e-mail address along with an SMS at the registered mobile number
Note: Once the ITDREIN is generated, there is no option to deactivate it.
ITDREIN is a 16-character identification number which is in the format XXXXXXXXXX.YZNNN where XXXXXXXXXX stands for PAN/TAN of the reporting entity or person
Y stands for Code of the form?
Z stands for Code of the reporting entity category for Form Code
N stands for Code of the sequence number
How to Apply Form 61 Through Offline
To apply Form 61 through the offline method, all you need to do is fill the form correctly and submit it to the bank along with the supporting documents.
Uses of PAN Form 61
Form 61 can be used instead of PAN card as per the Rule 114B. Individuals can easily make financial transactions using Form 61. Below mentioned are the uses of Form 61:
- Sale/Purchase of property worth over 5,000,000
- Sale/Purchase of vehicles other than two-wheelers
- Fixed deposit that exceeds 50,000
- Fixed deposit in the post office that exceeds 50,000
- Sale/Purchase of securities that exceed 10,00,000
- While opening an account with a bank
- Payments that exceed 25,000 in restaurants
- Application for availing cellular network connection
Documents Required for PAN Form 61
Before submitting Form 61, individuals are supposed to submit some of the documents mentioned below to provide proof of identity or proof address along with Form 61. Some of the documents required for PAN form 61 include:
- Aadhaar Card
- Driving License
- Passport
- Ration Card
- ID proof from an accredited institution
- Copy of the electricity bill or telephone bill
- Any document issued by Central Government, State Government or any local bodies.
- Any documented proof related to the address mentioned in the form.
Procedure for filling Form 61
Before filling up the Form 61, individuals should know the details in order to submit the form successfully. Mentioned below are the important things individuals should know before filling and submitting the form:
- Full name and Address of the declarant
- Date of birth of the declarant and name of Father (in case of 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 12-digit Aadhaar card number if issued
- Date of application and acknowledgment number of PAN if applied and not received yet
Individuals should carefully fill the Form 61 without making mistake or overwriting on the form and thereby declare themselves that the source of income is all from agriculture and no other mode of income.
FAQs on PAN Form 61
Q. Who must file Form 61A?
Ans. Form 61A is required to be submitted by notified taxpayers for the applicable financial year.
Q. What is the due date/time limit to file Form 61A?
Ans. The due date/time limit to file Form 61A is within the 30 days from the date of service of notice issued to any person to file the statement.
Q. What will happen in case of defective filing of form 61A?
Ans. In the case of defective filing of form 61A, you are required to report to the concerned income tax authority within 10 days to avoid any penalties. However, you are given the time frame of 30 days from the date of intimation to rectify the information in form 61A.
Q. Is it mandatory to file Form 61A?
Ans. No, it is not mandatory to file Form 61 A under section 258BA.
Q. What is Rule 114E?
Ans. The Income Tax Rules, 1962 specifies that Rule 114E is the statement of financial transaction which is required to be submitted under the sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A