What Is Form 60: How To Fill And Download Form 60 ?

Form 60 is to be submitted when a person (other than company or firm) enters into any transaction specified in Rule 114B and does not have a PAN.

As per the income tax provisions, it is mandatory to obtain PAN for a particular category of persons such as persons having income chargeable to tax, persons carrying on business / profession with turnover exceeding specified limit etc. It is also necessary to quote PAN in various documents i.e., income tax return, any correspondence with income tax department, documents pertaining to certain transactions such as sale and purchase of asset etc. 

It is possible that a person may not have a PAN or he may have applied for PAN but not received it yet. Ideally, the absence of PAN should not bar an individual from making certain transactions or make it challenging for the income tax authorities to track financial transactions to prevent tax evasion/fraud. In such scenarios, Form 60 can be submitted along with relevant supporting documents to carry out the transaction.

When should Form 60 be furnished?

Form 60 is a document to be filed by a person (not a company or firm) to carry out transaction specified in Rule 114B when they do not have a PAN either because:

• they have not applied for PAN or
• they have applied for PAN but allotment is pending

Form 60 is not acceptable if your total income (other than agriculture) is more than the basic exemption limit. In that case, you can use Form 60 only if you have applied for PAN and you must also mention the date of application in column 21 of the form.

Form 60 Download

You can also download Form 60 from the income tax portal.

When to submit Form 60?

In the following cases, it it mandatory to quote your PAN. Form 60 must be filed only if you do not have a PAN or you are awaiting PAN allotment.

Transaction entered into by a minor

In case of a minor entering into a transaction requiring PAN, the PAN of the guardian or Form 60 may be provided.

How and to whom one can submit Form 60?

Declaration in Form 60 can be made either in offline or online. It is to be submitted to the person with whom transaction is being entered into.

Who need not submit Form 60?

Non residents are exempt from quoting of PAN/submission of Form 60 for few of the transactions specified above such as while applying for credit or debit card, payment to restaurants or hotels against bill etc.

Documents to be submitted with Form 60

A copy of the following documents need to be submitted along with Form 60 only under a scenario where PAN has been applied for but allotment is pending. These documents serve as identity proof/address proof in the above mentioned scenario (b) i.e. where PAN is not applied for.

• Aadhar 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 documentary proof related to the address mentioned in the form.

If PAN is applied for and allotment is pending, only date of application would suffice.

For Association of persons (Trusts):

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

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

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

In case of HUF any document in the name of Karta of HUF is needed

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

Information required to be filled in the Form

The following information requires to be filled in Form 60:

• Full address and name of declarant
• Particulars related to the transaction for which you are filling the Form 60. For example, if the transaction is relating to opening a savings account with the bank, you need to mention so in Form 60 stating the name of the bank and the transaction amount too. If it is not applicable then you must write N.A.
• In case you are assessed w.r.t income tax, mention the details of the range, circle or ward where you had filed the last return of income.
• You must mention your reason for not having a PAN card. If you have applied for it and are yet to receive it, you must mention it in the form.

Also, note that mismatch of the particulars with the supporting documents will lead to cancellation of the form and requires resubmission.

Consequences of wrong declaration

Making any false statement in Form 60 may attract these consequences:

• If the amount involved is less than Rs 25 lakh: imprisonment from three months to two years along with a fine can be imposed. 
• If the amount involved is greater than Rs 25 lakh: imprisonment from six months to seven years along with a fine can be imposed.

FAQs

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 situation, it is necessary to provide proof of application submission.

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

Non-residents are exempted from submitting Form 60, but this exemption is applicable only for specific transactions like hotel or restaurant bill payments, debit card/credit card applications, etc.

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

Minors can obtain a PAN if their parents or guardians apply for it on their behalf. However, if a minor doesn't have a PAN card but engages in a transaction that necessitates a PAN, either the PAN of the parent/guardian or Form 60 can be submitted.

What if I make an incorrect declaration on Form 60?

Providing incorrect information on PAN Form 60 can lead to imprisonment for a period of 3 months to 2 years, as well as the imposition of a fine.

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

If an incorrect declaration is made on Form 60 for transactions exceeding Rs. 25 lakhs, it can lead to imprisonment for a period of 6 months to 7 years, along with a fine.

For better understanding, read more related articles:

• Know Your PAN
• Check PAN Card Status Online

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