Form 60 is submitted by an individual when she or he enters into a particular transaction that requires PAN. The Income Tax Act mentions specifically the transactions where PAN is mandatory
Necessity of Form 60
Form 60 must be produced by an individual who does not have a PAN card but gets involved in any kind of transaction 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 side cars 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 banking institution or bank.
- Applying for the installation of telephone connection, including mobile phone.
- Payment to restaurants or hotels against the bills for any amount more than Rs.25,000 at one time.
In case a minor in India opens a savings account with a bank or invests in a time deposit, the PAN of the guardian must be provided along with the application. If PAN is not available, Form 60 must be provided.
How to Fill Form 60
You will have to remember certain things when you fill up the Form 60 for a financial transaction.
- Full address and name of declarant.
- Particulars related to the transaction for which you are filling the Form 60. In case you are opening a savings account with any bank, then specifically mention that it is for opening a savings account and state the name of the bank.
- Transaction amount must be stated too. If it is not applicable then you must write N.A.
- In case you are assessed to IT (Income Tax) mention the details of the Range, Circle or Ward where you had filed the last IT.
- You must state your reason for not having a PAN card. If you have applied for it and are yet to receive it, then mention it on the form.
How to Submit Form 60:
The entire procedure of Form 60 submission is pretty simple. You will have to fill the form up when you are about to enter the transaction. Hand over the duly filled Form 60 to the individual with whom you are making the transaction.
Let’s consider that you are planning to open a savings account in a bank. However, you do not have a PAN card yet or you applied for it but haven’t received it yet. All you need to do in a situation like this is fill up the Form 60 and give it to the bank.
Documents to be submitted along with Form 60:
- Passport
- Ration Card
- Driving Licence
- ID card issued by a recognized institution
- Copy of the telephone bill and electricity bill mentioning the address
- Communication or document issued by State Government, Central Government or local bodies
- Any documentary evidence as proof of address