1. What Is Form 16?
The government of India had announced that “Having a PAN for all citizens of India is mandatory” who are part of a group of earning-income and involved in financial transactions. But sometimes, It is not feasible to have PAN for all. Right! Therefore, Form 60 comes into use. In Simple words, form 60 is a document utilized in India for individuals who do not have a Permanent Account Number (PAN) but need to conduct specific financial transactions that require PAN. This form is mainly considered by individuals who do not have a PAN card but need to complete transactions such as opening a bank account, making a fixed deposit, or purchasing or selling a motor vehicle, among others. You can download form 60 from the income tax website.
2. When Do You Need Form 60?
When you are dealing with a sale or purchase of any immotile property worth Rs. 5 Lakh and more. buying and selling any kind of automobile. Two-wheelers are not included, but detachable side vehicles with wheels that are affixed to the vehicle are. Any value may apply. Payment of a Fixed Deposit is more than Rs 50,000 with any of the banks. In the case of a Post Office Savings Bank Account, any other form of the deposit that is greater than Rs. 50,000. In case you have signed a contract with a value of Rs. 10 Lakh or more pertaining to purchasing and sale of securities. At the time of account opening with any of the banks or financial institutions. In case you want to apply for any telephone connection. Paying a payment at any hotel or restaurant for any sum greater than Rs. 25,000 all at once.
3. Required Documents For Filling of Form 60
Before submitting Form 60 India, you will be required to furnish copies of certain documents which would be utilized as identity proof or address proof along with form 60. These documents are mentioned below: Identity Proof from an accredited institution Copy of telephone bill or electricity bill Driving license Passport Ration Card Any other document proof which is related to the address mentioned Pensioner card with a photo Water bill Landline bill NRGS job card
4. How To Fill Form 60?
Full name of the applicant Date of birth of applicant Father name (in case of an individual) Full address along with a mobile number The transaction details Mention details of Range, Circle, or Ward where you last filed an Income Tax return (In case you have been assessed tax). details of the applicant’s Aadhar number Date of application and acknowledgment number of PAN Card in case you have applied and not received it yet.
5. Information To Provided In Form 60
First name, surname, and middle name. Date of Birth as date/month/year format Address as per official documents – Flat Number, Name of premises, Block name, Street, Lane, Area, Locality, City, town, District, and Pin Code. Telephone & Mobile number Details of the amount of financial transaction Date of transaction in date/month/year format Name of all persons in case of the joint transactions Mode of transaction Aadhar number if available Acknowledgment and date of PAN if applied for it. Estimated net income for the Financial year if PAN not applied Identity proof document Address proof document
6. How To Submit Form 60?
Submitting form 60 is not a tough task. You can easily submit this form either online or offline. Before submitting form 60, make sure you will up all the required details carefully and submit them to the concerned authorities before making any financial transaction. Doing so will provide you benefits and be considered proof of transactions. For instance, if you do not have your PAN while opening a bank account, then you can fill out form 60 and furnish it to the authority.
Frequently Asked Questions
Who can fill out Form 60?
Any individual who does not have a PAN and needs to carry out a financial transaction can fill out Form 60. This includes individuals who are not eligible to apply for a PAN, such as non-resident Indians.
What types of financial transactions require Form 60?
Form 60 is required for certain financial transactions, such as opening a bank account, making a cash deposit of over Rs. 50,000, purchasing a vehicle, and investing in certain financial instruments.
What information is required in Form 60?
The form requires the individual to provide their name, address, date of birth, and other identifying information, as well as the reason for not having a PAN.
Is there a fee for submitting Form 60?
No, there is no fee for submitting Form 60.
Is Form 60 valid indefinitely?
No, Form 60 is only valid for a period of six months from the date of submission.
What is the penalty for not submitting Form 60 when required?
If an individual fails to submit Form 60 when required, they may be subject to a penalty of up to Rs. 10,000.
Can Form 60 be submitted online?
Yes, many banks and financial institutions allow individuals to submit Form 60 online as part of the account opening process or when carrying out certain financial transactions.