The Government of India has made it essential for citizens to have a PAN card if they are in the income-earning category or if they wish to conduct financial activities in the nation. PAN card is recognized as one of the most significant documents that may be obtained while conducting financial transactions, proving one’s identification, filing tax returns, and many other things. If an individual or a non-individual does not have a PAN, they must submit PAN Form 60 to the relevant authorities to complete the transaction.

The Income Tax Department of India utilizes PAN to trace financial transactions to prevent tax evasion or other fraudulent acts by companies. Although it is necessary to have a PAN card, there may be instances where individuals do not have one. Form 60 can be filed along with the other paperwork to pursue the transactions in this manner.

What is PAN Form 60

It is an official document that is presented by persons who do not have a PAN card to conduct financial transactions or create bank accounts. Form 60 is also utilized when assets are bought and sold, cash payments above Rs. 50,000 are made, tax returns are filed, businesses are registered, and so on. If you do not have a PAN card, Form 60 is a must-have document for carrying out financial activities.

When is Form 60 Required

Form 60 is necessary when an individual does not have a PAN card and want to engage in the following financial transactions:

  • Purchase or sale of an immovable property worth Rs.5 lakh or more.
  • Buying or selling a motor vehicle. This does not include two-wheelers, but it does contain removable sidecars with wheels attached to the vehicle.
  • A fixed deposit of greater than Rs.50,000 is made with any bank.
  • Any deposit in a Post Office savings bank account that exceeds Rs.50,000.
  • Any contract for the acquisition or sale of securities with a value of Rs.10 lakh or more.
  • Opening a bank or financial institution account.
  • Requesting the installation of a telephone line, including a mobile phone.
  • Payment to restaurants or hotels for invoices totalling more than Rs.25,000 in one transaction.

Individuals/non-individuals typically conduct the above-mentioned financial operations, for which they must have Form 60 if a PAN card is not available.

Information Needed to Fill Form 60

There are 24 things in total. Form 60 contains 20 elements that must be completed before it can be submitted. The following is a breakdown of these items:

Item 1: First, middle, and last names

Item 2: Date of Birth in DDMMYYYY

Item 3: Father’s First, Middle, and Last Name

Items 4-13: Official address – Flat/Room No., Floor No., Name of Premises, Block Name/No., Road/ Street/ Lane, Area/ Locality, Town/ City, District, State, Pin code

Items 14 and 15: Telephone and Mobile Number

Item 16: Transaction amount

Item 17: Transaction date in DDMMYYYY

Item 18: All persons’ names in the case of joint transactions

Item 19: Transaction Mode

Item 20: If available, Aadhaar number

Item 21: Acknowledgement and date of application for a PAN, if one is requested.

Item 22: Estimated total income for the fiscal year if no PAN is used.

Item 23: Specifics of the identification proving document.

Item 24: Address proof document details.

Download Form 60 in PDF

Form 60 may be found on the official website of the Income Tax Department. To obtain the PDF version of Form 60, follow the steps outlined below:

Step 1: Go to the Income Tax Department’s official website.

Step 2: From the top navigation menu, select “Forms/Download.”

Step 3: Select “Income Tax Forms” from the drop-down menu.

Step 4: You will be led to a page with a list of various income tax forms.

Step 5: Continue scrolling down the list until you reach “Form No.60.”

Step 6: Select the document, and it will be downloaded to your machine automatically.

Structure of Form 60

The following information must be filled out on Form 60:

  • Name of the apartment or house
  • Block name and number
  • Street
  • Locality or area
  • City
  • District
  • State
  • Pin code
  • Telephone number along with the STD code
  • Mobile number
  • Transaction amount
  • First, middle, and last names
  • The birth date (DDMMYYYY format)
  • Father’s first, middle, and last name
  • House number or flat number
  • The number on the floor
  • The transaction’s date (DDMMYYYY format)
  • The number of people that were involved in the transaction.
  • Aadhaar number as a payment method.
  • If you have applied for a PAN Card but have not yet received it, this is the acknowledgement number (DDMMYYYY format).
  • If you have not applied for a PAN, you must give agricultural and non-agricultural revenue for the fiscal year.
  • Specifics of the document you gave as evidence of identification.
  • Specifics of the paper you supplied as proof of address.

How to Submit the Form

Form 60 declarations must be presented to the entity with which the transaction is being performed, either online or on paper. For example, if you want to open a bank account but don’t have a PAN card, you must submit a fully completed and signed copy of Form 60 together with supporting papers to the bank. If you obtain the PAN card at any point throughout this procedure, you must notify the bank where you created the savings account.

How to Fill in Form 60

If you want to use Form 60 instead of your PAN card, keep a few details available since they will need to be filled out before the form is filed. These are the specifics:

  • The complete name of the declarant must be supplied.
  • The address of the declarant’s dwelling must be supplied.
  • The declarant’s birth date and father’s name (applicable to individuals only).
  • Along with the declarant’s cell phone number, the declarant’s entire address must be supplied.
  • Transaction information must be provided (including the amount).
  • The address where you submitted your income tax returns must be provided.
  • The declarant’s Aadhaar number.
  • If you have not received your PAN, you must supply the acknowledgement number and the date you applied for it.

Supporting Documents

Identity Proof:
  • Voter ID
  • Passbook or Bank Statement
  • Aadhaar Card
  • Passport
  • Driving License
  • Pensioner card with photo
  • Domicile Certificate
Address Proof:
  • Electricity Bill
  • Water Bill
  • Landline Bill

Form 60 – FAQs

Q1. Who is exempt from submitting Form 60?

Non-residents who make transactions such as applying for a credit or debit card, paying restaurant or hotel bills, and so on are exempt from submitting Form 60.

Q2. What are the ramifications of making an incorrect disclosure on Form 60?

The penalties for making an incorrect disclosure on Form 60 vary from three months to two years in jail. Along with the incarceration, a fine may be levied.

Q3. What are the ramifications of making an incorrect statement on Form 60 for sums greater than Rs.25 lakh?

If a false disclosure on Form 60 is made for a transaction worth more than Rs.25 lakh, the penalty is imprisonment for 6 months to 7 years, as well as a fine.

Q4. Is anyone exempt from submitting Form 60?

Non-residents are the only people who are excused from submitting Form 60. However, this exemption only applies to specific transactions, such as paying a hotel or restaurant bill, applying for a debit or credit card, and so on.

Q5. What should be done if a minor engages in a transaction that necessitates the use of a PAN?

Minors can get a PAN number if their parent or guardian applies for one on their behalf. If the minor does not have a PAN but needs to execute a financial transaction that requires a PAN, Form 60 or the guardian or parent’s PAN can be used.