As an Indian citizen, you must have a PAN card as an adult. The Income Tax Department uses your PAN card to record financial transactions and prevent tax evasion or other frauds organizations commit. Even though it's important to have a PAN card, it is natural for you not to have one in some situations. In that case, if a non-individual or individual does not have a PAN card, you must submit Form 60 to get a new PAN card and work through all your financial activities and transactions.
Discover the PAN Form 60
Form 60 PAN card is an official document you must submit when you don’t have a PAN card. By submitting this form, you can open bank accounts or conduct financial transactions as is given in Rule 114B of the Income Tax Rules 1962. Furthermore, Form 60 is also used when you file tax returns or buy and sell assets. It is a compulsory document when you are not carrying your PAN card with you.
Uses of Form 60
Form 60 helps you conduct the financial transactions given below in the absence of a PAN card:
- Selling or purchasing a motor vehicle not including two-wheelers but containing removable sidecars with wheels conjoined with the vehicle.
- Sale or purchase of any immovable property valued at Rs. 5 lakh or higher.
- Any deposit higher than Rs. 50,000 made in a Post Office Savings Bank account.
- Fixed deposit made with any bank for a sum over Rs. 50,000.
- Opening a financial institution or bank account.
- Any contract valued at Rs. 10 lakh or more for the sale or acquisition of securities.
- Payment to hotels or restaurants for invoices over Rs. 25,000 in a single transaction.
- Requesting the installation of a telephone line.
Information to be Filled in Form 60
Form 60 PAN card has several aspects that you need to fill in before you submit it. Therefore, the things that you need to include in the form are the following:
- Date of birth in DDMMYYYY
- First, middle, and last names
- Father’s first, middle, and last name
- Telephone and mobile numbers
- Transaction amount
- Official address
- Transaction date in DDMMYYYY
- Transaction mode
- All persons’ names (in case of joint transactions)
- Acknowledgment and date of application for a PAN (if requested)
- Aadhar number
- Estimated total income for the financial year if no PAN card is used
- Address proof document details
- Specifics of the identification proving document.
How to Download the Form 60 in PDF Form?
You can find the Form 60 PAN card on the Income Tax Department’s official website, and you can download the form in PDF format by following the steps given below:
Step 1: Reach the official website of the Income Tax Department.
Step 2: Select the option of forms/download from the top navigation menu.
Step 3: Pick the option of Income Tax forms from the drop-down menu.
Step 4: Choose Form 60 from the page with different income tax forms.
Step 5: Click on the document, and it will automatically download to your device.
How to Submit Form 60 PAN Card?
You must present the declaration of Form 60 PAN card to the body that you are performing the transaction. For instance, if you aim to open a bank account without your PAN card, you must provide a signed Form 60 to your bank. Also, submit all the other supporting documents that are required. You also must inform your bank if you get your PAN card at this point.
Documents Required for Form 60
Filling and submitting the Form 60 PAN card is insufficient in certain scenarios. You will also have to provide other supporting documents, such as the following:
- Identity Proof may include:
- Passbook or bank statement
- Voter ID
- Passport
- Aadhar card
- Pensioner card with photo
- Driving license
- NREGS
- Domicile certificate
- Address Proof may include:
- Landline bill
- Water bill
- Electricity bill
Consequences of Wrong Declaration in Form 60 PAN Card
As Form 60 is an important document, you must submit it with accurate details and relevant information. Avoid providing any wrong information to prevent negative consequences. However, if you still make any wrong declarations, the following might be the results:
- A wrong declaration with less than Rs. 25 lakh will cost the applicant an imprisonment of three months to two years, along with a fine.
- If your declaration amounts to more than Rs. 25 lakh, there will be a fine with imprisonment, ranging from three to six months up to seven years.
Conclusion
The Form 60 PAN card is a vital and useful document as it allows you to perform business without a PAN card. However, you must provide all the accurate details in your form. The form will also require other supporting documents which you must keep handy while completing Form 60. Only a resident of India can fill out Form 60. Thus, all the information has to be correct and true.
Why is a Form 60 PAN card required?
Sometimes, you may not have a PAN card to conduct your business. In that situation, Form 60 will be useful as a replacement for the PAN card, and you can still fulfill your commitments.
Do non-residents need to submit PAN Form 60?
Non-residents are exempt from submitting PAN Form 60. However, this exemption is restricted to restaurant or hotel bill payments, credit/debit card applications, and more.
What documents must I submit for the PAN Form 60 if I do not receive my PAN card even after applying?
In such circumstances where you have already applied for the PAN card but are not getting it, then you need to send proof of the submitted application.
Who can issue a Form 60?
The Form 60 can be issued by anyone who does not have a PAN card for any activity as given in the Income Tax Rules 1962 Rule 114B.