What is Form 60

Indian Government has made an announcement that it is mandatory for all the Citizens of India to have a PAN card; if they belong to the group of Income-Earning and is carrying out any kind of financial transactions. If any individual who does not have a PAN card, then in place of that must submit Form 60 to the concerned authority at the time of doing any financial transactions. Form 60 PAN Card is considered as a legal validity in the banking sector under section 114B of the Income Tax Act 1962.

Form 60 (Substitute of a PAN Card) is a declaration which applicant needs to provide details which include name and address. Apart from that applicant also need to mention the reason of not having a PAN card.

Download Form 60

When you need FORM 60?

  • When you are making a sale or purchase of any immovable property of worth Rs 5 Lakh and above of that.
  • Making purchase and sale of any motor vehicles. It does not include two wheelers but consider detachable side cars which have wheels attached to the vehicle. It can be of any value.
  • An amount of Fixed Deposit which is more than Rs 50,000 with any of the bank.
  • Any other form of deposit that is more than Rs 50,000 in case of Post office saving bank account.
  • If you signed a contract that has a value Rs 10 Lakh or above related to purchase and sale of securities.
  • At the time of account opening with any of the bank or financial institution.
  • When you want to apply for any telephone connection.
  • Making payment to hotels or restaurants against the bill for any amount more than Rs 25,000 at one time.

Documents required for filling of Form 60

Before you are going to submit Form 60 India, individuals must submit documents which will work as an identity proof or address proof along with Form 60. List is mentioned below:

  • Driving license
  • Passport
  • Ration Card
  • Identity Proof from an accredited institution
  • Copy of telephone bill or electricity bill
  • ocument issued by State Government, Central Government or any other local bodies
  • Any other document proof which is related to address mentioned
  • Pensioner card with a photo
  • Water bill
  • Landline bill
  • NRGS job card

How to fill Form 60?

  • Full name and address of declarant
  • Date of birth of the declarant and name of the Father (in case of individual)
  • Full address of the declarant with the mobile number
  • Details of the transaction including the amount
  • If you have been assessed to tax then mention details of Range, Circle or Ward where you last filed an Income Tax return.
  • Mention details of the Aadhar number
  • Date of application and acknowledgement number of PAN Card in case you have applied and not received yet.

Structure of FORM 60

It has 24 items that an individual must fill in FORM 60 while submitting:

  • First name, middle name and surname
  • Date of Birth in DDMMYYYY format
  • Address as per official documents – Flat Number, Name of premises, Block name, Street, Lane, Area, Locality, City, town, District and Pin Code.
  • Telephone Number and Mobile number
  • Amount of transaction
  • Date of transaction in DDMMYYYY format
  • Name of all person in case of the joint transactions
  • Mode of transaction
  • Aadhar number if available
  • Acknowledgement and date of PAN application if applied for it.
  • Estimated total income for the Financial year if PAN not applied
  • Details of identity proof document
  • Details of address proof document

How to submit Form 60?

The declaration of Form 60 must be submitted either online or offline as per the applicant’s convenience. For instance, at the time of opening a bank account when you don’t have a PAN card then you need to submit duly filled and signed copy of Form 60 along with the supporting documents to the bank. In case you receive your PAN card during the process, you must inform the bank, where you have opened saving account.