Form 60

Form 60 (From to be submitted when a person (other than a company or firm) enters into any transaction specified in Rule 114B and does not have a PAN)

In India, the Permanent Account Number (PAN) is a cornerstone of financial transactions, enabling the Income Tax Department to track high-value dealings and ensure compliance. However, for individuals and entities (other than companies or firms) who do not possess a PAN, a mechanism exists to facilitate certain specified transactions: Form 60. At Account Assure, we assist individuals and non-corporate entities in understanding and correctly submitting Form 60, ensuring they can conduct necessary transactions while adhering to tax regulations.

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What is Form 60?

Form 60 is a document to be filed by a person (not a company or firm) to carry out transactions specified in Rule 114B when they do not have a PAN either because:

they have not applied for PAN or
they have applied for PAN, but allotment is pending

Form 60 without applying for PAN is not acceptable if your total income (other than agriculture) is more than the basic exemption limit. In that case, you can use Form 60 only if you have applied for PAN, and you must also mention the date of application and acknowledgement number in column 22 of the form.

How to Download Form 60 in PDF?

One can get Form 60 of Income Tax from the official website of the Income Tax Department. One must follow the steps outlined below to download Form 60 pdf:

Go to the official website of the Income Tax Department.

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

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

You will be led to a page listing various income tax forms.

Now select “Form No.60.”

Select the document. It will then be downloaded to your machine automatically.

Documents to be Submitted With Form 60

A copy of the following documents needs to be submitted along with Form 60 only under a scenario where PAN has been applied for but allotment is pending. These documents serve as identity proof/address proof in the above mentioned scenario (b) i.e. where PAN is not applied for.

Aadhar card
Driving License
Passport
Ration Card
ID proof from an accredited institution
Copy of the electricity bill or telephone bill
Any document issued by Central Government, State Government or any local bodies.
Any documentary proof related to the address mentioned in the form.

Information Required to be Filled in the Form

The following information is required to be filled in Form 60:

Full address and name of declarant
Particulars related to the transaction for which you are filling the Form 60. For example, if the transaction is related to opening a savings account with the bank, you need to mention it in Form 60, stating the name of the bank and the transaction amount, too. If it is not applicable, then you must write N.A.
In case you are assessed w.r.t income tax, mention the details of the range, circle or ward where you filed the last return of income.
You must mention your reason for not having a PAN card. If you have applied for it and are yet to receive it, you must mention it in the form.
Also, note that a mismatch of the particulars with the supporting documents will cancel the form and require resubmission.

Consequences of Wrong Declaration

Making any false statement in Form 60 may attract these consequences:

If the amount involved is less than Rs.25 lakh: imprisonment from three months to two years along with a fine can be imposed.
If the amount involved is greater than Rs.25 lakh: imprisonment from six months to seven years along with a fine can be imposed.

How Account Assure Assists with Form 60 Compliance

At Account Assure, we understand the nuances of tax compliance and offer expert guidance to ensure you meet your obligations effectively

Transaction Assessment

We help you identify if your transaction falls under Rule 114B and if Form 60 is the appropriate solution for you.

PAN Application Advisory

If your income situation requires a PAN, we advise and assist you with the PAN application process to ensure long-term compliance.

Form 60 Preparation

Meticulous preparation of Form 60, ensuring all required fields are accurately filled and all conditions are met.

Document Guidance

Guidance on the necessary identity and address proofs to be submitted along with Form 60.

Compliance Assurance

Ensuring the declaration made in Form 60 is true and accurate, minimizing risks of penalties.

Ensure Smooth Transactions & Compliance with Account Assure

Don’t let the absence of a PAN hinder your essential financial transactions or expose you to compliance risks. Partner with Account Assure for reliable, accurate, and timely assistance with Form 60. Our experienced team is dedicated to simplifying your tax obligations and ensuring your financial activities proceed smoothly.

Contact us today for a consultation and secure your compliance.