Form 60

Form 60 is a self-declaration form used by individuals in India who do not possess a Permanent Account Number (PAN) but need to carry out certain financial transactions where quoting a PAN is mandatory. This provision is outlined under Rule 114B of the Income Tax Rules, 1962. Form 60 allows such individuals to declare their income and other relevant details to proceed with specific transactions.

When is Form 60 Required?

Form 60 is required when an individual without a PAN engages in transactions specified under Rule 114B, including:

• Opening a bank account (excluding Basic Savings Bank Deposit Accounts).
• Purchasing or selling immovable property valued at ₹10 lakh or more.
• Buying or selling motor vehicles (excluding two-wheelers).
• Depositing cash exceeding ₹50,000 in a single day with a bank or post office.
• Purchasing bank drafts, pay orders, or banker’s cheques for amounts exceeding ₹50,000 in a day.
• Making fixed deposits exceeding ₹50,000 or aggregating to more than ₹5 lakh in a financial year with banks, post offices, or NBFCs.
• Payment for life insurance premiums exceeding ₹50,000 in a financial year.
• Purchasing mutual fund units for amounts exceeding ₹50,000.
• Purchasing or selling securities exceeding ₹1 lakh per transaction.
• Purchasing goods or services exceeding ₹2 lakh per transaction.

How to Fill Form 60

To accurately complete Form 60, provide the following details:

1. Full Name: As per official records.
2. Date of Birth: In DD/MM/YYYY format.
3. Father’s Name: Applicable for individuals.
4. Full Residential Address: Including flat number, street, city, district, state, and PIN code.
5. Contact Details: Telephone number and mobile number.
6. Transaction Details: Amount and nature of the transaction.
7. Date of Transaction: In DD/MM/YYYY format.
8. Mode of Transaction: Cash, cheque, draft, etc.
9. Aadhaar Number: If available.
10. Income Details: Estimated total income for the financial year.
11. PAN Application Details: If applied, mention the acknowledgment number and date of application.
12. Declaration: Signature and date confirming the accuracy of the information provided.

How to Download Form 60

You can download Form 60 from the official Income Tax Department website:

1. Visit the Income Tax Department’s official website.
2. Navigate to the “Forms/Downloads” section.
3. Select “Income Tax Forms” from the dropdown menu.
4. Scroll down to find “Form No. 60” and click to download the PDF.

Supporting Documents

When submitting Form 60, attach valid proof of identity and address. Acceptable documents include:

• Identity Proof:
  • Aadhaar Card
  • Voter ID
  • Passport
  • Driving License
  • Pensioner Card with photograph
  • Domicile Certificate with photograph
• Address Proof:
  • Electricity Bill
  • Water Bill
  • Landline Telephone Bill
  • Bank/Post Office Passbook with photograph

Note: If you have applied for a PAN and are awaiting allotment, you must mention the acknowledgment number and date of application in Form 60.

Where to Submit Form 60

Submit the duly filled and signed Form 60 along with the supporting documents to the institution where the transaction is being conducted. For example:

• Banks or Financial Institutions: When opening an account or making deposits.
• Property Registrars: During the purchase or sale of immovable property.
• Motor Vehicle Dealers: When buying or selling vehicles.

Ensure that the form is submitted before or at the time of the transaction to avoid any compliance issues.

Consequences of Incorrect Declaration

Providing false information in Form 60 is a serious offense under the Income Tax Act. Penalties include:

• For amounts less than ₹25 lakh: Imprisonment ranging from 3 months to 2 years and a fine.
• For amounts exceeding ₹25 lakh: Imprisonment ranging from 6 months to 7 years and a fine.

By accurately completing and submitting Form 60, individuals without a PAN can ensure compliance with tax regulations while conducting significant financial transactions.