{"id":7488,"date":"2025-07-07T13:30:51","date_gmt":"2025-07-07T13:30:51","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/?post_type=glossary&#038;p=7488"},"modified":"2025-07-07T13:30:55","modified_gmt":"2025-07-07T13:30:55","slug":"form-60","status":"publish","type":"glossary","link":"https:\/\/lemonn.co.in\/blog\/glossary\/form-60\/","title":{"rendered":"Form 60"},"content":{"rendered":"<p><strong><a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/form-60\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>Form 60<\/a><\/strong> 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 <strong>Rule 114B of the <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/income-tax\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Income Tax<\/a> Rules, 1962<\/strong>. Form 60 allows such individuals to declare their income and other relevant details to proceed with specific transactions. <\/p>\n\n\n\n<h2 id=\"when-is-form-60-required\" class=\"wp-block-heading\">When is Form 60 Required?<\/h2>\n\n\n\n<p>Form 60 is required when an individual without a PAN engages in transactions specified under Rule 114B, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Opening a bank account<\/strong> (excluding Basic Savings Bank Deposit Accounts).<\/li>\n\n\n\n<li><strong>Purchasing or selling immovable property<\/strong> valued at &#x20B9;10 lakh or more.<\/li>\n\n\n\n<li><strong>Buying or selling motor vehicles<\/strong> (excluding two-wheelers).<\/li>\n\n\n\n<li><strong>Depositing cash exceeding &#x20B9;50,000<\/strong> in a single day with a bank or post office.<\/li>\n\n\n\n<li><strong>Purchasing bank drafts, pay orders, or banker&#x2019;s cheques<\/strong> for amounts exceeding &#x20B9;50,000 in a day.<\/li>\n\n\n\n<li><strong>Making <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/fixed-deposit\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">fixed deposit<\/a>s<\/strong> exceeding &#x20B9;50,000 or aggregating to more than &#x20B9;5 lakh in a financial year with banks, post offices, or NBFCs.<\/li>\n\n\n\n<li><strong>Payment for life insurance premiums<\/strong> exceeding &#x20B9;50,000 in a financial year.<\/li>\n\n\n\n<li><strong>Purchasing <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/mutual-fund-units\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">mutual fund units<\/a><\/strong> for amounts exceeding &#x20B9;50,000.<\/li>\n\n\n\n<li><strong>Purchasing or selling securities<\/strong> exceeding &#x20B9;1 lakh per transaction.<\/li>\n\n\n\n<li><strong>Purchasing goods or services<\/strong> exceeding &#x20B9;2 lakh per transaction.<\/li>\n<\/ul>\n\n\n\n<h2 id=\"how-to-fill-form-60\" class=\"wp-block-heading\">How to Fill Form 60<\/h2>\n\n\n\n<p>To accurately complete Form 60, provide the following details:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Full Name<\/strong>: As per official records.<\/li>\n\n\n\n<li><strong>Date of Birth<\/strong>: In DD\/MM\/YYYY format.<\/li>\n\n\n\n<li><strong>Father&#x2019;s Name<\/strong>: Applicable for individuals.<\/li>\n\n\n\n<li><strong>Full Residential Address<\/strong>: Including flat number, street, city, district, state, and PIN code.<\/li>\n\n\n\n<li><strong>Contact Details<\/strong>: Telephone number and mobile number.<\/li>\n\n\n\n<li><strong>Transaction Details<\/strong>: Amount and nature of the transaction.<\/li>\n\n\n\n<li><strong>Date of Transaction<\/strong>: In DD\/MM\/YYYY format.<\/li>\n\n\n\n<li><strong>Mode of Transaction<\/strong>: Cash, cheque, draft, etc.<\/li>\n\n\n\n<li><strong>Aadhaar Number<\/strong>: If available.<\/li>\n\n\n\n<li><strong>Income Details<\/strong>: Estimated total income for the financial year.<\/li>\n\n\n\n<li><strong>PAN Application Details<\/strong>: If applied, mention the acknowledgment number and date of application.<\/li>\n\n\n\n<li><strong>Declaration<\/strong>: Signature and date confirming the accuracy of the information provided. <\/li>\n<\/ol>\n\n\n\n<h2 id=\"how-to-download-form-60\" class=\"wp-block-heading\">How to Download Form 60<\/h2>\n\n\n\n<p>You can download Form 60 from the official Income <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/tax\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>Tax<\/a> Department website:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Visit the <a href=\"https:\/\/www.incometaxindia.gov.in\/\" rel=\"nofollow noopener\" target=\"_blank\">Income Tax Department&#x2019;s official website<\/a>.<\/li>\n\n\n\n<li><a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/nav\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>Nav<\/a>igate to the &ldquo;Forms\/Downloads&rdquo; section.<\/li>\n\n\n\n<li>Select &#x201C;Income Tax Forms&#x201D; from the dropdown menu.<\/li>\n\n\n\n<li>Scroll down to find &#x201C;Form No. 60&#x201D; and click to download the PDF.<\/li>\n<\/ol>\n\n\n\n<h2 id=\"supporting-documents\" class=\"wp-block-heading\">Supporting Documents<\/h2>\n\n\n\n<p>When submitting Form 60, attach valid proof of identity and address. Acceptable documents include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Identity Proof<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Aadhaar Card<\/li>\n\n\n\n<li>Voter ID<\/li>\n\n\n\n<li>Passport<\/li>\n\n\n\n<li>Driving Lice<a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/nse\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>nse<\/a><\/li>\n\n\n\n<li>Pensioner Card with photograph<\/li>\n\n\n\n<li>Domicile Certificate with photograph<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Address Proof<\/strong>:\n<ul class=\"wp-block-list\">\n<li>Electricity Bill<\/li>\n\n\n\n<li>Water Bill<\/li>\n\n\n\n<li>Landline Telephone Bill<\/li>\n\n\n\n<li>Bank\/Post Office Passbook with photograph<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><em>Note<\/em>: If you have applied for a PAN and are awaiting allotment, you must mention the acknowledgment number and date of application in Form 60.<\/p>\n\n\n\n<h2 id=\"where-to-submit-form-60\" class=\"wp-block-heading\">Where to Submit Form 60<\/h2>\n\n\n\n<p>Submit the duly filled and signed Form 60 along with the supporting documents to the institution where the transaction is being conducted. For example:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Banks or Financial Institutions<\/strong>: When opening an account or making deposits.<\/li>\n\n\n\n<li><strong>Property Registrars<\/strong>: During the purchase or sale of immovable property.<\/li>\n\n\n\n<li><strong>Motor Vehicle Dealers<\/strong>: When buying or selling vehicles.<\/li>\n<\/ul>\n\n\n\n<p>Ensure that the form is submitted before or at the time of the transaction to avoid any compliance issues.<\/p>\n\n\n\n<h2 id=\"consequences-of-incorrect-declaration\" class=\"wp-block-heading\">Consequences of Incorrect Declaration<\/h2>\n\n\n\n<p>Providing false information in Form 60 is a serious offense under the <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/income-tax-act\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Income Tax Act<\/a>. Penalties include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>For amounts less than &#x20B9;25 lakh<\/strong>: Imprisonment ranging from 3 months to 2 years and a fine.<\/li>\n\n\n\n<li><strong>For amounts exceeding &#x20B9;25 lakh<\/strong>: Imprisonment ranging from 6 months to 7 years and a fine. <\/li>\n<\/ul>\n\n\n\n<p>By accurately completing and submitting Form 60, individuals without a PAN can ensure compliance with tax regulations while conducting significant financial transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&#x2026;]<\/p>\n","protected":false},"author":9,"featured_media":0,"menu_order":0,"template":"","meta":{"footnotes":""},"class_list":["post-7488","glossary","type-glossary","status-publish","hentry"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/glossary"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/9"}],"version-history":[{"count":1,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7488\/revisions"}],"predecessor-version":[{"id":7489,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/7488\/revisions\/7489"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=7488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}