What are the Penalties for Making a Wrong Declaration on Form 60?

The penalties for making a wrong disclosure on Form 60 are: Imprisonment for 3 months to 2 years, or a penalty, if the amount involved is below Rs. 25 lakhs. Imprisonment for 6 months to 7 years, and a hefty penalty if the amount exceeds Rs. 25 lakhs.

What if I Make a Wrong Declaration on Form 60 for Amounts that Exceed Rs. 25 lakhs?

If you make a wrong declaration on Form 60 for transactions that exceed Rs. 25 lakhs, it can lead to imprisonment for 6 months to 7 years, along with a hefty penalty.

What if a Minor Undertakes a Transaction that Requires a PAN Card?

A minor can obtain a PAN card if their parents or grandparents apply for it on their behalf. However, if a minor doesn't have a PAN card and still take part in a transaction that requires a PAN. Then, either the parent/grandparent's PAN or Form 60 must be submitted.

NRI Income Tax & Compliance

What is Form 60?

By Pankaj Shaw |Last Updated: January 21, 2026

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Frequently Asked Questions

No matter what your source of income is, we've got you covered. There's a plan for everybody!

Non-residents are exempt from submitting Form 60. However, this exemption is applicable only to certain transactions, like hotel or restaurant bill payments and debit card/credit card applications.

Form 60 is valid for 6 years from the end of the financial year in which you made the transaction.

No, a company or an LLP cannot file Form 60 because they are allotted a PAN card at the time of incorporation.

Yes, you can file Form 60 for a specified transaction along with the acknowledgement number for the PAN application.

The penalties for making a wrong disclosure on Form 60 are:

Imprisonment for 3 months to 2 years, or a penalty, if the amount involved is below Rs. 25 lakhs.
Imprisonment for 6 months to 7 years, and a hefty penalty if the amount exceeds Rs. 25 lakhs.

What is Form 60?

Frequently Asked Questions

Do Non Residents also Need to Submit PAN Form 60?

How Many Years is Form 60 Valid for?

Can a Company or an LLP File Form 60?

I Have Applied for the PAN. Can I File Form 60 in the Meantime for the Specified Transactions?

What are the Penalties for Making a Wrong Declaration on Form 60?

What is Form 60?

Frequently Asked Questions

Do Non Residents also Need to Submit PAN Form 60?

How Many Years is Form 60 Valid for?

Can a Company or an LLP File Form 60?

I Have Applied for the PAN. Can I File Form 60 in the Meantime for the Specified Transactions?

What are the Penalties for Making a Wrong Declaration on Form 60?