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

Form 60 is a declaration form that individuals (not Indian companies or firms) or foreign companies must submit if they don't have a PAN (Permanent Account Number) and engage in specific transactions listed under Rule 114B under Section 139A of the Income Tax Act, 1961.

Certain transactions require a PAN to help the government track high-value transactions and prevent the use of black money in the country. Moreover, many individuals may not have a PAN, either because they haven't applied for one or their application is still being processed.

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Mr Shaw brings 8 years of experience in auditing and taxation. He has a deep understanding of disciplinary regulations and delivers comprehensive auditing services to businesses and individuals. From financial auditing to tax planning, risk assessment, and financial reporting. Mr Shaw's expertise is impeccable.

Frequently Asked Questions

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?