What is Form 60?

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.

For these individuals, Form 60 provides a solution. They can participate in the transactions specified in Rule 114B of the Income Tax Act, 1961, even without a PAN if they fill out Form 60. Continue reading to learn everything about Form 60.

What is Form 60?

Form 60 is a document used by individuals except companies or firms to perform transactions outlined in Rule 114B when they lack a PAN for either of the following reasons:

• They have not applied for a PAN
• They have applied, but their PAN is still not allotted

It's important to note that if your total income (excluding agricultural income) exceeds the basic exemption limit, you cannot use Form 60 without applying for a PAN. In this case, you can use Form 60 only if you have submitted a PAN application, and you must include the date of application and the acknowledgement number in column 22 of the form.

Form 60 For NRIs

Form 60 can be applicable for NRIs (Non-Resident Indians) who don't have a PAN card for specific financial transactions. It acts as a substitute, but there are certain transactions listed under Rule 114B, where an NRI might be exempt from using Form 60, such as when applying for credit/debit cards or payments to hotels/restaurants.

Banks usually accept a passport and overseas address proof for routine NRI accounts such as NRE, NRO, FCNR, and fixed deposits, without the need for Form 60.

The institutions may request Form 60 for NRIs without PAN for certain Rule 114B transactions, depending on internal policies or AML/KYC needs, provided income is under the basic exemption limit, or a PAN application is pending. Along with Form 60, NRIs also need to submit identity/address proofs, such as a passport.

PAN Mandatory Cases for NRIs

There are situations for NRIs where quoting a PAN (Permanent Account Number) is mandatory. It is mainly required for conducting high-value transactions. The following are the situations where a PAN card is mandatory for NRIs, and Form 60 cannot be used as a substitute, as confirmed by regulatory requirements:

• ITR Filing
• GST registration
• Tax refunds/TDS credits
• Opening demat accounts
• Investing in mutual funds/share investments
• Receiving taxable income (rent/capital gains)
• Purchasing/selling an immovable property exceeding Rs. 10 lakh.

Form 60 Format

Steps to Download Form 60 in PDF?

You can get Form 60 of the Income Tax from the official Income Tax Department. Follow the steps below to download Form 60 PDF:

• Step 1: Visit the official Income Tax Department website.
• Step 2: At the top navigation menu, locate and select "Forms/Download".
• Step 3: From the drop-down menu, select "Income Tax Forms".
• Step 4: You will be directed to a page that contains various income tax forms. From there, select "Form no. 60".
• Step 5: Choose the document, and it will be automatically downloaded to your device.

When to Submit Form 60?

The table below lists the cases in which a PAN card is mandatory. Additionally, you must file Form 60 only if you don't have a PAN card or are waiting for the allotment.

How Can One Submit Form 60 and to Whom?

You can make a declaration in Form 60 both online and offline. Submit it to the person with whom you are entering the transaction. Additionally, if a minor participates in a transaction that requires a PAN, the parents/guardians' PAN or Form 60 may be provided.

Who is Not Required to Submit Form 60?

Non-residents are not required to have a PAN or submit Form 60 for certain transactions listed above. It includes applying for a credit/debit card, payment made against bill in a restaurant or hotel. etc. Additionally, the Central Government, State Government, and the Consular Officers also don't need to provide a PAN/complete Form 60.

What are the Documents Required with Form 60?

If PAN has been applied for but not yet allotted, mentioning the date of application and acknowledgment number is sufficient. However, you need to submit some documents along with Form 60 for proof of identity and address, only where a PAN has not been applied for.

For a scenario where you haven't applied for a PAN:

• Passport
• Ration Card
• Driving License
• Aadhaar Card
• Copy of the electricity or telephone bill
• Identity proof from an accredited institution
• Any documentary proof that matches the address specified in the form
• Any document issued by the Central Government, State Government, or any other local bodies

For Association of Persons (Trusts):

• A copy of the trust deed or certificate of registration issued by the Charity Commissioner

For an association of persons (apart from trusts),/ Body of individuals/ local authority/artificial juridical person:

• Agreement copy/ copy of certificate of registration issued by the Charity Commissioner/ registration of cooperative society/ any other competent authority/ any other document from any Central or State Government Department proving identity and address of such person.

For minors:

• The identity and address proof of the parent or guardian is considered sufficient, and the declaration must be signed by the guardian.

For HUFs (Hindu Undivided Family):

• Documents in the name of the Karta are required. Where a transaction involves two or more persons, the total number of persons and the aggregate transaction amount must be mentioned in Form 60.

What Information is Required to Fill Out Form 60?

You need to fill out the following information in Form 60:

• Declarant's full name and address
• Details about the transaction for which you are filling out the Form 60. For example, if you are filling out Form 60 for a transaction related to opening a savings account with the bank, mention it in the Form. Fill in the bank's name and the transaction amount. Write N.A. if it's not applicable.
• If you are reviewed with respect to income tax, state the details related to the range, circle, or ward where you filed the last income return.
• State the reason behind not having a PAN card. Also, mention if you have applied for a PAN and are waiting to receive it.

Keep in mind that any discrepancies in the supporting documents will cancel the form, and you will have to resubmit the form.

What are the Fallbacks of Wrong Declaration?

You may attract the following consequences under the Income Tax Act if you make any false statement in Form 60:

Final Thoughts

Form 60 is an important document required to carry out specific financial transactions when you don't have a PAN. It ensures that such transactions remain trackable and transparent under the Income Tax Act. Ensure to fill out Form 60 accurately to avoid any kind of penalties or transaction rejections. Use the official and latest format, check every detail, and attach every required document for a smooth process.

After reading this blog, you now have an idea about Form 60 and when you should file it. However, filing such forms on your own may be a complex task. If you are someone who finds taxes complicated, contact the experts at Savetaxs. Our team of professionals carries years of experience and knowledge and can provide end-to-end solutions for all your tax needs. Get in touch with our experts right away, as we are working 24/7 across all time zones.