Know all about PAN Form 60

PAN is considered one of the most essential documents for making any financial transaction. It works as an identity proof, filing of Income Tax Returns, and many more. In case an individual is not having PAN Card, he or she required to submit PAN Form 60 to the concerned authority to make all the financial transactions.

PAN Card makes it easier for the Income Tax Department of India to track financial transactions for avoiding tax evasions or any fraudulent activities. In the absence of a PAN Card, Form 60 can be submitted for making financial transactions.

What is PAN Form 60?

It is an official document submitted by any individual being a citizen of India who does not possess a PAN Card to carry out any of the financial transactions. Form 60 works well be you are buying or selling assets, making cash payments above Rs 50,000, filing income tax returns, business registration, or others. It is a must to have the document in absence of a PAN Card.

Documents required to apply for Form 60:

Following is the list of documents required to submit

Passport
Driving License
Ration Card
Copy of electricity bill, gas bills, or any telephone bill
Identity proof from an accredited institution like central government, local bodies, and State Government.
Any documented proof that acts as an address proof

Where all one can submit Form 60 in the absence of a PAN Card?

Buying or Selling of any immovable property that has a value worth Rs 5 lakh

Making purchases or selling of motor vehicle which is worth Rs 50,000 or above.

Making a fixed deposit of more than Rs 50,000 with any bank.

Any deposit that is more than Rs 50,000 created in Post office savings bank account

Any contract that has a value of Rs 10 Lakh or more for making purchases or sale of the securities.

At the time of opening a bank account with any of the financial institutions

Applying for a telephone connection or mobile connection

Payment made to the hotel, restaurants that are having a bill of more than Rs 25000 at one time.

Steps to fill Form 60

Mention in the form the full name and address of the declarant
Mention the date of birth of the declarant along with the mentioning of Father’s name in case of an individual.
Full Address of the declarant with the registered mobile number
Particulars of the transaction and the amount of the transaction’
If you are liable for paying tax, then mention details like ward or circle of which filed last ITR, and range details.
Provide the Aadhaar details
Date of application and acknowledgment number of PAN if applied and not received yet

How to submit Form 60?

There is no rocket science in submitting Form 60. After filling up the required details in the form, hand over Form 60 to the concerned authority before making any of the financial transactions. This will ensure the existence of benefits and proof when one enters into any of the transactions worth Rs 50,000 or above.