Permanent Account Number is issued to every individual from the Income Tax Department of India. It is essential for filing of Income Tax as well as needed for other large financial transactions. This is to enable all transactions to be legal and track able. At the time of application, the correct form should be filled in for application. Normally Form 49A is the form that all resident Indians should fill. However, if all your income is solely from AGRICULTURE then you should fill in Form 61 PAN Application if you are doing any financial transaction and needs to be submitted in place of a PAN. Other individuals too who do not have a PAN yet , can use a Form 61 in lieu of a PAN.However, its best to get your PAN card and you can avail of PAN Card services in case you need help to apply.
As mentioned earlier, if an individual does not have a PAN they can use Form 61 for financial transactions if they do not have PAN. Most farmers whose income is solely from agriculture need not apply for a PAN but can use Form 61 in place of it. Form 61 can be used for the following:
1. Selling or purchasing any property over 5 Lakhs in value
2. When buying any vehicle except a two wheeler
3. Fixed deposit in bank or post office for amounts that exceeds 50,000
4. When opening an account with a bank
5. Payments that exceed 25,000 in restaurants
6. Application for getting a SIM card for mobile
Form 61 is available on the government NSDL website. Details asked for on Form 61 are as follows.
1.The name and address
2. What Transaction it is being used for along with amount
3. Proof of address
4. Applicant’s signature along with date and location
In case the person filling the form 61 has applied for a PAN but has not received it yet and hence using the Form 61, then they should include the acknowledgment number issued to them when they submitted the PAN application.
Proof of identity and proof of address are important documents that should be provided along with Form 61. Documents that can be provided are
1. Aadhaar card
2. Electoral Photo Identity Card
3. Ration Card
4. Driving License
5. Passport
6. Identity card issued by an institution, containing the applicant’s address
7. Electricity or Telephone Bill (not later than 3 months) if it is issued with your name