Pan Form 60

As per the provisions under section 139 A of the Income Tax Act, 1962 any person who enters into the transaction with banking institutions without holding PAN has to furnish PAN Form 60. In India, it is mandatory for an individual to possess a PAN card if they want to make certain financial transactions. In this article, we view the procedure for filing Pan Form 60 in detail.

Form 60

Form 60 has to be provided by a person who does not have a PAN card but entering into any of the transaction mentioned below:

Form 60 is required at the time of sale or purchase of any immovable property valued at Rs.5 lakh or more.
Form 60 is necessary for sale or purchase of a motor vehicle or vehicle (excluding two-wheeled vehicles, including of any detachable side-car having an extra wheel, attached to the motor vehicle).
Form 60 is needed for making a fixed deposit of amount exceeding Rs.50,000 with any banks.
Form 60 is must for depositing in any post office savings bank of amount Rs.50,000 or more.
Form 60 is availed for any contract of a valid exceeding ten lakhs for sale or purchase of securities.
Form 60 is mandatory for opening an account with a bank or banking institutions.
Form 60 is wanted for making an application for installation of a telephone connection including a cellular telephone connection.
Form 60 is compulsory for payments to hotels and restaurants against their bills for an amount exceeding RS.25,000 at any one time.

Note: While openings bank savings or deposit account for a minor who is not taxable in India, the PAN card of the guardian to be obtained along with the application form. In the absence of PAN card, form 60 will be required to be submitted.

Documents Required

Before furnishing Form 60, individuals are excepted to submit some of the documents specified below to provide proof of identity or address along with Form 60. Some of the documents are as follows:

Copy of driving license
Copy of Passport
Copy of Ration Card
Copy of the electricity or telephone bill
Copy of ID proof from an approved institution
Any other document issued by Central Government, State Government or any local bodies showing residential address.
Any certified copy related to the address mentioned in the form.

Procedure of Filling up Form 60

It is necessary to know all the details before you starting filling with Form 60 instead of PAN Card. One should keep all the essential notes in mind mentioned below before filling and submitting up against the form: The format of form no.6 has reproduced below in the PDF format for your reference.

Full name and Address of the applicant.
Date of birth of the applicant and name of Father (in case of an individual).
Full Address of the applicant with a mobile number.
Details of the transaction and the amount of the transaction.
If you have been liable to tax then mention your details of Range, Ward or Circle where you had last filed income tax.
Mention your Aadhaar Number if issued.
Date of application and acknowledgement number of PAN card if applied but still not received.

Note: With other details to be filled, one should not make any mistakes or overwrite before submitting the Pan Form 60.

Submission of Form 60

After filling up all the required details in the form carefully one can easily furnish it to the concerned authority before performing any financial transaction. This will make sure the existence of benefits and proof when one enters into financial transactions. To know about ePAN Card Click Here

Back to Learn

Frequently Asked Questions

Common questions about PAN Form 60 Filing for Financial Transactions in India.

PAN Form 60 is a document that needs to be furnished by individuals who do not possess a Permanent Account Number (PAN) card when entering into certain financial transactions like opening a bank account, making cash deposits above Rs. 50,000, or purchasing immovable property worth Rs. 5 lakh or more.

PAN Form 60 is mandatory for various financial transactions, such as purchasing immovable property valued at Rs. 5 lakh or more, buying a motor vehicle, making fixed deposits exceeding Rs. 50,000, depositing more than Rs. 50,000 in a post office savings account, trading securities worth over Rs. 10 lakh, opening a bank account, and paying hotel or restaurant bills above Rs. 25,000.

Individuals need to provide copies of identity and address proofs like driving license, passport, ration card, utility bills, ID proofs from approved institutions, or documents issued by the central, state, or local government bodies when submitting PAN Form 60.

PAN Form 60 requires details like the applicant's full name, address, date of birth, father's name, transaction details, income tax filing range/ward/circle (if applicable), Aadhaar number, and date of application. One should carefully fill in the required information without any overwriting or mistakes.

PAN Form 60 needs to be furnished to the concerned authority or entity with which the individual is performing the financial transaction, such as a bank, post office, real estate agent, or securities broker.

Yes, if a minor who is not taxable in India does not have a PAN card, the guardian's PAN card or PAN Form 60 (if the guardian also does not have a PAN) needs to be submitted when opening a bank account for the minor.

No, PAN Form 60 is a temporary solution and cannot be used as a substitute for a PAN card for all transactions. It is advisable to obtain a PAN card, which is a more permanent and widely accepted identification number for financial transactions.

There is no specific time limit mentioned in the article for submitting PAN Form 60. However, it is recommended to furnish the form before initiating the relevant financial transaction to avoid any delays or complications.

The article does not mention any requirement for updating the details on PAN Form 60 regularly. However, it is essential to provide accurate and up-to-date information on the form at the time of submission to avoid any discrepancies or issues.

The article does not provide information on submitting PAN Form 60 online. It is advisable to check with the concerned authority or entity for the accepted modes of submission, whether physical or online, to ensure compliance with their procedures.