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PAN Form 61

PAN Form 61

PAN Form 61

Individuals who receive income from agriculture or who do not receive income that is not chargeable to income tax have to file PAN Form 61 for certain transactions if he/ she does not possess PAN. This document is issued by the Income Tax Department of India, authorised by the Central Board of Direct Taxes. A PAN card specifies details such as the name of the cardholder, date of birth, photograph, signature, father’s name, and PAN. The Income Tax Department of India uses PAN to track down the financial transactions that are made by the employees during any period.

PAN Form 61

Form 61 refers to the document that is duly filled by the individual who receives income from agriculture and who does not obtain income that is chargeable to income tax. Moreover, those individuals who do not possess PAN have to submit Form 61 when making any financial transactions.

Applicability of PAN Form 61

The Rule 114D has imposed the time and manner for which the declarations are received in Form 60 by the concerned individuals have to be filed with the Income Tax Department. All these have to be submitted in Form 61. Form 61 is a statement that comprises the credentials of the declaration that is received in Form 60.

The following are the people who are required to submit Form 61.

  • All individuals who are in receipt of declaration in Form 60 for transactions.
  • Any individual raising bills for the transactions pertaining to the payment of a hotel or a restaurant for a bill or bills at any one time and payment in connection with travel to any foreign country or payment for purchasing any foreign currency at any one time for a sum more than Rs. 50,000.

Benefits of PAN Form 61

As per Rule 11 4B, form 61 can be used as an alternative to PAN card. Using Form 61, an individual can easily make financial transactions. Here are the uses of Form 61.

  • To sell or buy an immovable property more than Rs. 5,00,000.
  • To sell or buy any vehicle.
  • Any fixed deposit more than Rs. 50,000 with any bank.
  • Any fixed deposit more than Rs. 50,000 with a post office.
  • A contract that is more than Rs. 10,00,000 for sale or purchase of specified securities.
  • To open a bank account.
  • To make an application for installing a telephone connection.
  • For making payments more than Rs. 20,000 to hotels and restaurants.

For minors whose income is not chargeable to tax according to the income tax slabs, the PAN number of either one of the parents will be taken into consideration.

Documents Required

Before submitting Form 61, all individuals are required to provide some of the documents that are given below as identity and address proofs along with the application form. The following are the required documents for PAN Form 61.

  • Aadhaar Card
  • Driving License
  • Passport
  • Ration Card
  • ID proof from an accredited institution
  • A photocopy of the electricity bill or telephone bill
  • Any document that is granted by the Central Government, State Government or any local bodies.
  • Any documented proof related to the address mentioned in the form.

Filing PAN Form 61

Individuals have to be aware of the details for filling up the Form 61 to submit the form successfully. Given below are the details that have to be known before filling and submitting the form.

  • Full name of the declarant
  • Residential address of the declarant
  • Date of birth
  • Father’s Nane for individuals
  • Mobile number
  • Details and the amount of the transaction
  • If the individual has been assessed to tax then the Range, Ward or Circle of the location where the last filed IT has to be specified.
  • Aadhaar Card number
  • Date of the application and acknowledgement number of PAN if applied and not received yet

Once the above details are entered, the individual has to declare that the income earned is only from agriculture and not from any other source.

Submission of PAN Form 61

Form 61 has to be furnished to the Director of Income-tax or the Joint Director of Income-tax through online submission of electronic data or server that is allocated for this purpose and to obtain an acknowledgement number. The income tax department has launched a new reporting portal. From 9th April 2018, the registration, statement upload and all other facilities for Form No. 61, 61A and 61B have been transferred from the e-filing portal to the reporting portal.

Due Date for Furnishing Form 61

Form 61 has to be filed half yearly. The due dates for furnishing Form 61 is as follows.

  • The due date for the declaration in Form 60 that is received during 1st April to 30th September, is 31st October of the same year.
  • The due date for the declaration in Form 60 that is received from 1st October to 31st March, is 30th April of the following Financial Year in which the form is received.