Form 60 Explained: A Step-by-Step Guide for Financial Transactions

If you don’t have a PAN card but need to carry out financial transactions, you’ll likely come across Form 60. It’s a simple form that helps you stay compliant with tax rules when you don’t have a PAN. Whether you’re opening a bank account, buying property, or making large transactions, Form 60 ensures everything stays on track. In this blog, we’ll explain what Form 60 is, when you need to use it, and how to fill it out—making sure you have all the details you need to handle your finances smoothly. Let’s dive in!

What is Form 60?

Form 60 means an official document submitted by individuals who do not have a PAN card but need to conduct specific financial transactions. According to Rule 114B of the Income-tax Rules, 1962, this form is required when opening bank accounts, making large cash transactions, purchasing assets, or filing tax returns. Form 60 serves as an alternative for those without a PAN card, ensuring that they can still carry out necessary financial activities while staying compliant with income tax regulations. It helps individuals report their financial dealings to the authorities in the absence of a PAN.

When is Form 60 Required? 

Here is a list of transactions that require reporting to specific entities under the Income Tax Act, based on their value threshold:

What is Form 60 Download Process? 

From Your Bank’s Website:

• Many banks and financial institutions provide Form 60 on their websites.
• Visit the bank’s Forms section or search for “Form 60” in their resources to download it easily.

From the Income Tax Department’s Website:

• You can also download Form 60 from the official Income Tax Department’s website.
• For quick access to Form 60, click on the link below: Download Form 60.

From the Nearest Bank Branch:

• If you prefer offline methods, visit your nearest bank branch.
• Banks provide physical copies of Form 60, which you can fill out on the spot.

How to Fill Form 60? 

Once you know when and why to use Form 60, filling it out becomes simple. To make it easier, here’s a step-by-step breakdown:

1. Personal Details:
   In the first section, you need to provide your basic information:
   • Full Name: Enter your name exactly as it appears on your official documents.
   • Date of Birth: Use the DD/MM/YYYY format.
   • Residential Address: Fill in your current address as per verifiable government-issued IDs.
   • Father’s Name: Required even if you are married or a female applicant.
2. Transaction Information:
   Here, you need to provide details about the transaction:
   • Date of the Transaction.
   • Amount of the Transaction.
   • Nature of the Transaction: Specify what the transaction is for, such as purchasing a property, buying a vehicle, opening a bank account, or making a deposit.
3. Identity Proof:
   To verify your identity, attach supporting documents. You can use:
   • Aadhaar Card
   • Voter ID Card
   • Passport
   • Driving Licence
   • Or any other government-issued ID containing your name, address, date of birth, and father’s name.
4. Declaration:
   In the final section:
   • Declare that all the information you’ve provided is true and accurate to the best of your knowledge.
   • Sign the form with your full name to confirm your responsibility for the details provided.

How to Submit Form 60?

If an individual or a person (not being a company or firm) does not have a Permanent Account Number (PAN) and needs to carry out a transaction specified under Rule 114B of the Income Tax Rules, 1962, Form 60 can be submitted in two ways:

1. Offline Submission:

• Fill out Form 60 and submit it physically to the relevant authority.
• For example, if you are opening a bank account, submit it to the respective bank.

2. Online Submission (Electronic Verification):

Form 60 can also be submitted electronically using electronic verification through an approved portal or application.

Electronic verification methods include:

1. Type 2 Authentication:
   • OTP-based verification using the Aadhaar-linked mobile number or email address.
2. Type 3 Authentication:
   • Biometric verification through fingerprint or iris scanning.
3. Type 4 Authentication:
   • Two-factor verification, combining OTP and biometric verification (fingerprint or iris).
4. Type 5 Authentication:
   • Comprehensive verification using OTP, fingerprint, and iris scan together.

These verification methods ensure secure and convenient submission of Form 60 electronically.

When Not to Use Form 60?

Form 60 is a useful alternative to a PAN card, but there are certain situations where it’s not applicable. Here’s when you should not use Form 60:

1. If you already have a PAN:
   You must use your PAN card instead of Form 60.
2. Filling it out for someone else:
   Form 60 should only be filled out by the individual whose details are being provided. You cannot fill it out on behalf of someone else or in a different name.
3. For Non-Indian Citizens:
   Form 60 is only for Indian citizens. If you are a Non-Resident Indian (NRI) or a foreign national, you must follow the specific procedures for financial transactions meant for your status.

Documents to Be Submitted With Form 60

When submitting Form 60 for income tax purposes, you need to attach certain documents, which include:

For Individuals and HUF (Hindu Undivided Family)

For Association of Persons (Trusts)

For Association of Persons (other than Trusts), Body of Individuals, Local Authority, or Artificial Juridical Person

For a Foreign Company

Important Guidelines for Declaration in Form 60

Accuracy of Information:
Before signing the declaration, the declarant must ensure that all information provided is true, correct, and complete. Making a false statement can lead to prosecution under Section 277 of the Income Tax Act, 1961, with the following penalties:

• If the tax evaded exceeds ₹25 lakh: Rigorous imprisonment for 6 months to 7 years, along with a fine.
• In other cases: Rigorous imprisonment for 3 months to 2 years, along with a fine.

Conditions for Accepting the Declaration:
The declaration should not be accepted under the following circumstances:

• If the income mentioned in item 23b exceeds the maximum non-taxable limit, unless a PAN has been applied for and column 22 is completed.
• If there is taxable income indicated in item 23c(i) for a foreign company.

Other Important Forms Related to PAN

Here are other forms associated with PAN and their uses: