Form 60: Here’s all you need to know if you don’t have a PAN Card

By: | Updated: January 10, 2017 8:36 PM

Banks have made PAN Card mandatory for carrying out transactions over a certain limit. Currently, its is Rs 50000. Other than this, you may be required to submit PAN details while buying and selling an asset. PAN has become an essential proof of identity.

form 60, PAN card, section 277, income tax act, ration card, driving license, An individual who wants to open an account or make any cash payments otherwise has to adhere to the transaction clauses from A to H of rule 11B as specified under the I-T Act.

Banks have made PAN Card mandatory for carrying out transactions over a certain limit. Currently, its is Rs 50000. Other than this, you may be required to submit PAN details while buying and selling an asset. PAN has become an essential proof of identity. More or less it provides authenticity and security in doing financial transactions with a certain person.

However, if you don not have a PAN Card, you can use Form 60, supported with relevant proofs, to carry out financial transactions.

What is Form 60?

An individual who wants to open an account or make any cash payments otherwise has to adhere to the transaction clauses from A to H of rule 11B as specified under the I-T Act.

Form 60 is a necessarily required document from an individual to carry out financial transactions when the concerned person is not having a PAN Card. Form 60, however, should be supported by a relevant address and identity proof.

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How can we submit Form 60?

The form is available online and you can even get it from the bank you are dealing with. While doing a financial transaction over a certain limit you are required to fill the form and after putting your signature, you need to support it with a documentary proof.

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What are the necessary document required with Form 60?

(a) Driving License

(b) Passport

(c) Ration Card

(d) ID proof from an accredited institution

(e) Copy of the electricity bill or telephone bill

(f) Any document issued by Central Government, State Government or any local bodies.

(g) Any documentary proof related to the address mentioned in the form.

How to fill the form?

You need to mention the name in full with the full address as mentioned in your supporting document. Mismatch of the particulars will lead to cancellation of the form and you need to resubmit it again. Make sure that you have clearly mentioned the details of transactions, while opening a savings account or buying a property of a value of more than Rs.5lakh. You also need to mention about the previous assessment made under the I-T Act.

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What will happen in the case of a fraudulent act?

Any person who will provide a false declaration in the statement will be punishable under section 277 of the I-T Act. Imprisonment of not less than three months to the maximum of seven years can be imposed with a fine for getting indulged into the fraudulent activity.

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What are conditions for doing transactions against a minor?

In the case of doing financial transaction against a minor, identity and address proof of parents or guardian need to be submitted to the bank by signing the necessary documents. Make sure that once the PAN Card is made, it needs to be informed to bank on an immediate basis.

(Form source: https://www.incometaxindia.gov. in)

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