Income Tax department requires Form 60 in the absence of PAN. It is done to restrict an individual from entering into certain transactions and enabling the income tax authorities to track financial transactions to prevent tax evasion.
Permanent Account Number or PAN is a means of identifying various taxpayers in the country. The unique number links all information belonging to a taxpayer through the computer system. The income tax act mandates obtaining PAN for a specified person and quoting it in various documents like the income tax return.
In a scenario, where a person is not holding a PAN or has applied for PAN but has not allotted the same, Form 60 is required. The reason being the absence of PAN shall not be a reason to restrict an individual from entering into certain transactions and challenge the income tax authorities to track financial transactions to prevent tax evasion and tax frauds.
Hence, Form 60 can be submitted along with relevant supporting documents to carry out the transaction.
ALSO READ: When is the Form 60 required?
How to fill the Form 60?
One needs to state the reason for not having a PAN card. If you have applied for it and are yet to receive it, then mention the reason in the form. While filling the Form 60, transaction amounts need to be stated too. Mention the full address and name of the declarant. The declaration in Form 60 can be made either in paper or online form. The form needs to be submitted to the person with whom a transaction is being entered. Moreover, particulars related to the transaction also need to be stated for filing the Form 60.
How to submit Form 60?
The process of submitting the Form 60 is simple. Fill out the form when you are about to enter the transaction. After filling up the form, hand over the form 60 to an individual with whom you are making the transaction. For example, if you have gone to the bank to open a fixed deposit above Rs 50,000, then submit a Form 60 in case you don’t have a PAN card to the bank.
Documents needed to be submitted along with Form 60
The documents which serve as identity proof and address proof need to be submitted along with Form 60. These documents need to be submitted with Form 60
- Ration Card
- Driving Licence
- ID card issued by a recognized institution
- Copy of telephone bill or electricity bill
- Any document issued by the Central Government, state government or any local body
- A documentary evidence as proof of address.