Form 60 or 61- Income tax form to be submitted in place of PAN

Form 60 or 61 can be submitted by a person in case he or she is entering into a transaction where quoting PAN is compulsory. Income tax act specifically mentioned certain transactions where PAN must be quoted.

Form 60 has to be produced by a person who does not have PAN card but entering into any of the transaction specified below; 

• sale or purchase of any immovable property valued at 5 lakh rupees or more;
• sale or purchase of a motor vehicle or vehicle (excluding a two wheeled vehicles, inclusive of any detachable side-car having an extra wheel, attached to the motor vehicle);
• a time deposit, exceeding fifty thousand rupees, with a bank
• a deposit, exceeding fifty thousand rupees, in any account with Post Office Savings Bank;
• a contract of a value exceeding ten lakh rupees for sale or purchase of securities;
• opening an account with a bank or banking institutions;
• making an application for installation of a telephone connection (including a cellular telephone connection);
• Payment to hotels and restaurants against their bills for an amount exceeding 25, 000 rupees at any one time.

While opening a bank saving or time deposit account for a minor who is not taxable in India, the PAN of the guardian should be quoted in the application form. In absence of such PAN, form 60 or 61 will be required to be submitted.

“form 61” is to be submitted in place of “from 60” if the person entering into the above mentioned transactions has only agricultural income and he/she is not in receipt of any other income chargeable to income tax.

How should I submit Form 60 or 61

The procedure of submitting form 60 or form 61 is very simple. You need to fill up the form at the time of entering into the transaction and hand it over to the person with whom you are making such transactions.

For example; suppose you are opening up your bank saving account in a bank and you do not have PAN or you applied for it but till date you did not get the PAN card. In this case you simply fill up form 60 or form 61 and hand it over to the banking company.

How to Fill up Form 60 or 61

You will be asked to fill up Form 60 or Form 61 while opening a bank account or any of the financial transactions as discusses above. while filling up Form 60 or Form 61 you need to remember following points.

• Full name and address of the declarant: Mention Your Full Name
• Particulars of transaction: enter the types transaction for which you are filling form 60 or 61. If you are opening a bank account then write specifically that its for opening a bank saving account with so and so bank.
• Amount of the transaction: value of the transaction. If this is not applicable then write NA
• Are you assessed to tax: select if you are assessed to income tax. Mostly this will be NO
• If yes,

(i) Details of Ward/ Circle/ Range where the last return of income was filed? : NA

(ii) Reasons for not having PAN? : if you applied for a PAN then write “PAN card applied and will be receiving soon”

• Details of the document being produced in support of address

in column (1) : Following address proof  required in addition to form 60 or form 61;

1. Ration Card
2. Passport
3. Driving licence
4. Identity Card issued by any institution
5. Copy of the electricity bill or telephone bill showing residential address
6. Any document or communication issued by any authority of the Central Government, State Government or
7. local bodies showing residential address
8. Any other documentary evidence in support of his address given in the declaration.

• Put your name, place and date and signature

If at any point of time you are getting a PAN card then intimate the same to the bank where you have opened your bank account or time deposit account by submitting form 60 or form 61.