Everything You Need to Know About Form 60 and How to Download It
How to Download Form 60
Form 60 is a declaration that must be submitted by individuals who do not have a Permanent Account Number (PAN) and who enter into certain transactions specified in Rule 114B of the Income-tax Rules, 1962. PAN is a unique identification number issued by the Income Tax Department to every taxpayer in India. It is mandatory to quote PAN in various documents such as income tax return, any correspondence with the income tax department, and documents pertaining to certain transactions such as sale and purchase of assets, opening bank accounts, etc.
However, some people may not have a PAN or may have applied for PAN but not received it yet. In such cases, they can use Form 60 as a substitute for PAN and carry out the transactions without any hassle. In this article, we will explain what is Form 60, why you need it, how to fill it, how to download it online, how to submit it, and what are the benefits of using it.
how to download form 60
What is Form 60 and Why You Need It
Form 60 is a document that can be filed by a person (not a company or firm) who does not have a PAN and who enters into any transaction specified in Rule 114B of the Income-tax Rules, 1962. Rule 114B lists out various transactions where PAN is mandatory, such as purchase or sale of any motor vehicle, opening of demat account, opening of bank account, purchase or sale of immovable property, payment of life insurance premium, etc. If you do not have a PAN or you have applied for PAN but allotment is pending, you can use Form 60 instead of PAN and provide relevant details and documents to support your identity and address.
Form 60 is not acceptable if your total income (other than agriculture) is more than the basic exemption limit. In that case, you must apply for PAN and mention the date of application in column 21 of the form. The basic exemption limit for individuals below 60 years of age is Rs.2.5 lakh, for senior citizens (60 years or above but below 80 years) is Rs.3 lakh, and for super senior citizens (80 years or above) is Rs.5 lakh.
Transactions that Require Form 60
The following table shows the transactions where PAN or Form 60 is required as per Rule 114B:
Nature of transactionValue of transaction
Purchase or sale of any motor vehicle excluding two wheelersAny value
Opening of demat accountAny value
Opening an account with any banking institution or bank other than basic savings deposit account/Application to institution or bank or company for debit or credit cardAny value
Purchase or sale of an immovable propertyValue of Rs.10 lakh or above
A fixed deposit with any bank/post office/Nidhi/non banking financial companyAmount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year
Payment to restaurants or hotels in cash against the billsExceeding Rs.50,000 at one time
Payment in connection with travel to any foreign country or payment for purchase of any foreign currency in cashExceeding Rs.50,000 at one time
Payment of a life insurance premiumExceeding Rs.50,000 in a tax year
Purchase of shares of a company or mutual funds or debentures or bondsAmount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year
Purchase or sale of any goods or services other than those specified aboveExceeding Rs.2 lakh per transaction
Eligibility Criteria for Form 60
You can use Form 60 only if you meet the following conditions:
You are an individual (not a company or firm) and you do not have a PAN.
You have not applied for PAN or your PAN allotment is pending.
Your total income (other than agriculture) is less than the basic exemption limit.
You are entering into any transaction specified in Rule 114B.
How to Fill Form 60
Form 60 is a simple one-page form that requires you to provide some basic details and documents to verify your identity and address. You can download Form 60 from the income tax portal or other websites as explained later in this article. You can also obtain Form 60 from the person with whom you are entering into the transaction, such as the bank, the broker, the seller, etc.
Details to be Provided in Form 60
The following details are required to be filled in Form 60:
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Name and address of the declarant.
Particulars of the transaction and the amount of the transaction.
Date of birth and gender of the declarant.
Father's name of the declarant.
Estimated total income (including agriculture) for the tax year in which the transaction is made.
Details of any existing bank account, such as account number, name and address of the bank, branch, etc.
Details of any document that can prove your identity and address, such as Aadhaar card, voter ID card, driving license, passport, ration card, etc.
Reason for not having PAN and whether you have applied for PAN or not.
Date and place of declaration and signature/thumb impression of the declarant.
Documents to be Attached with Form 60
You need to attach copies of the following documents along with Form 60:
A proof of identity, such as Aadhaar card, voter ID card, driving license, passport, etc.
A proof of address, such as electricity bill, telephone bill, bank statement, etc.
A copy of the transaction document, such as sale deed, purchase invoice, bank statement, etc.
How to Download Form 60 Online
You can download Form 60 online from two sources: the income tax portal and other websites that offer Form 60 download service. We will explain both methods below.
Steps to Download Form 60 from Income Tax Portal
The income tax portal is the official website of the Income Tax Department where you can access various services related to income tax. You can download Form 60 from this portal by following these steps:
Visit https://www.incometaxindia.gov.in/Pages/downloads/income-tax-return.aspx.
Scroll down to the section "Other Forms" and click on "Form No. : 60".
A PDF file will open in a new tab. You can save it on your device or print it directly.
Steps to Download Form 60 from Other Websites
There are some other websites that offer Form 60 download service for free. You can use any of these websites to download Form 60 online. Some examples are:
https://cleartax.in/s/form-60-download-pdf-format
https://www.taxmann.com/form-60.aspx
https://www.bankbazaar.com/tax/form-60.html
How to Submit Form 60
Once you have filled and signed Form 60 and attached the required documents, you need to submit it to the person with whom you are entering into the transaction. For example, if you are buying a car, you need to submit Form 60 to the car dealer; if you are opening a bank account, you need to submit Form 60 to the bank; if you are paying life insurance premium, you need to submit Form 60 to the insurance company, and so on.
You can submit Form 60 either online or offline, depending on the mode of transaction and the preference of the person receiving it. We will explain both methods below.
Online Submission of Form 60
Some transactions can be done online, such as opening a demat account, buying mutual funds, paying insurance premium, etc. In such cases, you can submit Form 60 online as well. You need to scan the filled and signed Form 60 and the documents and upload them on the website of the person with whom you are transacting. You may also need to provide some additional details such as your email address, phone number, etc. You will receive a confirmation message or email after successful submission of Form 60.
Offline Submission of Form 60
Some transactions require physical presence, such as buying a property, opening a bank account, purchasing a motor vehicle, etc. In such cases, you need to submit Form 60 offline. You need to take the original and photocopies of the filled and signed Form 60 and the documents and hand them over to the person with whom you are transacting. You may also need to fill some other forms or provide some other details as per the requirements of the transaction. You will receive a receipt or acknowledgement after successful submission of Form 60.
Benefits of Form 60
Form 60 is a useful document that helps you to carry out certain transactions without having a PAN. Some of the benefits of using Form 60 are:
It enables you to comply with the income tax rules and avoid any penalty or inconvenience.
It helps you to prove your identity and address in case of any verification or scrutiny by the income tax department or other authorities.
It facilitates smooth processing and completion of your transaction without any delay or hassle.
It helps you to keep track of your transactions and income for future reference or filing of income tax return.
Conclusion
Form 60 is a declaration that can be used by individuals who do not have a PAN and who enter into certain transactions specified in Rule 114B of the Income-tax Rules, 1962. It is a simple one-page form that requires some basic details and documents to verify your identity and address. You can download Form 60 online from the income tax portal or other websites and submit it either online or offline to the person with whom you are transacting. Form 60 helps you to comply with the income tax rules and enjoy the benefits of your transaction without any hassle.
FAQs
Here are some frequently asked questions about Form 60:
Who can use Form 60?
Form 60 can be used by individuals (not companies or firms) who do not have a PAN and who enter into any transaction specified in Rule 114B of the Income-tax Rules, 1962.
What is the difference between Form 60 and Form 61?
Form 60 is used by individuals who do not have a PAN and whose total income (other than agriculture) is less than the basic exemption limit. Form 61 is used by individuals who do not have a PAN and whose total income is only from agriculture.
Can I use Form 60 if I have applied for PAN but not received it yet?
Yes, you can use Form 60 if you have applied for PAN but allotment is pending. You need to mention the date of application in column 21 of the form.
How long does it take to process Form 60?
The processing time of Form 60 depends on the mode of submission and the person receiving it. Generally, it takes a few days to process Form 60 online and a few weeks to process Form 60 offline.
Do I need to file income tax return if I use Form 60?
Form 60 does not exempt you from filing income tax return if your total income (including agriculture) exceeds the basic exemption limit. You need to file income tax return as per the applicable rules and mention your PAN or date of application for PAN in your return.