Form 60 is a declaration submitted by an individual (other than a company or firm) or a foreign company that does not possess a PAN but is involved in any transaction listed under Rule 114B of Section 139A of the Income Tax Act, 1961. Certain transactions require quoting a PAN so the government can monitor high-value dealings and prevent the circulation of black money.
However, some people either do not have a PAN or are still awaiting its allotment. Without a PAN, such individuals would be unable to undertake the transactions specified under Rule 114B. In these cases, Form 60 serves as an alternative. By submitting Form 60, individuals or foreign companies without a PAN can complete the transactions covered under Rule 114B of the Income Tax Act, 1961.
What is Form 60?
Form 60 is a declaration that must be filed by a person (not a company or firm) to carry out transactions listed under Rule 114B if they do not have a PAN because:
- they have not yet applied for one, or
- they have applied but are still waiting for the PAN to be allotted.
Form 60 cannot be used without applying for a PAN if your total income (excluding agricultural income) exceeds the basic exemption limit. In such cases, Form 60 is allowed only when a PAN application has already been submitted, and you must provide the application date and acknowledgment number in column 22 of the form.
How to Download Form 60 in PDF?
You can download Form 60 directly from the official website of the Income Tax Department. Follow the steps below to get the PDF:
Step 1: Visit the Income Tax Department’s official website.
Step 2: In the top menu, click on “Forms/Download.”
Step 3: From the drop-down options, choose “Income Tax Forms.”
Step 4: You will be taken to a page displaying all available income tax forms.
Step 5: Look for and select “Form No. 60.”
Step 6: Click on the form, and the PDF will start downloading automatically to your device.
When Should Form 60 Be Submitted?
Form 60 must be furnished when quoting a PAN is mandatory, but the individual does not have a PAN or is waiting for PAN allotment. Below are the transactions where PAN is required, and Form 60 can be used if PAN is unavailable.
| Type of Transaction | Value of Transaction |
| Purchase or sale of any motor vehicle (excluding two-wheelers) | Any value |
| Opening a Demat account | Any value |
| Opening a bank account (other than a basic savings account) / applying for a debit or credit card | Any value |
| Sale or purchase of immovable property | ₹10 lakh or more (or value as per Stamp Valuation Authority) |
| Fixed deposit with a bank, post office, Nidhi, or NBFC | Above ₹50,000 or more than ₹5 lakh in one financial year |
| Cash payment at restaurants or hotels | Over ₹50,000 in a single transaction |
| Foreign travel or purchase of foreign currency in cash | More than ₹50,000 at one time |
| Payment of life insurance premium | Over ₹50,000 in a year |
| Sale or purchase of company shares / securities | More than ₹1 lakh per transaction |
| Sale or purchase of goods/services not listed above | Over ₹2 lakh per transaction |
| Investment in mutual fund units | Above ₹50,000 |
| Purchase of debentures or bonds from a company/institution | Above ₹50,000 |
| Purchase of RBI bonds | Above ₹50,000 |
| Cash deposits in bank/post office | Over ₹50,000 in a day OR more than ₹2,50,000 (between 9 Nov 2016–30 Dec 2016) |
| Purchase of bank drafts/pay orders/banker’s cheques in cash | Above ₹50,000 at one time |
| Time deposits with bank/post office/NBFC/Nidhi | Over ₹50,000 or more than ₹5 lakh in a year |
| Payment for prepaid instruments via cash/draft/pay order | Above ₹50,000 in a year |
| Contract for sale/purchase of securities (other than shares) | Over ₹1 lakh per transaction |
| Sale or purchase of goods of any type (other than those listed above) | Over ₹2 lakh per transaction |
Transactions by a Minor
If the transaction is in a minor’s name, the PAN of the parent/guardian or Form 60 may be submitted.
How and Where to Submit Form 60
Form 60 can be submitted online or offline. It must be provided to the person or institution with whom the transaction is being carried out.
Who Is Exempt from Submitting Form 60?
Certain persons are not required to quote PAN or file Form 60 for some specified transactions, including:
- Non-residents (for selected transactions such as hotel payments, credit/debit card applications, etc.)
- Central Government, State Governments, and Consular Offices
Documents Required With Form 60
These documents must be submitted only when PAN has been applied for but is not yet allotted, serving as identity/address proof:
- Aadhaar Card
- Passport
- Driving licence
- Ration card
- ID card issued by a recognised institution
- Electricity or telephone bill
- Any document issued by Central/State Government or local authority
- Any address proof supporting the details mentioned in the form
If the applicant has already applied for PAN, only the PAN application date is required.
Documents for Trusts (Association of Persons – Trusts)
- Copy of trust deed or
- Registration certificate issued by the Charity Commissioner
Documents for AOPs (other than Trusts), BOIs, Local Authorities, or Artificial Juridical Persons
These entities may submit:
- Agreement copy
- Registration certificate issued by the Charity Commissioner/Registrar of Cooperative Societies/other competent authority
- Any government-issued document establishing identity and address
For minors, the parent/guardian’s identity and address documents are acceptable, and the declaration must be signed by them.
For HUF (Hindu Undivided Family)
Any valid document in the name of the Karta is required.
If the Transaction Involves Multiple Persons
When a transaction includes two or more individuals, the form must mention the total number of persons and the total value of the transaction.
Information Required to Be Provided in Form 60
Form 60 must be filled out with specific details, which include:
- Name and complete address of the declarant.
- Details of the transaction for which Form 60 is being submitted. For example, if the declaration relates to opening a savings account, you must specify the bank’s name and the amount involved. If a particular field does not apply, write “N.A.”
- Income tax assessment details, such as the range, circle, or ward where your most recent income tax return was filed, if applicable.
- Reason for not having a PAN. If you have already applied for PAN but have not received it yet, you must mention this in the form along with the application details.
- Ensure all information matches the supporting documents, as any mismatch will invalidate the form and require you to submit it again.
Consequences of Providing Incorrect Information
Submitting a false declaration in Form 60 can lead to serious penalties:
- If the amount involved is below ₹25 lakh: imprisonment ranging from 3 months to 2 years, along with a fine.
- If the amount involved exceeds ₹25 lakh: imprisonment from 6 months to 7 years, plus a fine.
Form 60 – Frequently Asked Questions (FAQs)
1. Are non-residents required to submit Form 60?
Non-residents are not required to furnish Form 60 for certain transactions. This exemption generally applies to activities such as paying hotel or restaurant bills or applying for debit or credit cards.
2. What happens if I submit incorrect information on Form 60?
Submitting false details in Form 60 can attract serious penalties, including imprisonment for 3 months to 2 years, along with a fine.
3. What if a minor carries out a transaction requiring a PAN?
If a minor participates in a transaction that mandates quoting PAN, the parent’s or guardian’s PAN can be used. If the minor does not have a PAN, Form 60 may be filed instead.
4. What are the penalties for incorrect declarations on Form 60?
- For amounts below ₹25 lakh: imprisonment from 3 months to 2 years, plus a fine.
- For amounts above ₹25 lakh: imprisonment from 6 months to 7 years, along with a substantial fine.
5. Which other PAN-related forms exist besides Form 60?
- Form 49A – PAN application form for individuals resident in India.
- Form 49AA – PAN application form for non-residents or foreign entities.
6. Can I use Form 60 if I have applied for PAN but haven’t received it yet?
Yes. If your PAN allotment is pending, you may submit Form 60 along with your PAN application acknowledgment number.
7. What if a wrong declaration is made for a transaction exceeding ₹25 lakh?
A false declaration for such high-value transactions can lead to imprisonment of 6 months to 7 years, in addition to a fine.
8. Is Form 60 a replacement for a PAN card?
Form 60 serves as a temporary alternative for individuals who do not have a PAN but need to complete a transaction where quoting PAN is mandatory.
9. Can a company or LLP submit Form 60?
No. Companies and LLPs cannot use Form 60, as they receive a PAN at the time of incorporation.
10. Is Form 60 mandatory for all transactions?
No. Form 60 is required only for transactions listed under Rule 114B when the individual does not have a PAN.
11. Do banks accept Form 60 for opening accounts?
Yes, banks accept Form 60 for account opening when the applicant does not possess a PAN, provided the required supporting documents are submitted.
12. Can Form 60 be submitted online?
Yes. Many banks and institutions allow Form 60 submission both online and offline, depending on their internal procedure.
13. Does Form 60 need to be submitted every time I conduct a high-value transaction?
If you do not have a PAN and the transaction falls under Rule 114B, a fresh Form 60 may be required each time unless the institution specifies otherwise.
14. Is Form 60 valid indefinitely?
Form 60 remains valid only for the specific transaction it is submitted for. It does not act as a long-term replacement for a PAN card.
