Introduction
Have you ever tried making a substantial, high-value transaction but failed to do so because you don’t have a PAN card? Under such circumstances, Form 60 can come to the rescue!
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Simply put, Form 60 is an alternative to a PAN card for those who don’t have one but need to perform high-value transactions. Whether you’re buying a car, making a large bank deposit, or even purchasing property, Form 60 steps in where a PAN card would usually be required.
In case you are someone who doesn’t have a PAN card yet, you must fill out and download Form 60, so you’re never caught off guard trying to make important transactions.
When Do You Need Form 60?
Now that you know what Form 60 is, you need to understand the uses of this form before you download it. Form 60 comes into play when:
- You don’t have a PAN card but want to:
- Make a property transaction worth more than ₹5 lakh
- Open a bank account
- Make bank account or post office deposits exceeding ₹50,000
- Purchase shares or mutual funds above ₹50,000
- Purchase any automobiles
- Apply for a credit card
- Apply for insurance or issue a debenture
How to Fill Form 60?
After having an idea of when and why to use it, let’s look at how to fill Form 60. The process is quite straightforward once you get the hang of it. To help you through it, we have broken it down for you:
- Personal Details
The first section is all about your personal information wherein you’ll need to provide:
- Full name exactly as it appears on other official documents.
- Date of birth in the DD/MM/YYYY format.
- Your current residential address backed up by verifiable government-issued IDs.
- Father’s name, even if you’re married or a female applicant.
- Transaction information
This section requires you to add all transactional details. You have to specify the date, amount and nature of the transaction, such as whether it is a property/automobile purchase, a bank account deposit, and so on.
- Identity proof
To validate your identity, you’ll need to attach some supporting documents such as:
- Aadhaar card
- Voter ID card
- Passport
- Driving licence
Or any other government-issued ID that has your name, address, DOB and father’s name on it.
- Declaration
This is the final section of the form where you declare that all the information provided is true to the best of your knowledge. Sign it with your full name and now you have confirmed that you’re taking responsibility for the authenticity of the information provided.
How to Download Form 60?
Now, let’s talk about how to get your hands on Form 60. Thankfully, downloading it is super easy, and you have several options available:
- From your bank’s website
Most banks and financial institutions provide a downloadable version of Form 60 on their websites. You can easily download it by visiting the forms section or searching for “Form 60” in their resources. - From the IT Department’s website
Form 60 is also available on the official Income Tax Department’s website. Simply navigate to the forms section, search for Form 60 and download the PDF version. - From the nearest bank branch
If you’re not keen on the online route, you can always visit your nearest bank branch. Most banks have physical copies of Form 60 that you can fill out on the spot.
When Not to Use Form 60?
While Form 60 is a handy alternative to a PAN card, there are certain scenarios where you cannot use it. Here are a few:
- You are required to use your PAN and not Form 60 if you possess one.
- You can’t fill out Form 60 on behalf of someone else or in a different name than your own.
- It’s also important to note that Form 60 is only for Indian citizens. If you’re an NRI or a foreign national, you would need to follow other processes for financial transactions.
Wrapping Up
Thus, Form 60 must be presented in place of a PAN card if an individual does not have one but is doing particular transactions. However, the income tax authorities will send an SMS and email to the person to update their PAN number with the reporting organisation where Form 60 was provided or apply for a PAN.
