sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
New Forms »
 Form 60 can help you Don’t have PAN and need to do these important transactions?
 Income Tax: No provisions in I-T Act for revision in Form 15H, 15G
 Penalty on late filing of ITR and other tax changes effective from Apr 1
 How to view, download your Form 26AS and why it is important
 E-Way Bill Mandatory From 01.02.2018
 FORM GSTR-3B v/s FORM GSTR-1
 Form GSTR-3B of GST - Boon or Curse
  Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017
 Form 64E is enabled in e-Filing to furnish the statement of income distributed by a securitisation trust
  Form DVAT 01 - Application For Opting For Composition Scheme by a dealer registered
 Requirement of item wise details in Forms Annexure - 2A, Annexure - 2B, DVAT- 30 and DVAT 31

Form 60 can help you Dont have PAN and need to do these important transactions?
November, 22nd 2018

As per the Income Tax Act, PAN is necessary to be quoted in various documents or transactions. However, in certain cases Form No 60 can also be used. Here's all you need to know.

As per the Income Tax Act, Permanent Account Number (PAN) is necessary to be quoted in various documents or transactions. But it is possible that a person may not have PAN yet or might have applied for PAN but may not have been allotted. What to be done in such cases? Well, in such scenarios, Form 60 can be submitted along with relevant supporting documents to carry out the transaction. Let’s see in detail.

What is Form 60?
If an individual enters into the specified transactions as per Rule 114B of the Income-Tax Rules, 1962, and does not have PAN (Permanent Account Number), he /she shall have to submit Form No. 60.

For which transaction Form 60 can be submitted?
PAN or Form 60 is required in various transactions which are specified in Rule 114B. Some of the examples are as below:

# Opening a Bank or Demat account
# Getting new Debit or Credit card
# Sale or purchase of Vehicle (other than two-wheeled vehicles)
# Depositing Rs 50,000 in a day with
(a) Bank
(b) Post Office
# Sale or purchase of any immovable property exceeding Rs 10,00,000.

How to submit Form 60?
To the relief of the common man, CBDT has notified the procedure to submit Form 60. “It can be submitted both offline and online. In the Offline mode, Form 60 can be submitted physically in paper form as per the existing procedure. In the Online mode, it can be submitted electronically using electronic verification as per the recently-notified procedure,” says CA Abhishek Soni, Founder, tax2win.in.

What is the Electronic Procedure to submit Form 60/Form 61?
As per Rule 114D of Income Tax Rules, 1962, persons specified in Rule 114C shall have to furnish a statement in Form 61 containing the details of the persons whose declarations have been received in Form 60, through electronic procedure and obtain an acknowledgement number.

CBDT in exercise of its power has specified the electronic procedure as below:

a) The electronic verification can be enabled using the electronic portal – https://report.insight.gov.in/reporting-webapp/portal/homePage

b) It can also be enabled using the following specified Aadhaar Authentication methods:
a. One Time-Password (OTP) which will be delivered to your mobile number or e-mail address
b. Biometric modalities i.e. either through iris or fingerprint.
c. Two factor authentication with OTP as one factor and biometrics as the second factor.
d. Use of OTP, fingerprint & iris together.

Further, “if Form No. 60 is to be furnished in multiple transactions during a year relating to the same person, then the person collecting Form No. 60 may do it only for the incremental information. However, he has to mandatorily link the subsequent transactions,” says Soni.

To Conclude
With this move, CBDT has tried to digitalize the way of submission of Form 60 along with keeping the security features intact. Further, if you are unable to submit the form as per the above procedure due to technical issues, then you may submit Form No. 60 in paper form.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions