Indian citizens must have a PAN card if they earn income. If they don’t, they must submit Form 60 to the concerned authority at the time of any financial transactions. Pancard Form 60 is accepted as legal identification in the traditional banking sector under Section 114B of the Indian Income Tax Act 1962.
Form 60 is a declaration of the reasons why an individual does not have a PAN card. In addition to providing their name and address, the applicant must declare why they don’t have a PAN card.
When do you need FORM 60?
- If you’re making a purchase or sale of property that is worth more than Rs. 5 Lakh, it’s necessary to register the agreement with the appropriate authorities like the revenue department, registrar of deeds, and others.
- Buying and selling any kind of motor vehicle. It does not include two-wheelers with the exception of scooters which have attached wheels to the body. The price can be anything.
- The Collective Fixed Deposit is the best solution for people who want to save more than Rs 50,000. It offers flexible tenure options.
- Any deposit that is 50,000 or more in a post office account.
- If you are signing a document that is valued at more than Rs 10 lakh relating to the purchase and sale of securities.
- For the opening of any bank or financial institution account, when time is of the essence.
- When you’re looking to apply for a telephone line.
- You’ll be able to make payments of any amount more than Rupees 25,000 at one time.
Documents required for filling of Form 60
Once you’ve completed and submitted Form 60, you’ll need to submit documents that will work as a proof of identity or address. The list below has the documents that are accepted by the Indian government:
- Drivers license
- Passport
- Food Card
- This identification is an accredited institution
- Current gas bill or electric company bill
- Official document issued by the state, central, or provincial government
- Any other document proof which is related to address mentioned
- Pensioner card with a photo
- Water bill
- Landline bill
- NRGS job card
Conclusion
Pancard form 60 is a document that you need to submit when applying for a PAN card. This form is available on the website of the Income Tax Department. The process of applying for a PAN card is fairly simple and can be done online. However, if you want to apply for a Pancard form 60, you will need to follow the instructions given on the website.
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