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Form 60 is a document to be filed by an individual or any person (not a company or firm) to carry out financial transactions that mandate quoting of PAN, under the Concerned person does not have a PAN.
Form 60 can be used in lieu of furnishing PAN by such people in many cases. Form 60 is a declaration to be filed by an individual or a person (not being a company or firm) who does not have a PAN and who enters into any transaction specified in rule 114B.
Form 60 is also used when there are a buying and selling of assets, payment in cash above ₹ 50,000, filing tax returns, registration of business, and others.
Other than tax authorities, PAN or Form 60, is required for a variety of transactions such as:
|Nature of Transaction||Value of Transaction|
|Sale or purchase of Motor Vehicle [other than two-wheeled vehicles]||Irrespective of value / Any Value|
|Opening a Bank account||Irrespective of value|
|Getting a new Debit or Credit card||Irrespective of value|
|Opening D- MAT account||Irrespective of value|
|Payment to hotel or restaurant at one time||Cash payment exceeding Rs 50,000|
|Traveling expenses to a foreign country or buying foreign currency at one time||Cash payment exceeding Rs 50,000|
|Buying Mutual funds||Amount exceeding Rs 50,000|
|Acquiring bonds or debentures||Amount exceeding Rs 50,000|
|Acquiring bonds issued by RBI||Amount exceeding Rs 50,000|
|Depositing money with|
(b) Post Office
|Cash exceeding Rs 50,000 in one day|
|Purchasing Bank Draft/ pay order/ banker’s cheque||Cash exceeding Rs 50,000 in one day|
|Time deposit (FD) with|
(b) Post Office
(d) Nidhi company
|Exceeding Rs 50,000 at a time or Rs 5,00,000 in a financial year|
|Life Insurance Premium||If the amount exceeds Rs 50,000 in an FY|
|Trading in securities||Amount Exceeding Rs 1,00,000 per transaction|
|Trading in shares of the unlisted company||Amount Exceeding Rs 1,00,000 per transaction|
|Sale or purchase of any immovable property||If the amount of registered value exceeds Rs 10,00,000|
|Buying and selling of goods and services||Rs 2,00,000 per transaction|
You can download Form No 60 in PDF format online from the link provided below.
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