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Why You Need Form 60 and How to Download it in Word Format


Form 60 Download Word Format: A Complete Guide




If you do not have a PAN card, but you want to enter into certain financial transactions that require quoting PAN, you may need to submit a declaration in form 60. Form 60 is a document that can be used by individuals or persons (not being a company or firm) who do not have a permanent account number (PAN) and who enter into any transaction specified in rule 114B of the Income Tax Rules, 1962. In this article, we will explain what is form 60, who can use it, how to fill and submit it, how to download it in word format, and what are the benefits of using it.




form 60 download word format


Download File: https://www.google.com/url?q=https%3A%2F%2Ft.co%2FjJYE7F69Mz&sa=D&sntz=1&usg=AOvVaw17lh_5xHvhqwFFfZgb-hjv



What is Form 60 and Why is it Required?




Form 60 is a declaration that is required to be filed by a person who does not have a PAN card and who enters into any transaction specified in rule 114B of the Income Tax Rules, 1962. Some of these transactions are:


  • Purchase or sale of any motor vehicle excluding two wheelers



  • Opening of demat account



  • Opening an account with any banking institution or bank other than basic savings deposit account/Application to institution or bank or company for debit or credit card



  • Purchase or sale of an immovable property value of Rs. 10 lakh or above



  • A fixed deposit with any bank/post office/Nidhi/non banking financial company amount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year



  • Payment to restaurants or hotels in cash against the bills exceeding Rs. 50,000 at one time



  • Payment in connection with travel to any foreign country or payment for purchase of any foreign currency in cash exceeding Rs. 50,000 at one time



  • Payment of a life insurance premium exceeding Rs.50,000 in a year



  • Sale/purchase of company shares or contract for sale or purchase of securities exceeding Rs.1 lakh per transaction



The purpose of form 60 is to enable the income tax authorities to track the financial transactions of persons who do not have a PAN card and to prevent tax evasion or fraud. Form 60 is not acceptable if your total income (other than agriculture) is more than the basic exemption limit. In that case, you can use form 60 only if you have applied for PAN and you must also mention the date of application in column 21 of the form.


Who can use Form 60 and for What Transactions?




Form 60 can be used by any person (not being a company or firm) who does not have a PAN card and who enters into any transaction specified in rule 114B of the Income Tax Rules, 1962. However, there are some exceptions where form 60 cannot be used. These are:


  • If you are required to obtain PAN under section 139A of the Income Tax Act, such as persons having income chargeable to tax, persons carrying on business / profession with turnover exceeding specified limit etc.



  • If you are entering into transactions that are not covered by rule 114B, such as opening a basic savings deposit account, buying mutual funds below Rs.50,000 etc.



  • If you are entering into transactions with a person who is required to quote PAN under rule 114B, such as a bank, a company, a mutual fund etc.



Form 60 can be used for any transaction specified in rule 114B of the Income Tax Rules, 1962, such as those mentioned above. However, you should note that form 60 is not a substitute for PAN and you should apply for PAN as soon as possible if you are eligible to obtain it.


How to Fill and Submit Form 60?




Form 60 is a simple declaration that contains the following details:


  • Name and address of the declarant



  • Amount and nature of the transaction



  • Date of the transaction and name of the other party



  • Reason for not having PAN



  • Details of any other document submitted as identity proof, address proof or income proof



  • Signature or thumb impression of the declarant



You can fill form 60 either in English or in Hindi. You should ensure that the information provided is true and correct. You should also attach a copy of any document that you have submitted as proof along with form 60. You should submit form 60 to the person who is required to quote PAN under rule 114B, such as the bank, the company, the mutual fund etc. You should also keep a copy of form 60 for your own records.


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Difference between Form 60 and Form 61




Form 61 is another declaration that can be used by persons who do not have a PAN card and who have only agricultural income. Form 61 is required to be filed by such persons if they receive any sum or income or amount on which tax is deductible at source (TDS) under chapter XVII-B of the Income Tax Act, such as interest, dividend, rent etc.


What is Form 61 and Who Needs to Submit it?




Form 61 is a declaration that is required to be filed by a person who does not have a PAN card and who has only agricultural income and who receives any sum or income or amount on which tax is deductible at source (TDS) under chapter XVII-B of the Income Tax Act. Some examples of such payments are:


  • Interest on securities



  • Dividend



  • Rent



  • Commission or brokerage



  • Fees for professional or technical services



  • Payment by contractors or sub-contractors



  • Payment by trust or institution



  • Payment by company for buy-back of shares



  • Payment by e-commerce operator to e-commerce participant



The purpose of form 61 is to enable the income tax authorities to track the payments made to persons who do not have a PAN card and who have only agricultural income. Form 61 is not acceptable if you have any income other than agriculture or if you are entering into transactions that are covered by rule 114B.


How is Form 61 Different from Form 60?




Form 61 is different from form 60 in the following ways:


  • Form 61 is applicable only for persons who have only agricultural income, whereas form 60 is applicable for persons who do not have a PAN card and who enter into any transaction specified in rule 114B.



  • Form 61 is required to be filed when a person receives any sum or income or amount on which tax is deductible at source (TDS) under chapter XVII-B of the Income Tax Act, whereas form 60 is required to be filed when a person enters into any transaction specified in rule 114B.



  • Form 61 contains details of the payment received and the TDS deducted, whereas form 60 contains details of the transaction entered into and the reason for not having PAN.



  • Form 61 is submitted to the person who deducts TDS, whereas form 60 is submitted to the person who quotes PAN under rule 114B.



Therefore, form 61 and form 60 are different declarations that serve different purposes and have different eligibility criteria and submission procedures.


How to Download Form 60 in Word Format?




If you want to download form 60 in word format, you can follow the steps given below:


Steps to Download Form 60 from the Income Tax Portal




Visit the official website of the income tax depart


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