What is Form 60?

Updated on : Feb. 25, 2023 - 4 p.m. 17 min read.

Form 60 is a document used in India for individuals who do not have a Permanent Account Number (PAN) but need to conduct certain financial transactions. PAN is a unique 10-digit alphanumeric code issued by the Indian Income Tax Department to track financial transactions and ensure tax compliance.

Form 60 is primarily used when an individual does not have a PAN and wants to open a bank account, make a deposit or withdrawal above a specified limit, or carry out other transactions that require PAN details. It serves as an alternative document to PAN for such situations.

When filling out Form 60, individuals need to provide their personal details such as name, address, date of birth, and occupation. They also need to mention the reason for not having a PAN and sign a declaration stating that they do not possess a PAN. The form is usually submitted to the bank or financial institution where the transaction is taking place.

Who needs to fill out Form 60?

Form 60 needs to be filled out by individuals who do not have a Permanent Account Number (PAN) but require it for specific financial transactions. Here are some situations where individuals may need to fill out Form 60:

Opening a bank account: If an individual wants to open a bank account but does not have a PAN, they may be required to fill out Form 60 as an alternative.
Conducting high-value transactions: In India, certain financial transactions require the submission of PAN details. However, if an individual does not have a PAN, they can provide Form 60 instead. This applies to transactions such as deposits or withdrawals above a specified limit, purchasing or selling immovable property, applying for credit cards, etc.
Non-residents: Non-resident individuals who do not possess a PAN but need to engage in financial transactions in India may be required to fill out Form 60.

Why is Form 60 important?

Form 60 is important because it allows individuals who do not have a Permanent Account Number (PAN) to carry out certain financial transactions that would typically require PAN details. Here are a few reasons why Form 60 is considered important:

Financial inclusion: PAN is widely used in India as a unique identification number for tracking financial transactions and ensuring tax compliance. However, not everyone may have a PAN, especially individuals who have not yet obtained one or who are not eligible to obtain it. Form 60 provides an avenue for these individuals to participate in essential financial activities such as opening bank accounts and conducting high-value transactions.
Compliance with regulations: Many financial transactions in India, such as large deposits or withdrawals, property transactions, and credit card applications, require the submission of PAN details. By filling out Form 60, individuals without a PAN can still comply with regulatory requirements and complete these transactions without hindrance.
Identification and verification: Form 60 captures essential personal details of individuals, including their name, address, and occupation. This information helps in verifying the identity of the individual and establishing their bona fide intentions for the financial transaction. It provides a means of identification for individuals who do not possess a PAN.
Prevention of tax evasion: PAN is a tool used by the Indian tax authorities to monitor financial transactions and track taxable income. By requiring individuals to provide PAN details or fill out Form 60, the authorities can better enforce tax laws, prevent tax evasion, and ensure that individuals are accountable for their financial activities.

Overall, Form 60 plays a crucial role in facilitating financial inclusion, ensuring compliance with regulations, and maintaining the integrity of the financial system by allowing individuals without a PAN to participate in necessary transactions while still providing the necessary information for identification and tax purposes.

How to fill out Form 60?

To fill out Form 60, follow these steps:

Obtain the Form: You can obtain Form 60 from the bank or financial institution where you need to submit it. Some institutions may also provide an online version of the form that you can download from their website.
Personal Information: Fill in your personal information accurately. This typically includes your full name, residential address, date of birth, gender, and occupation.
Reason for Not Having PAN: Indicate the reason why you do not possess a Permanent Account Number (PAN). Common reasons include being a minor, not being eligible to obtain a PAN, or having applied for a PAN but not yet received it. Choose the reason that best applies to your situation.
Transaction Details: Specify the purpose or nature of the transaction for which you are submitting Form 60. For example, if you are opening a bank account, mention it in this section.
Declaration: Read the declaration carefully and sign it. By signing the form, you are stating that the information provided by you is true and that you do not possess a PAN.
Supporting Documents: Depending on the requirements of the institution, you may need to provide supporting documents along with Form 60. These documents can include proof of identity (such as a valid passport or Aadhaar card), proof of address (such as a utility bill or bank statement), and any other documents specified by the institution.
Submit the Form: Once you have completed the form and gathered the necessary supporting documents, submit them to the bank or financial institution where the transaction is taking place. Ensure that you keep a copy of the filled form for your records.

It's important to note that the specific requirements and procedures for filling out Form 60 may vary slightly depending on the institution and the nature of the transaction.

Common mistakes to avoid when filling out Form 60

When filling out Form 60, it's important to be accurate and avoid common mistakes to ensure smooth processing of your transaction. Here are some common mistakes to avoid:

Incorrect Personal Information: Double-check that you have entered your personal information, such as your name, address, and date of birth, correctly. Small errors or typos can lead to discrepancies and delays in processing your form.
Incomplete or Missing Information: Ensure that you have provided all the required information on the form. Leaving any mandatory fields blank or incomplete can lead to rejection or request for additional information.
Wrong Reason for Not Having PAN: Select the correct reason for not having a Permanent Account Number (PAN) based on your situation. Choose the option that accurately represents your circumstances. Providing an incorrect reason can raise concerns and may lead to further inquiries or complications.
Incorrect Transaction Details: Clearly mention the purpose or nature of the transaction for which you are submitting Form 60. Ensure that you provide accurate and specific details to avoid any confusion or misunderstanding.
Failure to Sign the Declaration: Remember to sign the declaration section of Form 60. By signing, you acknowledge that the information provided is true and that you do not possess a PAN. Omitting the signature can render the form invalid.
Inadequate Supporting Documents: Review the requirements of the institution or authority where you are submitting Form 60 and ensure that you provide all the necessary supporting documents. Failure to submit the required documents or providing incomplete or expired documents can lead to rejection or delays.
Lack of Review: Before submitting Form 60, take a moment to review all the information you have entered. Check for any errors, missing information, or inconsistencies. A thorough review can help catch and correct mistakes before submission.

It's always advisable to read the instructions provided with the form and seek guidance from the concerned institution or consult with professionals, if needed, to ensure accurate and error-free completion of Form 60.

Tips for submitting Form 60

When submitting Form 60, here are some tips to help ensure a smooth and successful process:

Understand the Requirements: Familiarize yourself with the requirements and guidelines for submitting Form 60. Different institutions or authorities may have specific instructions or additional documents they require. Ensure that you have all the necessary information and supporting documents before submitting the form.
Double-Check the Form: Before submitting, carefully review the filled-out Form 60. Check for any errors, omissions, or inconsistencies in the information provided. Pay attention to details such as your personal information, reason for not having a PAN, and transaction details. Correct any mistakes or inaccuracies to avoid complications.
Provide Complete and Accurate Information: Fill out all the required fields on the form accurately and completely. Avoid leaving any mandatory sections blank or providing vague information. Clear and precise details will help in processing your transaction smoothly.
Ensure Legibility: Write or print clearly to ensure that the information on the form is legible. Illegible or unclear handwriting can lead to confusion or misinterpretation of the provided details. If possible, use capital letters or type the information for better readability.
Submit Required Supporting Documents: Verify the supporting documents required to be submitted along with Form 60. Gather all the necessary documents and ensure they are valid, current, and meet the specified requirements. Submitting the appropriate supporting documents will help validate your identity and strengthen your application.
Retain Copies: Make copies of the filled-out Form 60 and all supporting documents for your records. Having copies on hand can be useful in case of any discrepancies or future reference. It also provides evidence of your submission, if needed.
Seek Assistance if Required: If you have any doubts or questions while filling out Form 60, don't hesitate to seek guidance from the concerned institution, tax professionals, or knowledgeable individuals. They can provide clarification on specific requirements and help ensure accurate submission.

Remember to adhere to the instructions provided by the institution or authority where you are submitting Form 60. Following these tips will help increase the chances of a successful submission and facilitate the processing of your transaction.

Alternatives to Form 60

In situations where individuals do not have a Permanent Account Number (PAN) and cannot or do not want to fill out Form 60, there are a few alternatives that can be considered:

Apply for a PAN: The most straightforward alternative is to apply for a PAN if you are eligible. PAN can be obtained by submitting Form 49A (for Indian citizens) or Form 49AA (for foreign citizens) to the Income Tax Department or authorized PAN service centers. Once you receive your PAN, you can use it for various financial transactions without the need for Form 60.
Aadhaar Card: If you have an Aadhaar card, it can be used as an alternative to PAN in some cases. The Aadhaar card is a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI). Many institutions accept Aadhaar as a valid identification document for opening bank accounts, making certain transactions, and fulfilling Know Your Customer (KYC) requirements.
Other Valid Identification Documents:Depending on the specific transaction and institution, other valid identification documents may be accepted as an alternative to Form 60 and PAN. These documents can include a valid passport, voter ID card, driving license, or any other government-issued identity document.

It's important to note that the acceptance of alternatives may vary depending on the institution and the nature of the transaction.

Resources for Form 60

Here are some resources where you can find Form 60 and obtain further information about its usage:

Bank or Financial Institution: Visit the bank or financial institution where you need to submit Form 60. They can provide you with the form and offer guidance on how to fill it out correctly.
Income Tax Department: The official website of the Income Tax Department of India (https://www.incometaxindia.gov.in) provides various forms and resources related to PAN and tax-related matters. You can check their website for the latest version of Form 60 and any related instructions or guidelines.
Online Forms Repository: The National Informatics Centre (NIC) hosts an online repository of government forms, including Form 60. You can access it through the portal (https://forms.gov.in/forms/) and search for Form 60 to download it in PDF format.
Government Websites: Check the websites of other relevant government departments or agencies, such as the Ministry of Finance or the Ministry of Corporate Affairs, as they may provide resources related to PAN and Form 60.
Professional Assistance: If you are unsure about the specific requirements or need assistance with Form 60, consider consulting with tax professionals, chartered accountants, or financial advisors who can provide guidance based on your individual circumstances.

Bottom Line

Form 60 is a document used in India when individuals do not have a PAN but need to engage in certain financial transactions. It allows them to participate in activities like opening bank accounts and conducting high-value transactions. It is important to provide accurate information, select the correct reason for not having a PAN, and submit supporting documents. It is advisable to explore other options, such as applying for a PAN or using valid identification documents, whenever possible. Consult with the relevant authorities for specific guidance.

By Esha Arora

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