What is the Form 60? How do I get it?
– Form 60 is a declaration form that an individual can file if one does not have a PAN card.
This can be filed for transactions specified under rule 114B. Many who have applied for a PAN card might be still awaiting. In the meanwhile, Form 60 can be filed for any such crucial financial transactions.
Transactions where you can submit Form 60 :
– Sale or purchase of Motor Vehicle (Does not include two-wheelers)
– Opening of a Bank Account Applying for Debit or Credit Card
– Payment at a Hotel or Restaurant (Only for cash payment above Rs. 50,000)
– Traveling costs included while travelling to a foreign country (Only for cash payment above Rs. 50,000)
– Purchasing of Foreign Currency (Only for cash payment above Rs. 50,000)
– Bonds and Debentures (Amount more than Rs. 50,000)
– Mutual Funds (Amount more than Rs. 50,000)
– Buying Bonds issued by Reserve Bank of India (RBI) (Amount more than Rs. 50,000)
– Depositing Money in Bank/Post-Office (Cash amount more than Rs. 50,000 for a day)
– Buying Bank Draft/Pay Order/Banker’s Cheque (Cash amount more than Rs. 50,000 for a day).
– Securities Trading (Amount more than Rs. 1 lakh per transaction)
– Shares Trading of Unlisted Company (Amount more than Rs. 1 lakh per transaction)
– Sale or Purchase of immovable property (Amount or registered value more than Rs. 10 lakhs)
– Purchase and sale of Goods and Services (Rs. 2 lakhs per transaction).
** You can submit Form 60 both online and offline. For offline filing, you can submit it to the concerned authority.
** If an incorrect declaration is submitted under Form 60, consequences mentioned under Section 277 will be applied.
NOTE: In case of any query, please feel free to contact me on this email enquiry@overallaccounting.com
