The person who doesn’t have PAN Card have to fill the Form 60 or 61 by income tax. When the number of transactions increases to a certain extent, it is mandatory to have the PAN card but in a situation when the person can’t provide with PAN card the Form 60 or 61 can be used.
The download button is there on the bottom of the page; there are two options One for Form 60, and another is for Form 61.
Situations in which the PAN Card is mandatory
We tried to find out all the situation where the PAN card is necessary; we have listed them with our best effort.
- Purchasing or selling any property which has a value of more than 5,00,000.
- Having a Fixed Deposit in any bank which is more than 50,000.
- Having fixed deposit in the post office which is more than 50,000.
- Buying any two-wheeler.
- Buying shares or securities whose value is more than 10,00,000.
- Payment to the hotel or any service industries with value exceeding amount of 25,000.
- Opening a new bank account.
The above-mentioned situations are only or non-minors. In the case of minors, the department can demand guardian’s PAN Card. If you are in one the case we referred to above and don’t have PAN card, then you can fill the Form 60/61 of Income Tax and continue with the procedure.
Which Form should you fill? Form 60 or Form 61?
The two very similar kind of form often creates confusion. People when downloading the Form are not aware which is the right form to choose; we tried to eliminate this confusion by providing perfect answers about which is the right form to be filled. Below is the explanation of the same.
Form 60 is for the businesses and individual who fall under the situations mentioned above. If you run a business/HUF or partnership firm and doing the transition as an individual, then Form 60 is for you. You should use Form 60.
While Form 61, is for the people who are connected with agriculture industries. If you own a farm and a registered farmer, then you must fill up the Form 61. If your income is from the agricultural goods, you produced then it is advisable to use Form 61.
Procedure for Form 60/61
Following things are needed before starting the process to submit the Form 60/61. Following the list of documents is required.
- Self-attested copies of documents for identity proof and resident proof.
- Driving licence
- Ration Card
- Other relevant document issued by a state or central government of India.
- Documents to support the transactions.
Form 60 contains a column which says whether you have been the tax assessed before if you have been evaluated, then you’ll have to provide with the details of assessments of taxes.
Where should I fill the Form?
Depending on the situation you can submit Form 60/61 to various authorities. If you are having transactions bigger than 50,000 in the bank, then you can ask for Form 60/61 or download it from here. You can submit it there.
We hope that you liked our little Guide on Form 60 and Form 61, let us know in the comment section if you have any doubts or questions.
Are you having any difficulties while filling up Form 60 or Form 61? We decided to help people filling up the form online, comment your issues and we will guide you through it.