1. What is Form 60 ?
PAN is the unique number allotted to all the taxpayers in India by Income Tax authorities. The act has made it compulsory for every taxpayer to obta PAN and to provide the PAN number while filing returns and forms. However there are certain transactions specifically mentioned in the act which requires the taxpayer to mandatorily provide for PAN . Form 60 is submitted by an individual just in case he or she is getting into a transaction where quoting PAN is compulsory. Form 60 has to be produced by an individual who doesn't have a PAN card but is getting into any of the transactions specified below.The applicant has to fill the form and hand it over to the person with whom transactions is being made.
2. Why is form 60 used?
This form is used when the taxpayer enters into a transaction that requires compulsory quoting of PAN but the taxpayer does not have PAN. the person is required to filing the following document along with Form 60
A. Ration Card
C. Driving licence
D. Identity Card issued by any institution
E. Copy of the electricity bill or phone bill showing residential address F. Any document or communication issued by any authority of the Central Government, government or
G. local bodies showing residential address
H. Any other documentary evidence in support of his address given within the declaration.
I. Put your name, place and date and signature
J. If at any point of your time you're getting a PAN card then intimate an equivalent to the bank where you've got opened your checking account or certificate of deposit account by submitting form 60.
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