Filling up Form 60
An individual will need to do this when he doesn't have a PAN and enters into deals that require one, writes Arnav Pandya.india Updated: Nov 30, 2007 00:43 IST
Anyone who has dealt with the requirement of submitting a Permanent Account Number (PAN) application would have come across a term called Form 60. This is used at several places, as this is a form that people are supposed to fill when they do not have a PAN. Investors need to be familiar with this form so that if they are required to fill it, the process is completed easily and properly.
The first thing that one has to figure out is the use of Form 60. This is the declaration that a person will have to file when they have no PAN but they enter into various transactions that are specified to submit a PAN. These conditions have been specified under Rule 114B and include sale or purchase of immovable property valued at Rs 5 lakh or more, sale or purchase of a motor vehicle, time deposit of more than Rs 50,000, opening a bank account, getting a telephone connection among others.
In the form several details will be required from the person filling it. There will be some basic information like the name and address, details of the transaction and so on. After this comes the tax detail.
The first question will be whether the person is assessed to tax. If the answer is yes then the ward where the last return was filed would be required.
The most important question will be the information as to why the person does not have a PAN. A PAN is supposed to be obtained for fulfilling several conditions but if this is not present, especially for those starting out as new employees, they need to say why this is so.
After this, there has to be the presence of a document that will support the address given by the individual. There is also a list of the documents that can be provided as proof of residence. This includes the ration card, passport, driving license, identity card issued by any institution, copy of electricity bill or telephone bill, document or communication issued by Central government, state government or a local authority with the address. If neither of these documents are available, then the person can still provide any other documentary evidence that will give confirmation of the address.
Finally, there is the verification and the sign that will be required from the person filling up the form.
Overall, this is just a one-page form that has to be filled in by the individual but it will require some proof as has been called for and due to this reason some amount of preparation will have to be made before filling up the form.
(The writer is a Certified Financial Planner)