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Form 60 PDF: The Essential Document for Bank Transactions Without PAN



Form 60 Download PDF for Bank: What You Need to Know




If you do not have a Permanent Account Number (PAN) and you want to open a bank account or make certain transactions, you need to submit Form 60. Form 60 is a declaration form that serves as an alternative to PAN for those who do not have it. In this article, we will tell you what is Form 60, why do you need it, how to download it, how to fill it, and what are the consequences of not submitting it.




form 60 download pdf for bank




What is Form 60 and why do you need it?




Form 60 is a declaration form for those who do not have a PAN




PAN is a unique identification number issued by the Income Tax Department to every taxpayer in India. It is mandatory to quote PAN for filing income tax returns, paying taxes, and making certain financial transactions. However, some people may not have a PAN due to various reasons, such as being a non-resident, being a minor, being an agriculturist, etc. For such people, Form 60 is a declaration form that they can use instead of PAN.


Form 60 is required for certain transactions specified in rule 114B of the Income Tax Rules




According to rule 114B of the Income Tax Rules, there are certain transactions for which quoting PAN or Form 60 is mandatory. These include opening a bank account, depositing cash above Rs.50,000 in a day, applying for a credit card, buying or selling immovable property above Rs.10 lakh, buying or selling motor vehicles, investing in mutual funds or securities above Rs.50,000, etc. If you do not have a PAN and you want to make any of these transactions, you need to submit Form 60 along with proof of identity and address.


How to download Form 60 PDF for bank?




You can download Form 60 PDF from the official website of the Income Tax Department or from your bank's website




The easiest way to get Form 60 PDF is to download it from the official website of the Income Tax Department. You can find the link here. Alternatively, you can also download Form 60 PDF from your bank's website. For example, if you are a customer of Bank of India, you can download Form 60 PDF from here. If you are a customer of CSB Bank, you can download Form 60 PDF from here.


You can also get a physical copy of Form 60 from your bank branch or post office




If you do not have access to the internet or a printer, you can also get a physical copy of Form 60 from your bank branch or post office. You can ask for Form 60 at the counter and fill it up manually. However, make sure that you write clearly and legibly and avoid any errors or overwriting.


How to fill Form 60 PDF for bank?




<h3 You need to provide your personal details, address, and income details in Form 60




Form 60 PDF has two parts: Part A and Part B. In Part A, you need to provide your personal details, such as your name, date of birth, gender, father's name, mother's name, spouse's name, etc. You also need to provide your address details, such as your flat/door/block number, name of the premises/building/village, road/street/lane/post office, area/locality/town/city/district, state/union territory, PIN code, etc. In Part B, you need to provide your income details, such as your estimated total income for the current financial year, the source of income (salary, business/profession, agriculture, etc.), and the range of income (below Rs.2.5 lakh, Rs.2.5 lakh to Rs.5 lakh, Rs.5 lakh to Rs.10 lakh, or above Rs.10 lakh).


You also need to mention the nature and value of the transaction for which you need Form 60




In Part B of Form 60 PDF, you also need to mention the nature and value of the transaction for which you are submitting Form 60. For example, if you are opening a bank account, you need to mention the name and branch of the bank and the type of account (savings/current/deposit/loan). If you are applying for a credit card, you need to mention the name of the card issuer and the type of card (gold/platinum/etc.). If you are buying or selling immovable property, you need to mention the address and value of the property. Similarly, for other transactions specified in rule 114B of the Income Tax Rules, you need to mention the relevant details.


You need to sign and date Form 60 and attach proof of identity and address




After filling up Form 60 PDF, you need to sign and date it at the bottom. You also need to attach proof of identity and address along with Form 60. The proof of identity can be any one of the following documents: Aadhaar card, voter ID card, driving license, passport, ration card with photograph, etc. The proof of address can be any one of the following documents: Aadhaar card, voter ID card, driving license, passport, bank account statement, electricity bill, telephone bill, etc.


How to fill form 60 for bank account opening


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Form 60 sample pdf download


Form 60 for non-PAN holders in banks


Form 60 for NRI bank accounts


Form 60 for KYC compliance in banks


Form 60 for cash deposits in banks


Form 60 for loan applications in banks


Form 60 for credit card payments in banks


Form 60 for mutual fund investments in banks


Form 60 for fixed deposits in banks


Form 60 for recurring deposits in banks


Form 60 for insurance policies in banks


Form 60 for foreign exchange transactions in banks


Form 60 for locker facility in banks


Form 60 for demat accounts in banks


Form 60 for shares and securities in banks


Form 60 for bonds and debentures in banks


Form 60 for gold and silver transactions in banks


Form 60 for property purchase or sale in banks


Form 60 for vehicle purchase or sale in banks


Form 60 for jewellery purchase or sale in banks


Form 60 for hotel bills in banks


Form 60 for travel tickets in banks


Form 60 for restaurant bills in banks


Form 60 for hospital bills in banks


Form 60 for school or college fees in banks


Form 60 for rent payments in banks


Form 60 for electricity or water bills in banks


Form 60 for telephone or internet bills in banks


Form 60 for gas or fuel bills in banks


Form 60 for grocery or shopping bills in banks


Form 60 for entertainment or recreation bills in banks


Form 60 for charity or donation payments in banks


Form 60 for gift or inheritance receipts in banks


Form 60 for lottery or gambling winnings in banks


Form 60 for prize or award receipts in banks


How to download form 60 from bank website


How to print form 60 from bank portal


How to scan and upload form 60 to bank app


How to email form 60 to bank branch


How to submit form 60 to bank officer


How to verify form 60 with bank documents


How to update form 60 with bank details


How to cancel form 60 with bank request


How to get duplicate form 60 from bank records


How to check status of form 60 with bank reference


What are the consequences of not submitting Form 60 for bank transactions?




You may face penalty or rejection of your transaction if you do not submit Form 60 for bank transactions that require it




If you do not have a PAN and you do not submit Form 60 for bank transactions that require it, you may face penalty or rejection of your transaction by the bank. According to section 272B of the Income Tax Act, if a person fails to comply with rule 114B of the Income Tax Rules, he or she may be liable to pay a penalty of Rs.10,000 for each such failure. Moreover, the bank may refuse to open your account or process your transaction if you do not submit Form 60 along with proof of identity and address.


You may also attract scrutiny from the Income Tax Department if you do not have a PAN or Form 60 for high-value transactions




If you do not have a PAN or Form 60 for high-value transactions, such as buying or selling immovable property above Rs.10 lakh or investing in mutual funds or securities above Rs.50,000, you may also attract scrutiny from the Income Tax Department. The Income Tax Department may ask you to explain the source and purpose of your income and transactions and verify whether you have paid taxes on them or not. If you fail to provide satisfactory explanation or evidence, you may face further action from the Income Tax Department.


Conclusion




Form 60 is a declaration form that serves as an alternative to PAN for those who do not have it. It is required for certain transactions specified in rule 114B of the Income Tax Rules. You can download Form 60 PDF from the official website of the Income Tax Department or from your bank's website. You can also get a physical copy of Form 60 from your bank branch or post office. You need to fill up Form 60 PDF with your personal details, address details, income details, and transaction details. You also need to sign and date Form 60 and attach proof of identity and address along with it. If you do not submit Form 60 for bank transactions that require it, you may face penalty or rejection of your transaction by the bank. You may also attract scrutiny from the Income Tax Department if you do not have a PAN or Form 60 for high-value transactions.


FAQsFAQs




Here are some frequently asked questions about Form 60 and their answers:


Question


Answer


Can I submit Form 60 online?


Yes, you can submit Form 60 online if your bank provides the facility. You can log in to your bank's website or mobile app and fill up Form 60 online. You can also upload the scanned copies of your proof of identity and address online. However, you may still need to visit your bank branch to verify your documents and complete the process.


Can I use Form 60 for income tax filing?


No, you cannot use Form 60 for income tax filing. Form 60 is only a declaration form that serves as an alternative to PAN for certain transactions. If you want to file your income tax returns, you need to apply for a PAN and quote it in your returns.


How long is Form 60 valid?


Form 60 is valid for the financial year in which it is submitted. For example, if you submit Form 60 in January 2023, it will be valid till March 2023. You need to submit a fresh Form 60 for the next financial year if you still do not have a PAN and you want to make any of the transactions specified in rule 114B of the Income Tax Rules.


Can I submit Form 61 instead of Form 60?


Form 61 is another declaration form that can be used instead of PAN by those who have only agricultural income and do not have any taxable income. However, Form 61 is not applicable for bank transactions. You can only use Form 61 for transactions related to securities, mutual funds, bonds, debentures, etc. For bank transactions, you need to use Form 60 or PAN.


How can I get a PAN if I do not have one?


You can apply for a PAN online or offline by filling up Form 49A or Form 49AA (for foreign citizens) and submitting the required documents and fees. You can also apply for an instant PAN online using your Aadhaar number. You can visit the official website of the Income Tax Department or NSDL or UTIITSL for more details on how to apply for a PAN.


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