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Don’t have PAN and need to do these important transactions? Form 60 can help you

As per the Income Tax Act, Permanent Account Number (PAN) is necessary to be quoted in various documents or transactions. But it is possible that a person may not have PAN yet or might have applied for PAN but may not have been allotted. What to be done in such cases? Well, in such scenarios, Form 60 can be submitted along with relevant supporting documents to carry out the transaction. Let’s see in detail.

What is Form 60?

If an individual enters into the specified transactions as per Rule 114B of the Income-Tax Rules, 1962, and does not have PAN (Permanent Account Number), he /she shall have to submit Form No. 60.
For which transaction Form 60 can be submitted?

PAN or Form 60 is required in various transactions which are specified in Rule 114B. Some of the examples are as below:
# Opening a Bank or Demat account
# Getting a new Debit or Credit card
# Sale or purchase of Vehicle (other than two-wheeled vehicles)
# Depositing Rs 50,000 in a day with
(a) Bank
(b) Post Office
# Sale or purchase of any immovable property exceeding Rs 10,00,000.

How to submit Form 60?
To the relief of the common man, CBDT has notified the procedure to submit Form 60. “It can be submitted both offline and online. In the Offline mode, Form 60 can be submitted physically in paper form as per the existing procedure. In the Online mode, it can be submitted electronically using electronic verification as per the recently-notified procedure,

Read More at The Financial Express News date : 28 Nov 2018, Wednesday

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