![Form 60](https://1pdf.in/wp-content/uploads/2024/06/form-60-download-pdf.webp)
Form 60
Form 60 is used in India for declaring financial transactions by individuals who do not have a Permanent Account Number (PAN). The form is used as a declaration to comply with income tax regulations for specified transactions.
Uses of Form 60:
Use Case | Description |
---|---|
Opening Bank Accounts | Required when opening a new bank account if the individual does not have a PAN card. |
Depositing Cash | Needed for cash deposits exceeding Rs. 50,000 in a single day at banks if PAN is not available. |
Buying or Selling Immovable Property | Required for transactions involving the purchase or sale of immovable property valued at Rs. 10 lakh or more. |
Purchase of Vehicle | Necessary when purchasing a motor vehicle other than a two-wheeler if PAN is not available. |
Fixed Deposit Creation | Used for creating fixed deposits exceeding Rs. 50,000 with banks or post offices if PAN is not available. |
Mutual Fund Investments | Needed for investments in mutual funds exceeding Rs. 50,000 if PAN is not available. |
Purchasing Bonds or Debentures | Required for purchasing bonds or debentures worth more than Rs. 50,000 if PAN is not available. |
Applying for Credit or Debit Card | Necessary when applying for a credit or debit card if PAN is not available. |
Telecom Services | Required for acquiring a new mobile or internet connection if PAN is not available. |
Foreign Exchange Transactions | Needed for transactions related to foreign exchange if PAN is not available. |
Payment for Hotel/Restaurant Bills | Used for payments exceeding Rs. 50,000 at hotels or restaurants if PAN is not available. |
Travel Related Payments | Required for payment related to travel expenses exceeding Rs. 50,000 if PAN is not available. |