Form 60 Download Word Format: A Complete Guide
If you do not have a PAN card, but you want to enter into certain financial transactions that require quoting PAN, you may need to submit a declaration in form 60. Form 60 is a document that can be used by individuals or persons (not being a company or firm) who do not have a permanent account number (PAN) and who enter into any transaction specified in rule 114B of the Income Tax Rules, 1962. In this article, we will explain what is form 60, who can use it, how to fill and submit it, how to download it in word format, and what are the benefits of using it.
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What is Form 60 and Why is it Required?
Form 60 is a declaration that is required to be filed by a person who does not have a PAN card and who enters into any transaction specified in rule 114B of the Income Tax Rules, 1962. Some of these transactions are:
Purchase or sale of any motor vehicle excluding two wheelers
Opening of demat account
Opening an account with any banking institution or bank other than basic savings deposit account/Application to institution or bank or company for debit or credit card
Purchase or sale of an immovable property value of Rs. 10 lakh or above
A fixed deposit with any bank/post office/Nidhi/non banking financial company amount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year
Payment to restaurants or hotels in cash against the bills exceeding Rs. 50,000 at one time
Payment in connection with travel to any foreign country or payment for purchase of any foreign currency in cash exceeding Rs. 50,000 at one time
Payment of a life insurance premium exceeding Rs.50,000 in a year
Sale/purchase of company shares or contract for sale or purchase of securities exceeding Rs.1 lakh per transaction
The purpose of form 60 is to enable the income tax authorities to track the financial transactions of persons who do not have a PAN card and to prevent tax evasion or fraud. Form 60 is not acceptable if your total income (other than agriculture) is more than the basic exemption limit. In that case, you can use form 60 only if you have applied for PAN and you must also mention the date of application in column 21 of the form.
Who can use Form 60 and for What Transactions?
Form 60 can be used by any person (not being a company or firm) who does not have a PAN card and who enters into any transaction specified in rule 114B of the Income Tax Rules, 1962. However, there are some exceptions where form 60 cannot be used. These are:
If you are required to obtain PAN under section 139A of the Income Tax Act, such as persons having income chargeable to tax, persons carrying on business / profession with turnover exceeding specified limit etc.
If you are entering into transactions that are not covered by rule 114B, such as opening a basic savings deposit account, buying mutual funds below Rs.50,000 etc.
If you are entering into transactions with a person who is required to quote PAN under rule 114B, such as a bank, a company, a mutual fund etc.
Form 60 can be used for any transaction specified in rule 114B of the Income Tax Rules, 1962, such as those mentioned above. However, you should note that form 60 is not a substitute for PAN and you should apply for PAN as soon as possible if you are eligible to obtain it.
How to Fill and Submit Form 60?
Form 60 is a simple declaration that contains the following details:
Name and address of the declarant
Amount and nature of the transaction
Date of the transaction and name of the other party
Reason for not having PAN
Details of any other document submitted as identity proof, address proof or income proof
Signature or thumb impression of the declarant
You can fill form 60 either in English or in Hindi. You should ensure that the information provided is true and correct. You should also attach a copy of any document that you have submitted as proof along with form 60. You should submit form 60 to the person who is required to quote PAN under rule 114B, such as the bank, the company, the mutual fund etc. You should also keep a copy of form 60 for your own records.
Difference between Form 60 and Form 61
Form 61 is another declaration that can be used by persons who do not have a PAN card and who have only agricultural income. Form 61 is required to be filed by such persons if they receive any sum or income or amount on which tax is deductible at source (TDS) under chapter XVII-B of the Income Tax Act, such as interest, dividend, rent etc.
What is Form 61 and Who Needs to Submit it?
Form 61 is a declaration that is required to be filed by a person who does not have a PAN card and who has only agricultural income and who receives any sum or income or amount on which tax is deductible at source (TDS) under chapter XVII-B of the Income Tax Act. Some examples of such payments are:
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Interest on securities
Dividend
Rent
Commission or brokerage
Fees for professional or technical services
Payment by contractors or sub-contractors
Payment by trust or institution
Payment by company for buy-back of shares
Payment by e-commerce operator to e-commerce participant
The purpose of form 61 is to enable the income tax authorities to track the payments made to persons who do not have a PAN card and who have only agricultural income. Form 61 is not acceptable if you have any income other than agriculture or if you are entering into transactions that are covered by rule 114B.
How is Form 61 Different from Form 60?
Form 61 is different from form 60 in the following ways:
Form 61 is applicable only for persons who have only agricultural income, whereas form 60 is applicable for persons who do not have a PAN card and who enter into any transaction specified in rule 114B.
Form 61 is required to be filed when a person receives any sum or income or amount on which tax is deductible at source (TDS) under chapter XVII-B of the Income Tax Act, whereas form 60 is required to be filed when a person enters into any transaction specified in rule 114B.
Form 61 contains details of the payment received and the TDS deducted, whereas form 60 contains details of the transaction entered into and the reason for not having PAN.
Form 61 is submitted to the person who deducts TDS, whereas form 60 is submitted to the person who quotes PAN under rule 114B.
Therefore, form 61 and form 60 are different declarations that serve different purposes and have different eligibility criteria and submission procedures.
How to Download Form 60 in Word Format?
If you want to download form 60 in word format, you can follow the steps given below:
Steps to Download Form 60 from the Income Tax Portal
Visit the official website of the income tax department at
Click on the "Forms/Downloads" tab on the homepage and select "Income Tax Forms" from the drop-down menu
Scroll down to find "Form No. : 60" under the heading "Other Forms"
Click on the "PDF" icon to download form 60 in PDF format
Steps to Convert Form 60 PDF to Word Format
Open the downloaded form 60 PDF file in any PDF reader software such as Adobe Acrobat Reader or Foxit Reader
Click on the "File" menu and select "Save As" or "Export" option
Choose "Word Document" or "Microsoft Word" as the output format and save the file with a suitable name and location
Open the converted form 60 word file in any word processor software such as Microsoft Word or Google Docs
Edit and fill the form as per your requirement and save it again
Benefits of Using Form 60 in Word Format
Using form 60 in word format has some benefits over using it in PDF format. Some of these benefits are:
Ease of Editing and Filling the Form
When you use form 60 in word format, you can easily edit and fill the form using any word processor software such as Microsoft Word or Google Docs. You can also use spell check, grammar check, font size, alignment, and other formatting features to make your form look neat and professional. You can also insert tables, charts, images, or other elements if required.
Saving and Printing the Form as per Convenience
When you use form 60 in word format, you can save and print the form as per your convenience. You can save the form in different formats such as DOC, DOCX, RTF, TXT, etc. You can also print the form on any paper size or orientation that suits your requirement. You can also email or share the form with others if needed.
Conclusion
In this article, we have explained what is form 60, who can use it, how to fill and submit it, how to download it in word format, and what are the benefits of using it. We hope that this article has helped you understand the concept and procedure of form 60. If you have any queries or feedback, please feel free to comment below.
FAQs
What are the consequences of not submitting form 60?
If you do not submit form 60 when required, you may face some consequences such as:
The person who is required to quote PAN under rule 114B may not accept your transaction or may report it to the income tax authorities
You may be liable for penalty under section 272B of the Income Tax Act for not complying with the provisions of section 139A
You may be subject to scrutiny or investigation by the income tax authorities for verification of your income and tax liability
Can I use form 60 instead of PAN for filing income tax return?
No, you cannot use form 60 instead of PAN for filing income tax return. Form 60 is only a declaration that can be used for certain transactions specified in rule 114B of the Income Tax Rules, 1962. If you are required to file income tax return under section 139 of the Income Tax Act, you must obtain PAN and quote it in your return.
How many times can I use form 60 in a financial year?
You can use form 60 as many times as you enter into any transaction specified in rule 114B of the Income Tax Rules, 1962. However, you should note that form 60 is not a permanent solution and you should apply for PAN as soon as possible if you are eligible to obtain it.
Can I submit form 60 online or offline?
You can submit form 60 either online or offline depending on the mode of transaction and the person who is required to quote PAN under rule 114B. For example, if you are opening a demat account, you can submit form 60 online through the website of the depository participant. If you are buying a motor vehicle, you can submit form 60 offline to the dealer or the registration authority.
What are the documents required to support form 60?
You are required to submit any one of the following documents as proof along with form 60:
Driving license
Passport
Ration card
Identity card issued by any institution
Copy of electricity bill or telephone bill showing residential address
Any document or communication issued by any authority of central government, state government or local bodies showing name, address or date of birth
Bank account statement
Aadhaar card
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