What is Form 60?

Hi Buddy,

Are you inquisitive about what is form 60? Let me assist you with this. When an individual does not have a permanent account number and engages in certain transactions as defined in Rule 114B of the Income-tax Rules, 1962, Form 60 is required.

PAN cards are used to identify taxpayers and offer information such as total taxes paid, pending taxes, and refunds issued, among other things. For a range of transactions, the Indian government has made it essential to give a Permanent Account Number (PAN). This aids in the detection of tax evasion, fraud, and illicit transactions.

After knowing about what is form 60 in bank, let us focus on,

• When you are selling or buying an immovable property valued at more than Rs 5 lakh

• Purchasing and selling any type of car. Two-wheelers are excluded, although detachable sidecars with wheels attached to the vehicle are included. It can be worth anything

• A Fixed Deposit of more than Rs. 50,000 with any bank

• In the case of a Post office saving bank account, any other form of deposit that is greater than Rs 50,000

• If you executed a contract for the purchase and sale of securities worth more than Rs 10 lakh

• When creating an account with a bank or other financial institution

• When you need to apply for any type of telephone service

• Making a single payment to a hotel or restaurant for a bill of more than Rs 25,000

• Declarant's full name and address

• Date of the declarant's birth and the name of his or her father (in case of an individual)

• Declarant's full address, including phone number

• The amount of the transaction 

• If you've been charged with a tax, include the Range, Circle, or Ward where you last filed an income tax return

• Mention the Aadhar number in detail.

If you have applied for a PAN Card but have not yet received it, you must provide the date of application and the PAN Card acknowledgement number.

As I am trying to provide a brief about what is form 60 declaration, it is also imperative for you to know that form 60 declarations can be submitted online or offline, depending on the applicant's preference. 

When opening a bank account without a PAN card, for example, you must submit a duly filled and signed copy of Form 60 together with the supporting papers to the bank. You must notify the bank where you have created a savings account if you receive your PAN card throughout the procedure.

I hope this answer would provide you with sufficient insights into what is form 60.

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