Everything you need to know about PANCARD

A personal loan is an amount of money you can get from a lending agency that you can use for many purposes. For example, you may use a personal loan to clear off debt, do home renovations, or plan for an What is Form 60 ?

The Indian government has announced that all Indian citizens who fall under the income-earning category and engage in any type of financial transaction must possess a PAN card. If a person does not have a PAN card, they must instead present Form 60 to the relevant government while doing any financial activities. In the banking industry, the Form 60 PAN Card is regarded as legally legitimate under section 114B of the Income Tax Act of 1962.
Name and residence are among the details that the applicant must supply on Form 60, which is a declaration. In addition, the applicant must state why they do not own a PAN card.

When Do You Need Form 60?

When someone wants to engage in any of the following financial transactions but does not yet have a PAN card, they must fill out Form 60.

• Buying or selling real estate with a minimum value of Rs. 10 lakh
• any motor vehicle purchase or sale. Two-wheelers are not included, but detachable sidecars with wheels fixed to the vehicle are
• Creating a Demat account.
• A fixed deposit with any bank of more than Rs. fifty thousand
• Any amount deposited into a Post Office savings bank account that exceeds Rs. fifty thousand
• Any agreement for the purchase or sale of securities that is worth at least Rs. 1 lakh per transaction
• establishing a bank or financial institution account
• Requesting a credit or debit card
• Fund transfers to mutual funds in excess of Rs. 50,000
• Payment of premiums for life insurance exceeding Rs. 50,000 annually
• buying or selling shares of a business that isn’t listed on any recognized stock exchange for more than Rs. 1 lakh per transaction
• Payment to hotels or eateries for services rendered, foreign exchange purchases, or travel expenses totaling more than Rs. 50,000 in a single transaction
• acquisition or sale of products or services not on the above list for more than Rs. 2 lakh per transaction

Note: The above-mentioned financial transactions are merely meant as examples. Visit the Income Tax Department’s official website to view the full list of transactions for which a PAN is required.

Documents Needed for Form 60

People must submit supporting documentation, such as proof of address or identity, with their Form 60 in India before they can submit it. The following list is mentioned:

• Driving license
• Passport
• Ration Card
• Identity Proof from an accredited institution
• Copy of telephone bill or electricity bill
• Document issued by State Government, Central Government or any other local bodies
• Any other document proof which is related to address mentioned
• Pensioner card with a photo
• Water bill
• Landline bill
• NRGS job card

What is the process for filling out Form 60?

If you have applied but have not yet received your PAN card, please provide the date of application and the acknowledgement number.

Declarant’s full name and address

The declarant’s birthdate and, if applicable, the father’s name

Declarant’s complete address along with their mobile number

Information about the transaction, including the sum

If you have been found liable for taxes, please provide the Range, Circle, and Ward where your most recent income tax return was filed.

Mention the Aadhar number’s details.