What is Post Office Form 60 and Why Do You Need It?
Form 60 is a declaration form that is submitted by an individual or a person (except company or firm) who does not have a Permanent Account Number (PAN) and enters into certain transactions specified in Rule 114B of the Income Tax Rules, 1962. PAN is a unique identification number issued by the Income Tax Department for tax purposes. It is mandatory to quote PAN in various documents such as income tax return, bank account opening, property purchase, etc. However, if you do not have a PAN or you have applied for PAN but it is not yet allotted, you can use Form 60 instead of PAN in some cases.
What are the transactions that require Form 60?
According to Rule 114B, you need to submit Form 60 if you do not have a PAN and you enter into any of the following transactions:
post office form 60 pdf download
Purchase or sale of any motor vehicle excluding two wheelers
Opening of a bank account other than a basic savings deposit account
Opening of a demat account
Application for a debit or credit card
Purchase or sale of an immovable property valued at Rs. 10 lakh or more
A fixed deposit with any bank, post office, Nidhi, or non-banking financial company exceeding Rs. 50,000 or aggregating to more than Rs. 5 lakh in a financial year
Payment to a hotel or restaurant exceeding Rs. 50,000 at one time
Payment in connection with foreign travel or purchase of foreign currency exceeding Rs. 50,000 at one time
Payment of life insurance premium exceeding Rs. 50,000 in a year
Sale or purchase of shares or securities exceeding Rs. 1 lakh per transaction
How to fill and submit Form 60?
You can fill and submit Form 60 either online or offline. To fill out Form 60, you need to provide the following details:
Your full name and address
Your date of birth and father's name
Your contact information
The transaction details with the amount
If you are already assessed under income tax, mention those details
The reason for not having a PAN
If you have applied for PAN and it is not yet allotted, mention the date of application and acknowledgement number
If you do not have PAN, fill your estimated total income (including income of spouse, minor child, etc.) for the financial year in which the transaction is held
The documents that you can produce in support of your identity and address (such as Aadhaar card, voter ID card, driving license, passport, etc.)
Your signature or thumb impression
To submit Form 60 online, you can visit the reporting portal [13]( and follow the instructions given there. You will need to register yourself as a reporting entity and upload the Form 60 data in the prescribed format. You will also need to verify the Form 60 data using a digital signature certificate or Aadhaar based e-signature.
To submit Form 60 offline, you can visit the nearest branch of the bank, post office, or other institution where you are conducting the transaction and fill out the physical copy of Form 60. You will also need to attach the copies of the documents that you have mentioned in Form 60 as proof of your identity and address.
Here is a sample of Form 60 that you can refer to:
Form No. 60
[See second proviso to rule 114B]
Form of declaration to be filed by a person who does not have a permanent account number and who enters into any transaction specified in rule 114B
1. Full name and address of the declarant
Shyam Kumar, Flat No. 101, Green Park Apartments, New Delhi-110001
2. Particulars of transaction
Opening of a savings bank account with State Bank of India, Connaught Place Branch, New Delhi
3. Amount of the transaction
Rs. 10,000 (initial deposit)
4. Are you assessed to tax?
No
5. If yes, (i) Details of Ward/Circle/Range where the last return of income was filed (ii) Reasons for not having permanent account number
N/A
6. Details of the document being produced in support of address in column (1)
Aadhaar card bearing number 1234-5678-9012
Verification I, Shyam Kumar, do hereby declare that what is stated above is true to the best of my knowledge and belief. Verified today, the 20th day of June, 2023.
Place: New Delhi Signature/Left thumb impression of the declarant: Shyam Kumar
How to Download Post Office Form 60 PDF?
If you want to download Post Office Form 60 PDF, you can do so from the official website of India Post or Income Tax Department. Here are the steps to download Post Office Form 60 PDF:
Visit the official website of India Post [12]( or Income Tax Department [11](
On the India Post website, click on "Forms" under "Citizen Services" section. On the Income Tax Department website, click on "Downloads" and then select "Income Tax Return Forms".
On both the websites, you will find a list of forms available for download. Look for "Form No. 60" and click on it.
A PDF file of Form 60 will open in a new tab or window. You can save it on your device or print it as per your convenience.
You can also use these links to directly download Post Office Form 60 PDF: [10]( or [9](
What is the Difference Between Form 60 and Form 61?
Form 61 is another declaration form that is submitted by an individual or a person (except company or firm) who does not have a PAN and whose income is not chargeable to tax under the Income Tax Act, 1961. Form 61 is used for transactions other than those specified in Rule 114B, such as sale or purchase of goods or services exceeding Rs. 2 lakh per transaction.
The main differences between Form 60 and Form 61 are:
Form 60
Form 61
Used for transactions specified in Rule 114B that require PAN or Form 60.
Used for transactions other than those specified in Rule 114B that do not require PAN or Form 60.
Applicable to any person who does not have a PAN or has applied for PAN but it is not yet allotted.
Applicable only to those persons whose income is not chargeable to tax under the Income Tax Act, 1961.
Requires the details of the transaction, the reason for not having PAN, and the estimated total income for the financial year.
Requires the details of the transaction and a declaration that the income is not chargeable to tax.
The format of Form 60 is prescribed in Annexure A of Rule 114B.
The format of Form 61 is prescribed in Annexure B of Rule 114B.
Conclusion
Post Office Form 60 is a declaration form that is used by a person who does not have a PAN and enters into certain transactions specified in Rule 114B of the Income Tax Rules, 1962. It is an alternative to PAN in some cases and it helps in preventing tax evasion and money laundering. Form 60 can be filled and submitted online or offline by providing the necessary details and documents. Form 60 can be downloaded from the official website of India Post or Income Tax Department in PDF format. Form 61 is another declaration form that is used by a person whose income is not chargeable to tax and enters into transactions other than those specified in Rule 114B. Form 61 is different from Form 60 in terms of eligibility, usage, and format.
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Some tips or suggestions for using Form 60 or Form 61 are:
Always fill out Form 60 or Form 61 accurately and truthfully to avoid any penalty or prosecution.
Keep a copy of Form 60 or Form 61 for your own records and reference.
If you have applied for PAN and it is allotted, update your PAN details with the bank, post office, or other institution where you have submitted Form 60 or Form 61.
If your income becomes chargeable to tax, apply for PAN and file your income tax return accordingly.
If you have any doubt or query regarding Form 60 or Form 61, consult a tax expert or a professional.
FAQs
Q1. What is the penalty for not submitting Form 60 or Form 61?
A1. If you fail to submit Form 60 or Form 61 as required by Rule 114B, you may be liable to pay a penalty of Rs. 10,000 under section 272B of the Income Tax Act, 1961. You may also face prosecution under section 277 of the Act for making a false statement or declaration.
Q2. Can I submit Form 60 or Form 61 online without visiting the bank or post office?
A2. Yes, you can submit Form 60 or Form 61 online through the reporting portal [8]( by registering yourself as a reporting entity and uploading the Form 60 or Form 61 data in the prescribed format. You will also need to verify the Form 60 or Form 61 data using a digital signature certificate or Aadhaar based e-signature.
Q3. Can I use Form 60 or Form 61 for filing income tax return?
A3. No, you cannot use Form 60 or Form 61 for filing income tax return. You need to have a PAN for filing income tax return. If you do not have a PAN, you can apply for it online through the official website of Income Tax Department [7]( or offline through any of the designated PAN service centers [6](
Q4. How long does it take to get a PAN after applying for it?
A4. It usually takes around 15 to 20 days to get a PAN after applying for it. You can track the status of your PAN application online through the official website of Income Tax Department [5]( or NSDL [4]( by entering your acknowledgement number and date of birth.
Q5. What are the benefits of having a PAN?
A5. Having a PAN has many benefits, such as:
It helps in filing income tax return and claiming tax refunds
It helps in opening bank accounts, applying for loans, and making investments
It helps in verifying your identity and address for various purposes
It helps in avoiding the hassle of submitting Form 60 or Form 61 for certain transactions
It helps in preventing tax evasion and money laundering
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