Form 60 is a self-declaration form used by individuals who don't have a Permanent Account Number (PAN) but need to carry out certain financial transactions specified under the Income Tax Rules where a PAN is mandatory. It is particularly useful for rural or low-income individuals who have not yet applied for a PAN card but still participate in financial activities.
Understanding Form 60 helps individuals stay compliant with income tax regulations while carrying out financial transactions such as bank deposits, property purchases, or investments, even without a PAN card. Here’s everything you need to know about what Form 60 is, when it is required, and who must use it. The article also covers the format of Form 60, the step-by-step process to fill and submit it, and how to download the official Form 60 PDF for 2025.
Key Takeaways
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Form 60 is a self-declaration form for individuals without a PAN card who need to complete specified high-value financial transactions like bank deposits above ₹50,000, property purchases above ₹10 lakh, or vehicle purchases.
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It is mandatory for transactions where PAN is legally required but the individual doesn't have one, helping tax authorities monitor financial activities for transparency and anti-money laundering compliance.
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The form requires personal details, transaction information, estimated income declaration, and must be supported by valid identity and address proofs like Aadhaar, passport, or utility bills.
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Form 60 can be submitted both offline (physically at banks/institutions) and online (via institutional portals during e-KYC), and must be filed separately for each qualifying transaction.
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False declarations in Form 60 attract rigorous imprisonment of 3 months to 7 years and fines under Section 277 of the Income Tax Act, depending on the tax evasion amount.
What Is Form 60? - Meaning And Definition
Under Rule 114B of the Income Tax Rules, 1962, Form 60 is a statutory declaration required by the Income Tax Act for individuals without a Permanent Account Number (PAN) who want to engage in high-value financial transactions where quoting PAN is mandatory.
Form 60's main goal is to monitor those without a PAN from engaging in certain financial activities while also allowing the income tax authorities to keep an eye on these transactions for transparency and compliance. It also plays a crucial role in anti–money laundering and tax compliance processes.
While it permits transactions in the absence of PAN, individuals must still fulfil their income tax obligations. Submitting incorrect details or failing to provide Form 60 where required may lead to rejection of transactions, penalties, or other legal consequences under the Income Tax Act.
Also, check out What is Pan Card here.
Who Should Submit Form 60?
Form 60 must be submitted by individuals who do not have a PAN but undertake financial transactions where quoting PAN is legally required. However, those with taxable income exceeding the exemption limits are encouraged to obtain a PAN instead of repeatedly using Form 60.
There are two important exceptions:
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Non-resident individuals (NRIs) are not required to submit Form 60 or quote their PAN for specified transactions such as applying for a debit or credit card or making restaurant payments, as these are exempted under the Income Tax Act.
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Individuals who already possess a valid PAN card should simply quote their PAN in the transaction documents instead of submitting Form 60.
When Is Form 60 Required?
Form 60 is required for financial transactions where quoting PAN is mandatory, and the individual or entity does not have a PAN. Key situations include:
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Nature of Transaction |
Threshold / Condition |
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Opening a savings or current bank account |
Any value |
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Depositing cash in a bank or post office |
₹50,000 or more in a single day |
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Fixed deposit (bank, post office, NBFC, or Nidhi company) |
₹50,000 or more at once or ₹5,00,000 or more in a financial year |
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Purchase or sale of motor vehicle |
Any value |
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Investment in mutual funds, bonds, or debentures |
Above ₹50,000 |
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Payment of life insurance premiums |
Exceeding ₹50,000 in a financial year |
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Trading in securities or unlisted shares |
Above ₹1,00,000 per transaction |
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Purchase or sale of immovable property |
Value of ₹10,00,000 or more |
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Applying for a credit or debit card |
Any value |
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Payment in hotels or restaurants |
Bill exceeding ₹50,000 |
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Foreign travel or purchase of foreign currency |
Above ₹50,000 in a single transaction |
Note: Under Rule 114B, NRIs must furnish PAN or Form 60 for a limited set of financial transactions, including:
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Sale or purchase of a motor vehicle (any value)
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Opening a bank or demat account
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Investing in mutual funds, bonds, or debentures exceeding ₹50,000
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Time deposits above ₹50,000 (or ₹5,00,000 annually)
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Purchase or sale of immovable property valued at ₹10,00,000 or more
Thus, while Form 60 primarily applies to residents without PAN, NRIs should also comply when engaging in such specified high-value transactions to ensure regulatory adherence.
How To Fill Form 60? – Step-By-Step Process
Here is a step-wise guide on how to fill Form 60 in its correct format:
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Full name and address of declarant: Enter first name, middle name, surname in capital letters. Also complete flat/room number, floor, name of premises, road/street, town/city, district, state and pin code.
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Date of birth (for individuals) / date of incorporation (for foreign company): Use DDMMYYYY format in the space provided.
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Father’s name (in case of individual): Fill first, middle, surname.
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Taxpayer identification number (for foreign company, if applicable): If covered by the third proviso of Rule 114B.
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Particulars of transaction: Specify type of transaction (opening account, deposit, property purchase, etc.).
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Amount of transaction (₹): Provide the monetary value of the transaction.
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Estimated total income (if PAN not applied): If you have not applied for PAN and your income (other than agricultural) is less than the basic exemption limit, enter agricultural income and other income as per section 64.
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Reason for not having PAN: If you have applied for PAN but allotment is pending, mention acknowledgement number and date in the specific column.
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Verification and signature: At bottom, you must sign, date and specify place of declaration. Before signing, you must satisfy yourself that all information is correct.
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Submission: The filled form must be submitted to the entity with whom the transaction is being carried out (bank, real-estate registrar, investment company, etc.).
Form 60 Format And Sample Pdf Download
The form is titled “FORM NO. 60 [See second proviso to Rule 114B]” (for individuals/persons without PAN entering specified transactions) and is issued under Rule 114B of the Income‑tax Rules, 1962.
The form is divided into numbered fields. Key fields include:
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4-13: Address of declarant: Flat/Room No., Floor, Name of premises, Block Name/No., Road/Street/Lane, Area/Locality, Town/City, District, State, Pin Code.
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22: If PAN not applied – estimated total income (including spouse/minor child etc) for the financial year in which the transaction is held, broken into:
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(a) Agricultural income (₹)
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(b) Income other than agricultural income (₹)
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23-24: Details of documents being produced:
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23: Document in support of identity (with document code, identification number, and issuing authority)
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24: Document in support of address (with similar details)
Important Notes On Format
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The form must be filled in capital letters in many instances (banks/institutions often require this).
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The fields must be completed correctly; missing or inaccurate fields may lead to rejection.
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The format was updated by the Central Board of Direct Taxes via the Income-tax (24th Amendment) Rules, 2023, effective 10 October 2023.
You can download the official PDF of Form 60 from the website of the Central Board of Direct Taxes (CBDT) or the Income-Tax Department forms page.
Download link (for user convenience): Form 60 PDF (official source)
Before submitting, review the form layout carefully and ensure the correct version (latest amendment) is used.
Documents Required To Submit Form 60
When you submit Form 60, you must attach supporting documents to validate your identity, address and transaction. These ensure the institution or authority receiving Form 60 can verify that you indeed lack a PAN and are eligible to use the form:
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Identity Proof
You must provide a document that clearly identifies you and includes your name and photograph (if applicable). Common choices include:
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Aadhaar card (if issued)
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Passport
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Driving licence
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Voter ID card (Elector’s Photo Identity Card)
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Pensioner photo card, NREGS job card, or other government-issued photo ID.
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Address Proof
Your current residential address must be supported by documentation. Acceptable items include:
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Utility bills such as electricity, water or landline telephone bill (recent)
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Ration card with photo
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Bank/post-office passbook with your address and photograph (if photo appears)
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Any valid document issued by state/central government or local body showing your address.
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Transaction-related Proof / Declaration Elements
Since Form 60 is submitted for a specified transaction (under Rule 114B of the Income-tax Rules), you may need to attach or provide details such as:
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Nature of the transaction (opening account, deposit, property purchase, vehicle purchase, etc) and its value.
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If you have applied for PAN but allotment is pending, attach the PAN-application acknowledgement number and date; this goes into the relevant column in Form 60.
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If you have not applied for PAN, you must declare estimated income (agricultural and non-agricultural) for the financial year in which the transaction is made; ensure the amount does not exceed the basic exemption limit for tax (unless PAN is applied for).
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Matching Details
All the supporting documents must correspond exactly to the details you fill in Form 60: name, address, transaction amount/date. A mismatch may lead to rejection.
Key Things For You To Remember:
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If you later obtain a PAN, you should update the institution where Form 60 was submitted and quote the PAN for future transactions.
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Provide clear, legible copies of documents; the institution may ask for originals or certified copies.
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Submission of Form 60 with supporting documents does not relieve you from your tax obligations. Your income must still be assessed if applicable.
Also, check out PAN Card Eligibility here.
How To Submit Form 60 Online And Offline?
Offline Submission Process
Form 60 can be submitted physically when you are conducting a transaction at a bank, financial institution, or government office. This method is common for individuals who prefer in-person KYC verification.
Steps:
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Download Form 60 here: incometaxindia.gov.in.
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Print and fill the form neatly using block letters.
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Ensure that all mandatory details, such as name, address, date of birth, transaction details, and estimated income, are entered accurately.
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Attach supporting documents such as valid identity proof (Aadhaar, voter ID, passport) and address proof (utility bill, ration card, driving licence).
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Sign and date the declaration. (at the bottom of the form).
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Submit the form to the concerned authority (for example, your bank branch, post office, property registrar, or NBFC).
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Obtain an acknowledgement or receipt if available. Keep a copy of the submitted form for future verification or audits.
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Offline submission ensures your declaration is physically recorded with the respective institution and can be verified later if required by the Income Tax Department.
Online Submission Process
Several regulated institutions, including banks, NBFCs, and mutual fund platforms, now allow users to submit Form 60 digitally as part of their e-KYC (Know Your Customer) process.
Steps:
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Visit the institution’s online portal or mobile app
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Navigate to the KYC / PAN Update / Form 60 section.
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Download the blank Form 60 template available on the portal. (Some platforms provide a pre-filled form for convenience.)
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Fill in the details online or upload a scanned, signed copy of the completed form.
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Attach scanned copies of your identity and address proofs in the specified formats (PDF/JPEG, usually below 2 MB each).
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Submit the declaration digitally. You may receive an on-screen confirmation or an acknowledgement number via email/SMS.
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If you later obtain a PAN card, inform the same institution and update your records immediately to replace the earlier Form 60 entry.
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Although the Income Tax Department does not yet provide a central portal to file Form 60 online, submission via authorised intermediaries (banks, brokers, or NBFCs) is recognised as valid.
Also, learn How to Apply for a PAN Card Online here.
Penalties For False Declaration In Form 60
Providing false or misleading details in Form 60 is a punishable offence under Section 277 of the Income Tax Act, 1961. The law treats any incorrect declaration as an attempt to conceal information or evade tax, leading to serious consequences.
Penalties Under Section 277
If the tax evasion amount exceeds ₹25 lakh
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Rigorous imprisonment: Minimum 6 months and up to 7 years.
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Fine: As determined by the Income Tax Department.
For Other Cases (Below ₹25 Lakh)
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Rigorous imprisonment: Minimum 3 months and up to 2 years.
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Fine: As applicable under law.
If unsure, consult a qualified tax professional to ensure your Form 60 is filed correctly and in full compliance with income tax regulations.
Learn How to Link Aadhaar Card with PAN Card here.
Conclusion
Form 60 is an important compliance document when you do not have a PAN card but need to carry out specified financial transactions. It ensures that such transactions remain transparent and traceable under the Income Tax Act, helping both the individual and the authorities maintain proper financial records.
Fill Form 60 correctly to avoid penalties or rejection of transactions. Always use the latest official format, verify every detail, and attach valid identity and address proofs. Once a PAN card is allotted, remember to update it with the respective institution to replace the earlier declaration.
