Can Form 60 be used as a substitute for PAN in all scenarios?
How many times can form 60 be used?
There is no limit prescribed.
Form 60 can be filed by an individual or any person (not a company or firm) on financial transactions that requires PAN, when the person does not have a PAN (not applied for), and when a person has applied for PAN where the allotment is pending (in this case acceptable when total income of a person exceeds the maximum amount that is not taxable in the year of transaction).
Some scenarios where Form 60 can be used for:
- Opening a bank account other than basic savings deposit account/Application for debit or credit card (Amount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year);
- Opening of demat account;
- Opening a fixed deposit with any bank/post office/Nidhi/NBFC;
- To Pay life insurance premium (that exceeds Rs.50,000 in a year);
- To pay a Mutual Fund for purchase of units (that exceeds Rs.50,000);
- To purchase or sale of an immovable property with value of Rs. 10 lakh or above;
- To purchase or sale of any motor vehicle (except two wheelers);
- Sale or purchase of goods/services other than the above that exceed Rs.2 lakh per transaction;
- Sale/purchase of company shares or contract for sale or purchase of securities that exceed Rs.1 lakh per transaction;
- Travel related payments to to any foreign country or payment towards purchase of any foreign currency or payment to restaurants / hotels in cash that exceeds Rs.50,000 at one time.