How many times can Form 60 be used?

Ask the Community HR
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1

Hi,

Can Form 60 be used as a substitute for PAN in all scenarios?
How many times can form 60 be used?

2

Hi Namita,

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.

Regards,
Bhuvana Anand