On the time of getting into into sure specified transactions, PAN Card No. is mandatorily required to be submitted. In case an individual doesn’t have a PAN Card No., he can submit a declaration in Type 60/Type 61.
Transactions the place PAN No is mandatorily required to be furnished
As per Rule 114B, PAN Card No. is necessary required to be furnished on the time of getting into into the next transactions
- Sale or buy of any immovable property exceeding Rs. 5,00,000
- Sale or buy of any car (excl two-wheelers)
- Any FD exceeding Rs. 50,000 with any Financial institution
- Any Fastened Deposit exceeding Rs. 50,000 with Submit Workplace
- Contract exceeding Rs. 10,00,000 on the market/buy of specified securities
- Opening a Financial institution Account
- Making an software for set up of a phone connection
- Cost to Inns and Eating places for a fee exceeding Rs. 25,000
Within the case of minors, whose revenue is just not chargeable to tax as per the revenue tax slabs, the PAN No. of the daddy or mom or guardian shall be quoted.
- Really useful Learn: Earnings Tax Slab Charges
Submission of Type 60/ Type 61
In case an individual who enters into any of the aforesaid transactions doesn’t have a PAN Card, he shall file a declaration in Type 60/Type 61.
Type 60 is required to be filed in instances the place an individual enters into any of the transactions talked about above however doesn’t have a PAN card. Type 61 is required to be furnished in case an individual who has agricultural revenue and isn’t in receipt of some other revenue chargeable to revenue tax.
Process for furnishing Type 60/ Type 61
A number of particulars are required to be furnished in Type 60/ Type 61. A few of these embrace the title of the particular person furnishing such declaration, particulars of the transaction entered into, the quantity of transaction and so forth.
In Type 60, you’ll even be required to say whether or not you’ve been assessed to tax earlier. And in case you’ve been assessed to tax earlier, you’ll even be required to say the Particulars of the Earnings Tax Ward/Circle No/ Vary the place the final return was filed and likewise the explanation for not having a PAN Card.
Self attested copy of paperwork for deal with proof would even be required to be submitted together with Type 60 & Type 61. The paperwork that are counted as legitimate deal with proof are as follows:-
- Ration Card
- Passport
- Driving License
- Identification Card issued by any establishment
- Copy of the electrical energy invoice or phone invoice displaying the residential deal with
- Any doc or communication issued by Central/State Govt or any Native Authority displaying the residential deal with
- Some other doc in assist of the his deal with given within the declaration