Form 61 PAN is a declaration which is to be filled by an individual whose source of income is from agriculture and is not receiving income in any other form that is taxable, as per the transactions mentioned in the Clauses (a) to (h) Rule 114B of Income Tax Act 1962.
When to make use of Form 61?
- Making sale or purchase of immovable property worth over Rs 5 Lakh.
- Making sale or purchase of vehicles other than a two-wheeler.
- Any Fixed deposit which exceeds Rs 50,000 with the Post office.
- Contract related to purchase or sales of a specified securities which exceed Rs 10 Lakh.
- Required at the time of opening a bank account.
- At the time of applying for a telephone connection.
- Making payment to hotels or restaurants against the bill for any amount more than Rs 25,000 at one time.
- Form 61 will have to be given during the time of the transaction to the person handling the transactions, such as a manager at the bank.
How to fill FORM 61
Form 61 can be filled both online and offline. All applicant needs to do is provide certain information that is required, and it includes:
- Name and address of the applicant
- Address proof
- Date and place along with declarant signature
- Applicant also must sign the verification which is mentioned in the form. It states that all information provided by the applicant is true to the best of their knowledge. Information regarding the place and date should also be provided.
Documents to support Form 61 India
- Aadhaar card
- Ration Card
- EPIC or Electoral Photo Identity Card
- Driving License
- Proof of identity and address issued by an institution.
- Recent utility bills (not older than 3 months).
- Document issued by Central or State Government containing the applicant’s residential address.
- Other document that helps in applicant’s address verification mentioned in the declaration.
- Document provided by the applicant as proof of address will have to be self-attested
Difference between Form 60 and Form 61
|FORM 60||FORM 61|
|This declaration needs to be submitted by an individual who does not have a PAN card but want to make transactions mentioned in Rule 114B.||This declaration needs to be submitted by applicants who have agricultural income but does not receive any other taxable income.|
|Applicant who do not have Register number but wishes to pay in cash for all the transactions mentioned in clauses (a) to (h) of Rule 114B, will have to submit Form 60.||All those who wishes to make participation in transactions specified in Clauses (a) to (h) of Rule 114B.|
Based on requirement of applicant, they will have to make decision whether to submit Form 60 or 61.