Form 60 & Form 61 (Declaration in Lieu of PAN for Financial Transactions)

Statutory self-declaration under Rule 114B of the Income-tax Rules enabling individuals without a PAN or earning solely agricultural income to open bank accounts, buy vehicles, and buy property

Download Official Form 60 & Form 61 Formats →

📝 Prepared by: India Docs Portal (independent, not a government website)📅 Last updated: November 4, 2026✅ Sources: 2 official references listed below

Cannot be used if you have a PAN or taxable income

If you have already been allotted a PAN, or if your annual income exceeds the tax exemption threshold, submitting Form 60 is illegal and can lead to account freezing and penalties under Section 272B.

Apply for an Instant e-PAN instead →

Quick Answer: What are Form 60 and Form 61?

💡 Form 60 is a statutory declaration submitted under Rule 114B of the Income-tax Rules by individuals who do not possess a PAN card when entering into specified financial transactions (like opening a savings bank account, making fixed deposits over ₹50,000, or buying a vehicle). Form 61 is a specialized variation used exclusively by farmers and cultivators whose income is 100% agricultural and tax-exempt.

Form 60 vs Form 61 vs PAN Card

Understand when to use Form 60, Form 61, or why you should simply obtain a PAN card.

Parameter	Form 60	Form 61	PAN Card
Who Can Use It	Individuals without a PAN with income below taxable limit	Individuals/HUFs having agricultural income only	Any resident or non-resident, individual or entity
Applicable Income Source	Non-taxable salary, small business, household earnings	100% agricultural cultivation earnings	Any income source (salaried, capital gains, corporate)
TDS Rate Deducted by Banks	Subject to 20% higher TDS under Section 206AA on deposits	Exempt from TDS if agricultural status is certified	Standard TDS rates (10% on interest, or 0% with 15G/15H)
Validity	Valid for the single specific transaction submitted	Valid for the specific agricultural transaction	Permanent lifetime unique identity document

⚠️ Important Acceptance Note: Under Section 206AA of the Income-tax Act, if PAN is not provided, tax is deducted at source at the higher of 20% or the statutory rate, making PAN far more cost-effective than relying on Form 60.

Quick Information

⏱️ Processing Time

Instant verification at the time of account opening or transaction execution across banks, auto dealerships, and sub-registrar offices.

💵 Fees

100% Free of cost (no fees can be charged by institutions for processing Form 60/61).

✅ Eligibility

Form 60: Any resident individual who does not have a PAN and whose estimated total income (excluding agricultural income) does not exceed the basic tax exemption limit. Form 61: Any person who has agricultural income only and no taxable non-agricultural income.

Who Needs This Document?

Any individual who enters into high-value financial transactions specified under Rule 114B (such as opening a bank account, purchasing a motor vehicle, buying mutual funds, or acquiring immovable property) but does not possess a Permanent Account Number (PAN). Form 61 is specifically for persons whose only income source is agriculture.

Required Documents

Proof of Identity (PoI) - Aadhaar Card, Voter ID, Driving Licence, Passport, or NREGA Job Card
Proof of Address (PoA) - Electricity bill, Water bill, Domicile Certificate, or Ration Card (not older than 3 months)
Two recent passport-sized color photographs
For Form 61 (Farmers): Land ownership document, 7/12 extract, Patta Chitta, or Khasra-Khatauni proving agricultural land holding

How to Fill and Submit Form 60 for Bank Accounts & Transactions

Obtain Form 60

Collect the physical Form 60 from the bank branch/sub-registrar office or download the PDF from incometaxindia.gov.in.

Fill Personal Identifiers (Fields 1 to 13)

Enter your full name (First, Middle, Surname), Date of Birth, Father's Name, complete residential address with PIN code, and active mobile number.

Specify the Transaction Details (Fields 14 to 17)

Enter the exact nature of the transaction (e.g., 'Opening Savings Bank Account' or 'Fixed Deposit'), the transaction amount (₹), and whether applied for PAN (if applied, provide application acknowledgment number).

Disclose Estimated Annual Income (Field 18)

Declare your estimated Agricultural Income and Other (Non-Agricultural) Income for the current financial year. Non-agricultural income must be below the basic tax exemption limit.

Sign the Verification & Attach ID Proofs

Sign the solemn verification statement, write the date and place, attach self-attested photocopies of your Aadhaar or Voter ID as supporting documents, and hand it to the verifying officer.

How to Transition from Form 60 to PAN in Your Bank Records

Once a customer who submitted Form 60 receives their PAN card, updating bank records is compulsory under RBI Master Directions on KYC:

Obtain PAN Card

Apply for an Instant e-PAN or physical PAN card via the Income Tax portal or Protean/UTIITSL.

Submit Re-KYC Form at Bank

Visit your home branch or log in to mobile banking, navigate to 'Update PAN', enter your 10-character PAN number, and upload a self-attested copy of your PAN card.

Bank Verifies and Replaces Form 60

The bank validates your PAN on the TRACES/Protean NSDL database, updates your Central KYC (CKYC) profile, and removes Form 60 restrictions.

ℹ️ Updating your PAN removes transaction limits, prevents higher 20% TDS on fixed deposits under Section 206AA, and unblocks international debit card transactions.

Transactions Where PAN or Form 60 Is Legally Mandatory (Rule 114B)

Under Rule 114B, the following 18 high-value transactions require mandatory quoting of PAN or submission of Form 60:

Banking & Fixed Deposits

Opening any bank account (other than Basic Savings Bank Deposit Account - BSBDA/Jan Dhan); making a cash deposit or cash withdrawal exceeding ₹50,000 in a single day; or booking an FD/TD exceeding ₹50,000 at a time or ₹5,00,000 in a financial year.

Motor Vehicle Transactions

Sale or purchase of any motor vehicle other than two-wheeled vehicles (unless the two-wheeler has an engine capacity exceeding certain commercial specs).

Real Estate & Immovable Property

Sale or purchase of any immovable property valued at ₹10,00,000 or more, or valued by the stamp valuation authority at ₹10,00,000 or more.

Investments, Cards & Foreign Travel

Applying for a credit card; purchasing mutual fund units exceeding ₹50,000; payment exceeding ₹50,000 for foreign travel or foreign currency purchase; or paying restaurant/hotel bills exceeding ₹50,000 in cash.

ℹ️ Companies, LLPs, and partnership firms cannot use Form 60. Form 60 is strictly restricted to individuals who do not possess a PAN.

Income Tax Department Forms ↗

⚠️ Common Mistakes to Avoid

Submitting Form 60 while already holding a PAN card — this is an offense under Section 272B carrying a penalty of ₹10,000 per default
Entering non-agricultural income that exceeds the taxable exemption threshold — Form 60 is rejected if non-agricultural income exceeds ₹2.5L / ₹3L
Using Form 60 for companies, trusts, or partnership firms — non-individual entities must always hold a PAN and cannot use Form 60 under any circumstances
Submitting without supporting identity and address documents — Form 60 is completely invalid unless accompanied by one officially valid PoI and one PoA document listed in Rule 114B
Confusing Form 60 with Form 61 — non-farmers with mixed income must use Form 60; Form 61 is strictly for 100% agricultural cultivators

Resolving Form 60 Acceptance & Verification Issues

Standard solutions when banks or car dealers raise queries regarding Form 60.

Issue Encountered	Root Cause	Action to Take
Bank refuses to open account with Form 60	RBI Master Direction on Know Your Customer (KYC)	RBI guidelines explicitly mandate banks to accept Form 60 for basic savings and small accounts if the customer does not have a PAN. Show RBI Master Circular DBR.AML.BC.No.81/14.01.001.
Sub-registrar refuses to register property without PAN	Immovable property value exceeds ₹10 Lakh	Rule 114B permits Form 60 for property transactions if the buyer/seller does not have a PAN and income is non-taxable. However, if the purchase implies undisclosed taxable income, obtain an Instant e-PAN within 10 minutes.
Bank freezes account opened on Form 60	Periodic re-KYC deadline or aggregate transactions exceeding limits	Accounts opened with Form 60 face stricter annual deposit monitoring. Submit your Aadhaar card and apply for a PAN card to lift freeze.
Form 61 rejected by bank branch	Proof of agricultural land holding	Attach a certified recent copy of your land revenue record (7/12 extract, Patta Chitta, or Khasra-Khatauni) with Tahsildar stamp.

💡 Tip: All receiving institutions (banks, car dealers, sub-registrars) must compile and submit Form 61A electronically to the Income Tax Department every year reporting all accepted Form 60s.

Frequently Asked Questions

Can I open a normal savings account with Form 60?

Yes. Under Rule 114B, any individual who does not possess a PAN can open a savings bank account by submitting Form 60 along with valid Proof of Identity and Address (such as Aadhaar or Voter ID). However, basic savings rules apply, and cash transactions will be scrutinized.

Is Form 60 accepted for buying a four-wheeler car?

Yes. Motor vehicle dealerships are authorized under Rule 114B to accept Form 60 for the purchase of cars, commercial vehicles, or motorcycles if the buyer does not have a PAN and certifies that their income is non-taxable.

Can a student or homemaker submit Form 60?

Yes. Students, homemakers, and senior citizens who do not have an independent taxable income can freely submit Form 60 to open bank accounts or invest in small recurring deposits.

What is the penalty for submitting a false Form 60?

Submitting a false declaration in Form 60 is an offense under Section 277 of the Income-tax Act. If the tax sought to be evaded exceeds ₹25,000, it carries rigorous imprisonment from 6 months to 7 years plus a financial penalty.

Can I buy mutual funds using Form 60?

No. While Rule 114B theoretically allows Form 60 for mutual fund investments up to ₹50,000, SEBI regulations mandate that all mutual fund investors must complete PAN-based KYC. Asset Management Companies (AMCs) do not accept Form 60.

Regulatory References & Official Sources

📜
Rule 114B of the Income-tax Rules, 1962: Transactions in connection with which PAN is to be quoted — Central Board of Direct Taxes (CBDT), Ministry of Finance
Enumerates all 18 high-value financial transactions requiring either PAN or Form 60/61.
Checked on November 4, 2026
View Reference Document ↗
📜
Rule 114D: Time and manner in which persons referred to in rule 114C shall furnish a statement — Directorate of Income Tax (Systems)
Prescribes statutory verification, reporting, and retention norms for Form 60 declarations collected by banks and financial entities.
Checked on November 4, 2026
View Reference Document ↗

📄 Related Documents

Next Step

Prescribed under Rule 114B and Rule 114D of the Income-tax Rules, 1962. Physical and electronic forms are available at all bank branches, sub-registrar offices, and post offices.