Axis Bank Form 60 Download: What, Why and How?
If you do not have a Permanent Account Number (PAN) card, you may face some difficulties while carrying out certain financial transactions. However, there is a way to overcome this problem by submitting a Form 60 declaration. In this article, we will explain what Form 60 is, when it is required, who needs to submit it, how to download it from Axis Bank, how to fill it, and how it compares with PAN card.
What is Form 60?
Form 60 is a declaration that must be submitted by an individual or a person (not a company or firm) who does not have a PAN card and enters into some specified transactions as per Rule 114B of the Income-tax Rules, 1962. Form 60 is not a substitute for PAN, but a method for providing PAN in some cases. Some of the transactions that require Form 60 are starting new accounts, investing in funds, foreign travel and currency purchase, sale or purchase of immovable property or motor vehicles, and expenses over ₹ 50,000.
Form 60 contains details like name, address, and reason of not having a PAN card. It also requires the details of the transaction and the income of the declarant. The declarant has to verify the form by signing it and providing supporting documents for identity and address proof.
How to download Form 60 from Axis Bank?
If you are an Axis Bank customer or want to open an account with Axis Bank, you can download Form 60 from their website or visit their branch. Here are the steps for both methods:
- Visit the Axis Bank website at [www.axisbank.com](^1^).
- Go to the Download Forms section and select Smart Forms.
- Under Accounts, click on Service Request Form (SRF).
- Download the PDF file and print it.
- Fill the form as per the instructions given below.
- Visit any Axis Bank branch near you.
- Ask for a Service Request Form (SRF) from the customer service executive.
- Fill the form as per the instructions given below.
How to fill Form 60?
Form 60 has four sections: personal details, transaction details, income details, and document details. You have to fill all the relevant fields in each section. Here are the steps to fill each section:
- Enter your full name as per your identity proof document.
- Enter your father’s name (in case of individual).
- Enter your date of birth or incorporation (in case of non-individual).
- Enter your complete address as per your address proof document.
- Enter your telephone number and mobile number.
- If you have an Aadhaar number issued by UIDAI, enter it in column 20.
- Enter the amount of transaction in rupees.
- If the transaction is in joint names, enter the number of persons involved in the transaction.
- Enter the date of transaction in DD/MM/YYYY format.
- Enter the mode of transaction such as cash, cheque, card, draft/banker’s cheque, online transfer, or other.
- Enter your estimated total income for the current financial year.
- Select the range of your income from the options given in column 24.
- If you are a salaried employee, enter the name and address of your employer.
- If you are a self-employed professional or businessman, enter the nature of your profession or business.
- If you have any other source of income, enter the details in column 27.
- Select the type of document that you are submitting as proof of identity and proof of address from the list given in column 28.
- Enter the number and date of issue of the document in column 29 and 30 respectively.
- If you are submitting a driving license, passport, voter ID card, or ration card, enter the name of the issuing authority in column 31.
- If you are submitting a bank account statement, electricity bill, telephone bill, or credit card statement, enter the name of the bank or service provider and the period for which the statement or bill is issued in column 32 and 33 respectively.
- Read the declaration carefully and sign it in column 34.
- Enter the place and date of signing in column 35 and 36 respectively.
- If you are filling the form on behalf of someone else, enter your name, capacity, and address in column 37 to 39 respectively.
Form 60 vs PAN card
While Form 60 can help you to carry out some transactions without a PAN card, it is not a permanent solution. There are some advantages of having a PAN card over Form 60. Here are some of them:
Advantages of PAN card
- PAN card is a unique identification number that can be used for various purposes such as filing income tax returns, applying for loans, opening bank accounts, investing in mutual funds, etc.
- PAN card can help you to avoid tax deduction at source (TDS) on certain payments such as interest, dividends, rent, etc. by submitting Form 15G or 15H.
- PAN card can help you to claim tax refunds, if any, from the income tax department.
- PAN card can help you to track your financial transactions and prevent tax evasion and frauds.
Limitations of Form 60
- Form 60 is valid only for one transaction and has to be submitted every time you enter into a specified transaction without a PAN card.
- Form 60 does not exempt you from paying taxes on your income. You still have to file your income tax returns and pay taxes as per your income slab.
- Form 60 does not serve as a proof of identity or address for other purposes such as applying for passport, visa, Aadhaar card, etc.
- Form 60 can be rejected by the authorities if it is incomplete, incorrect, or not supported by valid documents.
In conclusion, Form 60 is a declaration that can be used by individuals or persons who do not have a PAN card and want to carry out some specified transactions as per Rule 114B of the Income-tax Rules, 1962. Form 60 can be downloaded from Axis Bank website or branch and filled with personal details, transaction details, income details, document details, and verification. However, Form 60 is not a substitute for PAN card and has some limitations. Therefore, it is advisable to apply for a PAN card as soon as possible and enjoy its benefits.
Frequently Asked Questions (FAQs)
- What is the penalty for not submitting Form 60?
- How can I apply for a PAN card?
- Can I submit
- Can I submit Form 60 online?
Yes, you can submit Form 60 online through the e-filing portal of the income tax department. You have to register yourself on the portal and login with your user ID and password. Then, you have to go to the e-File section and select Income Tax Forms. You have to choose Form 60 from the drop-down menu and fill it with the required details. You have to verify the form using your Aadhaar OTP or EVC and submit it.
- Can I use Form 60 for more than one transaction?
- What are the documents that I can use as proof of identity and address for Form 60?
If you fail to submit Form 60 when required, you may face a penalty of ₹10,000 under Section 272B of the Income-tax Act, 1961. You may also face other consequences such as rejection of your transaction or account opening request by the bank or financial institution.
You can apply for a PAN card online through the NSDL or UTIITSL websites or offline through any designated PAN service center. You have to fill an application form (Form 49A for Indian citizens and Form 49AA for foreign citizens) and submit it along with the required documents and fees. You will receive your PAN card within 15-20 days after verification of your application.
No, you cannot use Form 60 for more than one transaction. You have to submit a separate Form 60 for each transaction that requires it. You have to mention the details of the specific transaction in the form and attach the relevant documents.
You can use any of the following documents as proof of identity and address for Form 60:
- Driving license
- Voter ID card
- Ration card
- Bank account statement
- Electricity bill
- Telephone bill
- Credit card statement
The document should be in your name and should not be more than six months old.