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IDFC FIRST Bank Form 60 PDF: Instructions and FAQs


IDFC Bank Form 60 PDF Download: Everything You Need to Know




If you are a customer of IDFC Bank and you do not have a Permanent Account Number (PAN), you may need to file a Form 60 for certain transactions. Form 60 is a declaration that is required to be filed by an individual or a person (not a company or firm) who does not have a PAN and who enters into any transaction specified in Rule 114B of the Income Tax Rules, 1962. In this article, we will explain what is Form 60, why is it required, how to download it online, how to fill and submit it online, and what are the benefits of filing it online.




idfc bank form 60 pdf download



What is Form 60 and Why is it Required?




Form 60 is a document that is used to provide the details of the person who does not have a PAN and who enters into certain transactions that require PAN. PAN is a unique identification number that is issued by the Income Tax Department to every taxpayer in India. It is mandatory to quote PAN in various documents such as income tax return, any correspondence with income tax department, documents pertaining to certain transactions such as sale and purchase of asset etc.


However, there may be some cases where a person may not have a PAN or may have applied for PAN but not received it yet. In such scenarios, Form 60 can be submitted along with relevant supporting documents to carry out the transaction. Form 60 is not a substitute for PAN, but a method for providing PAN in some cases.


Transactions that Require Form 60




As per Rule 114B of the Income Tax Rules, 1962, there are some transactions that require PAN or Form 60. Some of these transactions are:



  • Purchase or sale of any motor vehicle excluding two wheelers



  • Opening of demat account



  • Opening an account with any banking institution or bank other than basic savings deposit account/Application to institution or bank or company for debit or credit card



  • Purchase or sale of an immovable property value of Rs. 10 lakh or above



  • A fixed deposit with any bank/post office/Nidhi/non banking financial company amount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year



  • Payment to restaurants or hotels in cash against the bills exceeding Rs. 50,000 at one time



  • Payment in connection with travel to any foreign country or payment for purchase of any foreign currency in cash exceeding Rs. 50,000 at one time



  • Payment of a life insurance premium exceeding Rs.50,000 in a year



  • Sale/purchase of company shares or contract for sale or purchase of securities exceeding Rs.1 lakh per transaction



Eligibility Criteria for Filing Form 60




Form 60 can be filed by any person (not a company or firm) who does not have a PAN and who enters into any transaction specified in Rule 114B. However, there are some conditions that must be fulfilled before filing Form 60. These are:



  • The person must not have any income chargeable to tax other than agricultural income.



The person must not have applied for PAN or must have mentioned the date of application in column Information Needed to Fill Form 60




To fill Form 60, the person must provide the following information:



  • Name and address of the person



  • Amount and nature of the transaction



  • Date of the transaction and mode of payment



  • Details of the document evidencing the transaction



  • Details of the bank account used for the transaction



  • Details of the Aadhaar number, if any



  • Details of the PAN application, if any



  • Signature or thumb impression of the person



How to Download IDFC Bank Form 60 PDF Online?




If you are a customer of IDFC Bank and you need to file Form 60 for any transaction, you can download it online from two sources: IDFC Bank website or Income Tax portal. Here are the steps to download Form 60 PDF online from both sources:


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Steps to Download Form 60 from IDFC Bank Website





  • Visit the official website of IDFC Bank at https://www.idfcbank.com/



  • Click on "Forms Center" under the "Help" section at the bottom of the homepage.



  • Select "Account Opening Forms" from the drop-down menu.



  • Scroll down and click on "Form 60" under the "Other Forms" section.



  • A PDF file of Form 60 will open in a new tab. You can save it or print it as per your convenience.



Steps to Download Form 60 from Income Tax Portal





  • Visit the official website of Income Tax Department at https://www.incometaxindia.gov.in/



  • Click on "Forms/Downloads" under the "Important Links" section at the left side of the homepage.



  • Select "Income Tax Forms" from the drop-down menu.



  • Scroll down and click on "Form No. : 60" under the "Other Forms" section.



  • A PDF file of Form 60 will open in a new tab. You can save it or print it as per your convenience.



How to Fill and Submit IDFC Bank Form 60 Online?




If you have downloaded Form 60 PDF online, you can fill it electronically and submit it online as well. This will save you time and hassle of visiting the bank branch or sending it by post. Here are the steps to fill and submit Form 60 online:


Steps to Fill Form 60 Electronically





  • Open the PDF file of Form 60 in any PDF reader software such as Adobe Acrobat Reader.



  • Click on "Fill & Sign" option at the right side of the toolbar.



  • Select "Fill and Sign" from the drop-down menu.



  • A toolbar will appear at the top with various tools such as text, checkmark, cross etc.



  • Select the text tool and click on any field that you want to fill. A text box will appear where you can type your information.



  • Repeat this process for all the fields that you need to fill. You can also use other tools such as checkmark or cross to mark your choices.



  • If you need to attach any supporting documents, you can use the paperclip tool to attach them to the form.



  • Once you have filled all the required information, you can save the form by clicking on "File" and then "Save As". You can also print it if you want a hard copy.



Steps to Submit Form 60 Electronically





  • To submit Form 60 electronically, you need to have an internet banking account with IDFC Bank. If you do not have one, you can register for it online at https://www.idfcbank.com/personal-banking/internet-banking.html



  • Login to your internet banking account using your user ID and password.



  • Select "Service Requests" from the menu bar at the top.



  • Select "Form 60 Submission" from the drop-down menu.



  • A new page will open where you can upload your filled Form 60 PDF file along with any supporting documents.



  • Click on "Browse" and select your file from your computer. You can upload up to 5 files with a maximum size of 5 MB each.



Click on "Submit" after uploading your files. You will You will receive a confirmation message on your registered mobile number and email ID. You can also check the status of your Form 60 submission online by logging into your internet banking account and selecting "Form 60 Submission" from the "Service Requests" menu. Benefits of Filing Form 60 Online




Filing Form 60 online has many benefits over filing it offline. Some of these benefits are:


Convenience and Ease of Access




By filing Form 60 online, you can avoid the hassle of visiting the bank branch or sending it by post. You can download, fill and submit Form 60 online from anywhere and at any time using your internet banking account. You can also access your Form 60 anytime online and download or print it as per your need.


Faster Processing and Verification




By filing Form 60 online, you can ensure faster processing and verification of your transaction. The bank can verify your details electronically and approve your transaction without any delay. You can also get instant confirmation and status updates on your mobile number and email ID.


Reduced Paperwork and Errors




By filing Form 60 online, you can reduce the paperwork and errors involved in filling and submitting the form. You can fill the form electronically and avoid any mistakes or omissions. You can also save paper and ink by submitting the form online instead of printing it.


Conclusion




Form 60 is a declaration that is required to be filed by an individual or a person (not a company or firm) who does not have a PAN and who enters into any transaction specified in Rule 114B of the Income Tax Rules, 1962. If you are a customer of IDFC Bank and you need to file Form 60 for any transaction, you can download it online from IDFC Bank website or Income Tax portal, fill it electronically and submit it online using your internet banking account. This will help you to carry out the transaction smoothly and enjoy the benefits of filing Form 60 online.


Frequently Asked Questions




Here are some of the common questions that you may have regarding Form 60:



  • What is the difference between Form 60 and Form 61?



Form 60 is a declaration that is required to be filed by an individual or a person (not a company or firm) who does not have a PAN and who enters into any transaction specified in Rule 114B of the Income Tax Rules, 1962. Form 61 is a declaration that is required to be filed by an individual or a person (not a company or firm) who has only agricultural income and who enters into any transaction specified in Rule 114B.


  • What are the consequences of not filing Form 60?



If you do not file Form 60 for any transaction that requires PAN or Form 60, you may face some consequences such as:


  • The bank or the institution may not accept your transaction or may ask for additional documents or proofs.



  • The income tax department may impose penalty or fine on you for not complying with the rules.



  • You may not be able to claim any tax benefits or deductions that are applicable to the transaction.



  • Can I file Form 60 offline?



Yes, you can file Form 60 offline by visiting the bank branch or sending it by post along with relevant supporting documents. However, filing Form 60 online is more convenient, faster and error-free than filing it offline.


  • Can I file Form 60 for more than one transaction?



Yes, you can file Form 60 for more than one transaction if they are related to each other or if they are done within a short span of time. However, you need to mention all the details of each transaction separately in the form.


  • Can I file Form 60 if I have applied for PAN but not received it yet?



Yes, you can file Form 60 if you have applied for PAN but not received it yet. However, you need to mention the date of application and acknowledgement number of PAN application in column in column 7 of Form 60. You also need to submit a copy of the PAN application acknowledgement along with Form 60.


I hope this article has helped you to understand how to download, fill and submit Form 60 online for IDFC Bank. If you have any queries or feedback, please feel free to comment below. Thank you for reading!


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