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Digitisation of Form 60

JANUARY 27, 2017

By Suneel Sharma, Thane

1. AS per Rule 114B of the Income-tax Rules, 1962, PAN is required to be quoted at the time of entering into specified transactions. In case PAN is not available, details in Form 60 need to be filled in and submitted.

2. Further, as per Rule 114B, any person, who has received any document in relation to a transaction specified in rule 114B; shall ensure after verification that permanent account number has been duly and correctly mentioned therein or as the case may be, a declaration in Form 60 has been duly furnished with complete particulars.

3. Further, every person referred under Rule 114D is required furnish a statement in Form 61 containing particulars of declaration received in Form 60 to Director of Income-tax (Intelligence and Criminal Investigation) or Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data. Further, such person is required to retain Form 60 for a period of 6 years.

Issue

In the absence of specific provision that Form 60 (along with the Proof of Identity and Proof of Address) can be accepted digitally, every person who enters into transactions where PAN is required to be quoted and PAN is not available, is required to collect and retain physical copies of Form 60 (along with the Proof of Identity and Proof of Address).

Recommendation

In order to provide paper free digital experience, in line with the Government's "Digital India" initiative, the CBDT should amend Rule 114B to 114D to specifically enable acceptance of Form 60 (along with the Proof of Identity and Proof of Address) digitally. This would also save significant time and cost in doing paper work, would be an environment friendly step and also solve the issue of physical storage of documents.

(DISCLAIMER : The views expressed are strictly of the author and Taxindiaonline.com doesn't necessarily subscribe to the same. Taxindiaonline.com Pvt. Ltd. is not responsible or liable for any loss or damage caused to anyone due to any interpretation, error, omission in the articles being hosted on the site)

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