CBDT Procedure for submission of Form 60 by person not having PAN, for Specified Transactions (Rule 114B)

Procedure for submission of Form 60 by any person not having Permanent Account Number  (PAN) and who enters into any transaction specified in IT Rule 114B

The Central Board of Direct Taxes (CBDT Systems) has notified the procedures for submission of Form 60 by any person not having Permanent Account Number (PAN) but who enters into any transaction specified under Rule 114B of the Income-tax Rules, 1962, as under:

Procedure for submission of Form 60: CBDT (Systems) Notification No. 1/2018 dt. 5 April, 2018

1. As per second proviso of Rule 114B (Transactions in relation to which Permanent Account Number is to be quoted in all documents for the purpose of clause (c) of subsection (5) of section 139A of the Income-tax Rules, 1962 (hereunder referred to as the Rules), any person who does not have a Permanent Account Number and who enters into any transaction specified in this rule, shall make a declaration in Form No. 60 giving therein the particulars of such transaction either in paper form or electronically under the electronic verification code.

2. As per sub-rule (1) of Rule 114D (Time and manner in which persons referred to in Rule 114C shall furnish a statement containing particulars of Form No. 60), the persons referred to in clauses (a) to (k) of sub-rule (1) of Rule 114C and sub-rule (2) of Rule 114C shall furnish a statement in Form 61 containing particulars of declarations received in Form 60 to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose and obtain an acknowledgement number

3. Rule 114B of the Income-tax Rules, 1962, provides that the declaration in Form No.60 can be submitted either in paper form or electronically under the electronic verification code in accordance with the procedures, data structures, and standards specified by the Principal Director General of Income-tax (Systems) or Director General of
Income-tax (Systems).

4. In exercise of the powers delegated by Central Board of Direct Taxes (‘Board’) under Rule 114B of the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby lays down the following procedures for submitting Form No. 60. (contd… please refer the attachment)

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