If you submitted Form 60 instead of PAN earlier, Income tax dept now wants you to get a PAN
Income Tax Department has received information about certain transactions reported by you in Form 60/61 relating to F.Y. 2021-22. It is requested that if you are not in occupation of a PAN number, the same may be applied in Form 49A immediately or else, the PAN Number should be submitted to the Reporting Entity within 15 days from the campaign execution date. -Income Tax Department.”
This is an SMS many taxpayers have received recently from the Income Tax department.
The income tax department’s official Twitter handle confirmed the sending of the SMS by tweeting: “This is a genuine SMS/Email from the Income Tax Department. Recipients of this SMS/Email may pl note: In case you do not possess a PAN, you are requested to obtain PAN and report PAN to the Reporting Entity(RE).....”
Read on to find out what is Form 60 and why the tax department has been sending this SMS to taxpayers.
What is Form 60?
A person is often required to quote/submit his/her Permanent Account Number (PAN) for various financial transactions. However, in case the person does not possess a PAN, then Form 60 has to be submitted.
Why are people receiving this SMS?
According to Gopal Bohra, Partner, Direct Taxation, N.A. Shah Associates, a Mumbai-based Chartered Accountancy firm, “Any individual who does not have PAN and entered into certain specified transactions in a financial year will receive this SMS.”
Specified transactions, in this case, means transactions where PAN is mandatorily required to be quoted.
“Rule 114B requires taxpayers without PAN to furnish declaration in Form 60 to the appropriate reporting entity while undertaking any of the 18 specified financial transactions mentioned in the rule, such as sale or purchase of motor vehicle, sale or
