For a number of transactions quoting of PAN is mandatory. However the persons who doesn’t have PAN can furnish details in form no. 60 along with address and identity proof.
The person who is in receipt of form no. 60 is to furnish a statement in form no. 61. Filing of form no. 61 is to be filed mandatory by electronic way. Procedure for online filing of form 61
Form 61 is to be filed before
a) 31st October of that year for the declarations which are received till 30th September.
b) 30th April of the next financial year for the declarations which are received till 31st March.
The above mentioned persons also need to retain form No. 60 for a period of six years from the end of the financial year in which the transaction was undertaken.
Form no. 61 is to be filed by
- a person who sells the immovable property or motor vehicle;
- a manager or officer of a banking company or co-operative bank, as the case may be, referred to at Sl. No. 2 or 3 or 10 or 11 or 12 or 13 of rule 114B;
- post master
- stock broker, sub-broker, share transfer agent, banker to an issue, trustee of a trust deed, registrar to issue, merchant banker, underwriter, portfolio manager, investment adviser and such other intermediaries registered under sub-section (1) section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992)
- a depository, participant, custodian of securities or any other person registered under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) referred to at Sl. No. 4 of rule 114B
- the principal officer of a company referred to at Sl. No. 3 or 4 or 8 or 12 or 13 or 15 or 16 of rule 114B
- the principal officer of an institution referred to at Sl. No. 2 or 3 or 8 or 10 or 11 or 12 or 13 of rule 114B
- any trustee or any other person duly authorised by the trustee of a Mutual Fund referred to at Sl. No. 7 of rule 114B
- an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934), or of any agency bank authorised by the Reserve Bank of India
- a manager or officer of an insurer referred to at Sl. No. 14 of rule 114B
- Any person, being a person raising bills referred to at Sl. No. 5 or 6 or 18 of rule 114B and who is required to get his accounts audited under section 44AB of the Act.
And form 61 is to be verified by
- if the person is an assessee under income tax act, then the person who is eligible to verify Income Tax Return
- if the person is not an assessee under income tax act, then by the person as mentioned in above list