Form 60 for NRI is a declaration used by individuals, including Non-Resident Indians (NRIs), who do not have a Permanent Account Number (PAN) but need to carry out financial transactions where quoting a PAN is mandatory. This form is governed by Rule 114B of the Income Tax Rules, 1962.
What is Form 60 for NRI?
NRIs must submit Form 60 in cases where they:
Open a bank account (if PAN is not available). Make high-value transactions, such as deposits above Rs. 50,000 in a bank or Rs. 1,00,000 in post offices. Buy or sell property worth Rs. 10 lakh or more.
Invest in fixed deposits exceeding Rs. 50,000 in banks or Rs. 5 lakh in a financial year and purchase mutual funds or shares worth Rs. 50,000 or more.
The NRI must declare their income sources and provide identity/address proof. If the individual later obtains a PAN, it must be updated with the financial institution. Providing incorrect information in Form 60 can lead to penalties under the Income Tax Act.
It is advisable for NRIs engaging in regular financial transactions to apply for a PAN, which simplifies compliance with tax laws and investment processes in India.
Get Assistance in Tax Assessments through the Expert Legal Team at NoBroker Now!
Read more:
What is Form 60 for NRI?
ruchi
89 Views
1
55 days
2025-03-24T17:59:29+00:00 2025-04-01T10:54:32+00:00Comment
Share