Indian Income Tax Forms - Comprehensive Guide
Form 60
Declaration to be filed by a person who does not have a Permanent Account Number (PAN)
- Used when entering into transactions specified under Rule 114B of Income Tax Rules without having a PAN
- Required for transactions like opening bank accounts, purchasing vehicles, or making cash payments exceeding specified limits
- Applicable only if the person's total income does not exceed the exemption limit
- Must be submitted in duplicate to the institution/person with whom the transaction is being conducted
- Contains declaration of identity, address, and reason for not having PAN
- Misuse or false declaration can attract penalties under Section 277 of Income Tax Act
Form 61
Statement of transactions in immovable property by a registering or licensing authority
- Filed by Registering or Licensing Authorities for registration of documents relating to immovable property
- Required when consideration for transfer of immovable property is Rs 30 lakhs or more
- Must be furnished within 30 days from the end of the month in which registration occurs
- Includes details of buyer, seller, property details, and consideration amount
- Helps Income Tax Department track high-value property transactions
- Non-filing can attract penalties on the registering authority
Form 61A
Statement of Financial Transactions (SFT) - Annual Information Return
- Filed by specified entities like banks, mutual funds, companies, and post offices
- Reports specified financial transactions exceeding prescribed thresholds during the financial year
- Includes transactions like cash deposits, credit card payments, mutual fund purchases, and share transactions
- Due date is typically May 31st of the assessment year following the financial year
- Helps tax authorities identify tax evasion and track high-value transactions
- Penalty of Rs 500 per day for delay, subject to a maximum of the transaction amount
- Must be filed electronically in the prescribed XML format
Form 61B
Statement of Collectible Accounts - Foreign Account Tax Compliance Act (FATCA)
- Filed by Reporting Financial Institutions under FATCA and CRS (Common Reporting Standard)
- Reports accounts held by US persons or foreign tax residents
- Part of India's commitment to combat tax evasion and ensure transparency
- Includes details of account holders, account numbers, and account balances
- Due date is May 31st of the year following the calendar year to which the statement relates
- Enables automatic exchange of information between tax authorities of different countries
- Non-compliance can result in penalties and sanctions
Form 61C
Statement of transaction in securities by a dealer in securities
- Filed by dealers in securities who are registered or required to be registered with SEBI
- Reports purchase or sale of securities exceeding specified value thresholds
- Applicable for transactions exceeding Rs 10 lakhs in value during the financial year
- Includes details of buyer/seller, PAN, transaction value, and nature of securities
- Due date is May 31st of the assessment year following the financial year
- Helps track high-value securities transactions and prevent tax evasion
- Must be filed electronically to Income Tax Department
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