A PAN card is one of the most crucial documents mandated for every citizen of India. It is not only required to make financial transactions but also to file ITR. However, the Income Tax Department has formulated a specialized document called Form 61 specifically for individuals from the agriculture sector who desire to make any financial transaction devoid of a PAN card.
In this article, let’s get to know everything about Form 61, including its purpose, benefits and the process of filling it.
Table of contents
What is Form 61?
Form 61 is a declaration form filed by a candidate whose income is earned only from the agricultural sector. As per the Income Tax Act, the candidate must not receive income from any other industry or source that is taxable with respect to Rule 114B (clauses a to h). You can submit the form online or download Form 61 PDF from the official Income Tax e-filing portal.
What is the Purpose of Form 61?
The form is used as a replacement for the PAN card with respect to the agreement being mentioned in clauses a to h, under rule 114B. The transactions are as follows:
- The sale or acquisition of an immobile property valued at more than Rs. 5,00,000.
- The sale or acquisition of vehicles, except two-wheelers.
- Opening or maintaining a fixed deposit of more than Rs. 50,000 with any bank or post office.
- Any contract related to a sale or purchase of designated securities exceeding Rs. 10,00,000.
- The form requires opening an account with a bank.
- For any hotel or restaurant payments exceeding Rs. 25,000.
- Applications that include cellular or telephonic connections also require this form.
- Minors with non-taxable income can also opt for this form, provided that they furnish their parent/guardian’s PAN number.
How to Fill Form 61?
You can fill and submit the form online or can download Form 61 PDF from the Income Tax e-filing website for offline submission. The candidate is required to provide certain information, which includes:
- Their name and address
- An address proof
- Details of the transaction
- The place, date and the signature of the declarant
All the information will be cross-checked and should be signed by the candidate as a verification criterion. The information related to the place and date should also be provided in confidence.
Form 61 is supposed to be handed over to someone who takes care of financial transactions, such as the bank manager. It is also important to note that the form must be handed over during the time of the transaction.
Documents Required to Declare Form 61
Here are the documents required for filing Form 61.
- Passport
- Driving license
- Ration card
- Aadhaar card
- Electoral Photo Identity Card
- Recent utility bills (3 months prior or more recent)
- Any identity document which is issued by an institution and encompasses the address of the applicant
- A document containing the candidate’s residential address issued by the Central or State government
- Any other document that verifies the address of the applicant
Note: Any document provided as address proof must be self-attested.
Benefits of Form 61
According to Rule 114B, Form 61 can be pinned as a substitute for a PAN card. This gives the individual the choice to make easy financial transactions, especially those that include lump-sum amounts of money, like the purchase or sale of any vehicle or property (worth more than Rs. 5 lakh), contractual transactions of Rs. 10 lakh, opening bank accounts or FDs of or over Rs. 50,000, among others.
Differences Between Form 60 and 61
The role of Form 60 and 61 comes into play when individuals not having a PAN card are required to make financial transactions. However, these two forms have slightly different use cases. Let’s look at the differences between Form 60 and 61 below.
| Form 60 | Form 61 |
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To Sum Up
A PAN card is important to keep track of all financial transactions. If one doesn’t possess a PAN number, they can declare Form 61 to make lump sum transactions. However, Form 61 can be filled by a candidate who earns only from the agricultural sector and has no other medium to taxable income. Provisioning online and offline submissions, the Income Tax Department has made it easy for individuals to declare Form 61.
PAN Card Forms Related Articles
| PAN Card Forms | Rule 114B |
| Form 49A | Rule 114E |
| Form 49AA | Amendment Rules for PAN transactions |
| Form 60 | Intructions for Form Filling |
Frequently Asked Questions (FAQs)
How can I get Form 61?
You can download Form 61 from the official Income Tax e-filing portal.
Can I still submit my Form 61 if I do not have an Aadhaar Card?
Yes. You are still eligible to submit Form 61 without an Aadhaar card. You can submit other documents, including Voter ID, passport, driving licence and proof of address.
What is the due date to file Form 61?
If any transactions mentioned under Rule 114B of the Income Tax Act are done between April 1 and September 30 of the year wherein Form 61 was received, the due date for the declaration will be October 31 of the same year. However, if the transaction is done between October 1 and March 31, the declaration due date will be on April 30 of the following year, wherein Form 61 was received by the individual.
What will happen if a Form 61A filed bears incorrect details?
If you have entered the wrong details in Form 61A, you should report this to the Income Tax Authority. This must be done within ten days from the date of submission. After the report, you will get 30 days to change your details in the form.
Is it mandatory to file Form 61A?
No. As per section 258BA, it is not mandatory to file Form 61A.
What is Form 61A eligibility?
One has to be an Indian citizen having a taxable income to file Form 61A.
Who is required to file Form 61?
Any Indian citizen earning a non-taxable income solely from the agriculture sector can file Form 61.
