As you all know that PAN is required for large banking transactions, property transactions, loans, TDS/TCS transactions and for other various income and expense payments.
But you require PAN card immediately to quote on various transactions then there is problem for us. As if you are going to apply new PAN today, you have to wait for next 7 days minimum. The government provide form no.60 or 61 for the persons who have no PAN. The form no. 60 or 61 is like a declaration that we have no taxable income.
According to rule 114B Second Proviso the persons who do not have a PAN shall be required to make a declaration in form No.60 while entering into any of the specified transactions.
The persons who have only agricultural income and not any other taxable income should furnish form no.61 in lieu of PAN.
There are some other formalities also while submitting form No.60 or 61. You have to attach residence proof in the form of copy of ration card/driving licence/passport/identity card/electricity bill/telephone bill/any other documents supported to your residence proof.
Some of the persons who are totally exempted to furnish PAN as follows
- State Government, Central Government & Consular Offices are not required to quote PAN for any specified transactions.
- Non-residents are also not required to quote PAN. They may also be exempted to furnish passport copy.
Can I open a bank account if having no PAN?
Yes, You can open a bank account in any bank without PAN except providing form no.60 or 61 (as the case may be). Bank cannot refuse to open account on the basis of having no PAN card. But you should note that if you have PAN, you must provide PAN card. In the case of minor who does not have taxable income PAN of his mother or father or guardian may be quoted if they are income tax assessee.
So, you can furnish declaration instead of PAN. But we recommend you that apply PAN to avoid unnecessary delay. It is very easy to apply PAN by yourself.