A quick guide to Form 61
Form 61 of the Income Tax Act
In this post, we will discuss the Form 61 of the Income Tax Act. In which we will look into the following in detail :
What is Form 61?
It is a document filed by someone whose sole source of income is from agriculture and who doesn’t have a PAN and has no other sources of income that are taxable.
The Income Tax Department of India issues this form, which is governed by the Central Board of Direct Taxes.
What are the uses of Form 61?
This form can be used in the absence of a PAN card for transactions listed in Clauses (a) to (h) of Rule 114B. The following are the transactions:
- Purchase or sale of non-moveable property worth more than Rs.5,00,000
- Vehicles other than two-wheelers are purchased or sold
- A fixed deposit of more than Rs.50,000 in any bank
- A Post Office fixed deposit for more than Rs.50,000
- Purchase/sale of securities valued at more than Rs.10,00,000
- To open a bank account
- For application to install a telephone connection (including cellular connections)
- Payments to restaurants and hotels that exceed Rs.25,000
- To apply for a new Debit/Credit Card
- At the time of buying mutual funds worth Rs 50,000 or above
- To purchase bonds or security worth Rs 50,000 or above
- Buying or selling goods worth Rs 2,00,000 per transaction
- Trading in securities worth Rs 1,00,000 per transaction
- Life insurance premium payment of Rs 50,000 and above
How to fill Form 61?
Individuals must be aware of the details in order to fill out Form 61. The following are the details that must be understood before filling and submitting the form.
- The applicant’s full name and address
- Father’s name and date of birth of the declarant
- Cell phone number
- The transaction’s details and amount
- If the individual has been taxed, the Range, Ward, or Circle where the last IT was filed must be mentioned
- Mention the 12-digit Aadhaar number
- If you have applied and haven’t got your PAN yet, date of application and acknowledgement number
After entering the above information, the individual must declare that all of his or her income comes from agriculture and not from any other source.
Who has to submit the form?
Form 61 must be submitted online via electronic data or a server, especially for this purpose and an acknowledgement number must be obtained from the Director of Income-tax or the Joint Director of Income-tax. The applicant must be aware of the details when filing and are advised to review the details before submitting the form. Also, the details should relate to the document submitted.
How to submit form 61?
Form 61 must be submitted online via electronic data or a server, especially for this purpose and an acknowledgement number must be obtained from the Director of Income-tax or the Joint Director of Income-tax. The applicant must be aware of the details when filing and are advised to review the details before submitting the form. Also, the details should relate to the document submitted.
Supporting Documents required to fill Form 61
Along with Form 61, all individuals must present any of these documents listed below as confirmation of identification and address.
- Aadhaar Card
- Passport
- Drivers Licence
- Ration card
- An institution’s identity card with the applicant’s address on it
- Utility Bills from the last three months
- A photocopy of the telephone or electricity bill
- Any document issued by the central government, state government, or local governing bodies
Difference between Form 60 and 61
A PAN card is an important document that every citizen should own. The holder’s financial transactions are recorded via this document. If an applicant does not have a PAN number, they must instead submit either Forms 60 or 61.
Form 60 is a form issued by the Income Tax Department for people who do not have a PAN card but want to engage in financial transactions under Rule 114B. It must be submitted by applicants who do not have a General Index Register Number but want to transact in cash.
Form 61 is filed by someone whose only source of income is agriculture and who does not have any other taxable sources of income. Under rule 114B, income holders from the agricultural department who want to participate in the financial transaction but do not have a PAN, must file Form 61.
As a result, the applicant must determine whether to submit Form 60 or Form 61 based on their needs.
Due Date
Form 61 must be filed every six months. The following are the due dates for submitting Form 61.
- Form 61 received in the first half of the year i.e. between April 1 and September 30, the due date for the declaration is October 31 of that same year.
- Forms received in the second half of the year which falls between 1st October to 31st March, the due date for the declaration is 30 April of the following year.
This post on Form 61 of the Income Tax Act has come to an end. Share your views and opinions with us in the comment section below.
