2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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30 April
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30 June
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30 May
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30 July
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Detailed explanation-1: -Form 60 is valid for a period of 6 years from the end of the financial year in which the financial transaction was made.
Detailed explanation-2: -In case your PAN Card is not linked with a bank account, opening a fixed deposit account, depositing cash more than Rs. 50, 000 will not be possible. Moreover, it will also result in TDS getting deducted at 20% if the interest amount of the FD account exceeds Rs. 40, 000 which is higher than the current 10%.
Detailed explanation-3: -Ideally, the absence of PAN should not bar an individual from making certain transactions or make it challenging for the income tax authorities to track financial transactions to prevent tax evasion/fraud. In such scenarios, Form 60 can be submitted along with relevant supporting documents to carry out the transaction.
Detailed explanation-4: -PAN/Form 60 Rules for NRI/PIO/OCI If PAN is not available, Form 60 declaration is mandatory. PAN Application Date and PAN Acknowledgment Number on Form 60 is mandatory if the customer’s taxable income in India is Rs 250, 000 or more.