Form 60 Archives - Tax Heal https://www.taxheal.com/tag/form-60 Complete Guide for Income Tax and GST in India Mon, 04 Jun 2018 12:05:09 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 Rate of TCS on Cash sales if Buyer PAN not available https://www.taxheal.com/rate-of-tcs-on-cash-sales-if-buyer-pan-not-available.html https://www.taxheal.com/rate-of-tcs-on-cash-sales-if-buyer-pan-not-available.html#respond Sat, 04 Jun 2016 11:38:20 +0000 http://taxheal.com/?p=10932  TCS on Cash sales if Buyer PAN not available TCS on Cash sales Finance Act, 2016 imposed TCS on cash Sales i.e on cash sale of goods or services  with effect from 1-6-2016. Finance Act 2016 has made the amendments in section 206C( 1D) of the Act : TCS on Cash sales i.e on cash sale of goods or… Read More »

]]>  TCS on Cash sales if Buyer PAN not available

TCS on Cash sales

Finance Act, 2016 imposed TCS on cash Sales i.e on cash sale of goods or services  with effect from 1-6-2016. Finance Act 2016 has made the amendments in section 206C( 1D) of the Act :

TCS on Cash sales i.e on cash sale of goods or services @  1% of sale consideration to be collected by seller from buyer on

  • Sale of Bullion (if sale consideration is more than Rs 2 Lakh in single bill )
  • Sale of Jewellery (if sale consideration is more than Rs 5 Lakh in single bill )
  • Other goods or services (if sale consideration is more than Rs 2 Lakh in single bill)

Note : Seller means “the Central Government, a State Government or any local authority or corporation or authority established by or under a Central, State or Provincial Act, or any company or firm or co-operative society and also includes an individual or a Hindu undivided family whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause (b) of section 44AB during the financial year immediately preceding the financial year in which the goods are sold or services  are provided.

Rate of TCS on Cash sales if Buyer PAN not available

Seller/service provider is required to take PAN of the purchaser/recipient of service.The person raising bill shall ensure after verification that PAN has been correctly furnished and mentioned in the bill. Even if no PAN is provided by the Purchaser, TCS @ 1% to be collected . Read Higher Tax Rate for not giving PAN by Collectee for TCS w.e.f 01.04.2017

(Note : Section 206AA ,the Provisions of non furnishing of PAN and deduction of TDS @ 20% are applicable for Chapter XVIIB but Section 206(1d) is covered in Chapter XVIIBB)

Period during which TCS on Cash sales is to be depoisted

TCS on Cash sales i.e on cash sale of goods or services collected from buyer shall be deposited within 7 days from the close of month of collection to the credit of the Central Governmen

 TCS on Cash sales if Buyer PAN not available : Form No 60 to be taken

A declaration in Form No. 60 should be taken from the purchaser/recipient of service in case PAN is not available.

TCS on Cash sales if Buyer PAN not available :Period for which Form No 60 to be retained

Seller is required to retain Form No. 60 for a period of 6 years from the end of the financial year in which the transaction is undertaken.

Procedure in case TCS on Cash sales is collected and Form no 60 is taken ( If Buyer PAN not available)

  • Form 61 statement (giving details of all Form 60 obtained in a Half Year), is required to furnished electronically by seller (only where audit of seller is required  u/s 44AB -including audit for presumptive taxation)
    •  For declarations received till 31st March :- Form 61 is required to be filed by 30th April and
    •  For declarations received till 31st October : Form 61 is required to be filed by 30th September.

Latest Books on TDS/TCS


Download Form 60 :-

Download Form 61 Declaration Format

 

Procedure in case TCS on Cash sales is collected and Buyer PAN is available

  • Seller shall submit Quarterly statement in Form 27EQ within following due dates

Quarter of the financial year ended       Due Date

30th June                                                              15th July of the financial year

30th September                                                    15th October of the financial year

31st December                                                       15th January of the financial year

31st March                                                               15th May of the financial year

                                                                                      immediately following the financial                                                                                                       year in which collection is made

  • The seller will furnish certificate to the buyer in Form 27D by following due date stating that tax has been collected, and specifying the sum so collected, the rate at which the tax has been collected..

Quarter of the financial year ended      Due date

30th June                                                 30th July of the financial year

30th September                                       30th October of the financial year

31st December                                          30th January of the financial year

31st March                                                30th May of the financial year immediately following the

                                                                    financial year in which collection is made

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  10. TDS on Commission paid to agent for rendering services abroad
  11. No TDS on sum paid for services rendered outside india
  12. NO TDS on VSAT /lease line charges paid to NSE/BSE
  13. No tds on sale of agricultural land
  14. NO TDS on Service tax
  15. Not liable to Deduct TDS in case amendment with retrospective effect
  16. TDS can not be demanded from deductor if taxes paid by deductee : SC
  17. No TDS on leasehold rights payment for long period say 99 years
  18. Employer not liable to deduct TDS @ 20% for non furnishing of PAN by Employees
  19. No TDS on payment of transmission charges u/s 194J
  20. Payer not Liable to Deduct TDS if Payee income is exempt
  21. No TDS on Rent if declaration in 15G/15H w.e.f 01.06.2016
  22. No TDS on Service Tax Component of Rent
  23. No TDS on Provision of Interest u/s194A if provision reversed
  24. No TDs on interest on FDR made on direction of Courts :CBDT
  25. No TDS on Reimbursement Expenses if separate bills raised
  26. No TDS on Interest on FCCB issued to foreign investors and utilized for verseas business
  27. NO TDS liability under Section 195 if Book entry passed reversed Subsequently
  28. No TDS Under Secction 194LA as Land Acquired by Mutual negotiation and not compulsory acquisition
  29. No TDS under section 194LA if land owners surrendered their land to municipal corporation for under development right certificates scheme
  30. No TDS on Compensation paid to evacuate slum dwellers
  31. No TDS on purchase of negative rights of films
  32. Section 194I No TDS on Lease payment for allotment of plot for 80 years
  33. Purchase of software is not payment for royalty, not liable to TDS
  34. TDS on Purchase of Property : FAQ’s
  35. Assessee not to be called for TDS deducted but not Deposited by Deductor : CBDT
  36. Debenture Interest charged in Profit and Loss A/c but not paid would not attract TDS under Section 193
  37. Sum paid for internet connection not liable for TDS under section 194J
  38. Additional amount Paid to Purchaser on cancellation of Flat is not interest under section 2(28A) hence No TDS
  39. Period of default of TDS for Interest recovery is from date of deductibility till date of actual payment of tax
  40. CBDT clarify TDS issues on payments made by Television channels, Broadcasters and Newspapers
  41. TDS on Payment to Contractor : section 194C
  42. TDS Rates and Limit revised w.e.f 01.06.2016
  43. TDS on Payment to harvester / transporter of Sugarcane from Farmers field
  44. Payment to intermediaries for hiring of transport for carriage of goods is also liable for TDS u/s 194C
  45. Even in case of oral contract with transporters TDS is liable to be deducted u/s 194C
  46. Purchases made after payment of excise duty and availment of credit can not be held as job work, no TDS under section 194C
  47. TDS on Provision for Expenses
  48. Section 194C payments to newspaper publishers
  49. No TDS on Reimbursement Expenses if separate bills raised
  50. All About 26AS (TDS, Refund , AIR information )
  51. 40(a)(ia) TDS default based on opinion of CA was bona fide mistake , No Penalty
  52. section 40(a)(i) No TDS Disallowance if Expenses Capitalised
  53. section 40(a)(ia) Payer not liable for TDS default due to retrospective amendments
  54. 40(a)(ia) Disallowance for TDS default if books rejected by AO
  55. Apply for non deduction of TDS u/s 195 even if person was subjected to concealment penalty
]]> https://www.taxheal.com/rate-of-tcs-on-cash-sales-if-buyer-pan-not-available.html/feed 0 FORM NO 60 Download (No PAN and Rule 114B transaction) https://www.taxheal.com/form-no-60-download-no-pan-and-rule-114b-transaction.html https://www.taxheal.com/form-no-60-download-no-pan-and-rule-114b-transaction.html#respond Sat, 21 May 2016 04:41:50 +0000 http://taxheal.com/?p=10326 FORM NO 60 Form No 60 for declaration to be filed by an individual or a person (not being a company or firm) who does not have a permanent account number and who enters into any transaction specified in rule 114B of Income Tax Rules . [See second proviso to rule 114B] Download Form No 60… Read More »

]]> FORM NO 60

Form No 60 for declaration to be filed by an individual or a person (not being a company or firm) who does not have a permanent account number and who enters into any transaction specified in rule 114B of Income Tax Rules .

[See second proviso to rule 114B]

FORM NO 60

Download Form No 60 in Hindi Click here 

Download Form No 60 in English Click here

Download Form No 60 in pdf /Form No 60 Format in English

You can also refer Income Tax Website of Govt of India

Latest Books on Income Tax Rules


Period for which Form No 60 needs to be retained :-

Every person who has received any declaration in Form No. 60, on or after the 1st day of January, 2016, in relation to a transaction specified in rule 114B, shall retain Form No. 60 for a period of six years from the end of the financial year in which the transaction was undertaken.

Verification of PAN in case of Form No 60

Any person who, in relation to a transaction specified in rule 114B, has received any document shall ensure after verification that permanent account number has been duly and correctly mentioned therein or as the case may be, a declaration in Form 60 has been duly furnished with complete particulars.

Any person, being a person raising bills referred to at Sl. No. 5 or 6 or 18 of rule 114B, who, in relation to a transaction specified in the said Sl. No., has issued any document shall ensure after verification that permanent account number has been correctly furnished and the same shall be mentioned in such document, or as the case may be, a declaration in Form 60 has been duly furnished with complete particulars.

When Form No 60 not required

Form No 60 not required from the following class or classes of persons, namely:—

(i) the Central Government, the State Governments and the Consular Offices;
(ii) the non-residents referred to in clause (30) of section 2 of the Act in respect of the transactions other than a transaction referred to at Sl. No. 1 or 2 or 4 or 7 or 8 or 10 or 12 or 14 or 15 or 16 or 17 of the Table.

 Table

“114B. Transactions in relation to which permanent account number is to be quoted in all documents for the purpose of clause (c) of sub-section (5) of section 139A.—Every person shall quote his permanent account number in all documents pertaining to the transactions specified in the Table below, namely:—

TABLE

Sl. No. Nature of transaction Value of transaction
(1) (2) (3)
1. Sale or purchase of a motor vehicle or vehicle, as defined in clause (28) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988) which requires registration by a registering authority under Chapter IV of that Act, other than two wheeled vehicles. All such transactions.
2. Opening an account [other than a time-deposit referred to at Sl. No.12 and a Basic Savings Bank Deposit Account] with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act). All such transactions.
3. Making an application to any banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or to any other company or institution, for issue of a credit or debit card. All such transactions.
4. Opening of a demat account with a depository, participant, custodian of securities or any other person registered under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992). All such transactions.
5. Payment to a hotel or restaurant against a bill or bills at any one time. Payment in cash of an amount exceeding fifty thousand rupees.
6. Payment in connection with travel to any foreign country or payment for purchase of any foreign currency at any one time. Payment in cash of an amount exceeding fifty thousand rupees.
7. Payment to a Mutual Fund for purchase of its units. Amount exceeding fifty thousand rupees.
8. Payment to a company or an institution for acquiring debentures or bonds issued by it. Amount exceeding fifty thousand rupees.
9. Payment to the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934) for acquiring bonds issued by it. Amount exceeding fifty thousand rupees.
10. Deposit with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act). Deposits in cash exceeding fifty thousand rupees during any one day.
11. Purchase of bank drafts or pay orders or banker’s cheques from a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act). Payment in cash for an amount exceeding fifty thousand rupees during any one day.
12. A time deposit with,—

(i) a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act);

(ii) a Post Office;

(iii) a Nidhi referred to in section 406 of the Companies Act, 2013 (18 of 2013); or

(iv) a non-banking financial company which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934), to hold or accept deposit from public.

 Amount exceeding fifty thousand rupees or aggregating to more than five lakh rupees during a financial year.
13. Payment for one or more pre-paid payment instruments, as defined in the policy guidelines for issuance and operation of pre-paid payment instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007), to a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act) or to any other company or institution. Payment in cash or by way of a bank draft or pay order or banker’s cheque of an amount aggregating to more than fifty thousand rupees in a financial year.
14. Payment as life insurance premium to an insurer as defined in clause (9) of section 2 of the Insurance Act, 1938 (4 of 1938). Amount aggregating to more than fifty thousand rupees in a financial year.
15. A contract for sale or purchase of securities (other than shares) as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956). Amount exceeding one lakh rupees per transaction.
16. Sale or purchase, by any person, of shares of a company not listed in a recognised stock exchange. Amount exceeding one lakh rupees per transaction.
17. Sale or purchase of any immovable property. Amount exceeding ten lakh rupees or valued by stamp valuation authority referred to in section 50C of the Act at an amount exceeding ten lakh rupees.
18. Sale or purchase, by any person, of goods or services of any nature other than those specified at Sl. No. 1 to 17 of this Table, if any. Amount exceeding two lakh rupees per transaction:

Provided that where a person, entering into any transaction referred to in this rule, is a minor and who does not have any income chargeable to income-tax, he shall quote the permanent account number of his father or mother or guardian, as the case may be, in the document pertaining to the said transaction:

Provided further that any person who does not have a permanent account number and who enters into any transaction specified in this rule, he shall make a declaration in Form No.60 giving therein the particulars of such transaction:

Provided also that the provisions of this rule shall not apply to the following class or classes of persons, namely:—

(i) the Central Government, the State Governments and the Consular Offices;
(ii) the non-residents referred to in clause (30) of section 2 of the Act in respect of the transactions other than a transaction referred to at Sl. No. 1 or 2 or 4 or 7 or 8 or 10 or 12 or 14 or 15 or 16 or 17 of the Table.

Explanation.—For the purposes of this rule,—

(1) “payment in connection with travel” includes payment towards fare, or to a travel agent or a tour operator, or to an authorised person as defined in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999);
(2) “travel agent or tour operator” includes a person who makes arrangements for air, surface or maritime travel or provides services relating to accommodation, tours, entertainment, passport, visa, foreign exchange, travel related insurance or other travel related services either severally or in package;
(3) “time deposit” means any deposit which is repayable on the expiry of a fixed period.]

CBDT Circular on Form No 60

SECTION 285BA OF THE INCOME-TAX ACT, 1961 – STATEMENT OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT, OBLIGATION TO FURNISH – DIGITAL REPORTING OF FORM NO.60

CIRCULAR NO.14/2016 [F.NO.370149/68/2016-TPL], DATED 18-5-2016

1. Vide Notification No.95, dated 30th December, 2015, rules 114B, 114C and 114D of the Income-tax Rules, 1962 ( the Rules) were amended and have come into force from the 1st day of January, 2016.

2. The amended rules inter-alia provide for furnishing of a statement in Form No.61, containing particulars of declaration made in FormNo.60, through online transmission of data electronically. The statement in Form No.61 is to be provided by every person referred to in clause (b) to (k) of sub-rule (1) of rule 114C and in sub- rule (2) of Rule 114C, and who is required to get his accounts audited under section 44AB of the Income-tax Act, 1961. Sub-rule (2) of rule 114D mandates that online statement in Form No.61 should be furnished by:

(a) 31st October of that year, where the declarations are received by the 30th September; and
(b) 30th April of the financial year immediately following the financial year in which the form is received, where the declarations are received by the 31st March.

3. It has been brought to the notice of the Central Board of Direct Taxes (the Board) by various stakeholders that hardship is being faced in complying with online submission of statement in Form No.61, containing particulars of declaration made in Form No.60.

4. In view of the above, it is decided that filling of all the fields in Form No.60 shall be considered to be mandatory in respect of transactions entered on or after 1.04.2016. It is also decided that online reporting of declarations in Form No. 61 for quarter ending March, 2016 may be done along with report for quarter ending September, 2016.

5. The above may be brought to the notice of all concerned.

Rule – 114C, Income-tax Rules

Verification of Permanent Account Number in transactions specified in rule 114B.

114C. (1) Any person being,—

(a) a registering officer or an Inspector-General appointed under the Registration Act, 1908 (16 of 1908);
(b) a person who sells the immovable property or motor vehicle;
(c) a manager or officer of a banking company or co-operative bank, as the case may be, referred to at Sl. No. 2 or 3 or 10 or 11 or 12 or 13 of rule 114B;
(d) post master;
(e) stock broker, sub-broker, share transfer agent, banker to an issue, trustee of a trust deed, registrar to issue, merchant banker, underwriter, portfolio manager, investment adviser and such other intermediaries registered under sub-section (1) section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(f) a depository, participant, custodian of securities or any other person registered under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) referred to at Sl. No. 4 of rule 114B;
(g) the principal officer of a company referred to at Sl. No. 3 or 4 or 8 or 12 or 13 or 15 or 16 of rule 114B;
(h) the principal officer of an institution referred to at Sl. No. 2 or 3 or 8 or 10 or 11 or 12 or 13 of rule 114B;
(i) any trustee or any other person duly authorised by the trustee of a Mutual Fund referred to at Sl. No. 7 of rule 114B;
(j) an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934), or of any agency bank authorised by the Reserve Bank of India;
(k) a manager or officer of an insurer referred to at Sl. No. 14 of rule 114B,

who, in relation to a transaction specified in rule 114B, has received any document shall ensure after verification that permanent account number has been duly and correctly mentioned therein or as the case may be, a declaration in Form 60 has been duly furnished with complete particulars.

(2) Any person, being a person raising bills referred to at Sl. No. 5 or 6 or 18 of rule 114B, who, in relation to a transaction specified in the said Sl. No., has issued any document shall ensure after verification that permanent account number has been correctly furnished and the same shall be mentioned in such document, or as the case may be, a declaration in Form 60 has been duly furnished with complete particulars.]

Rule – 114D, Income-tax Rules relating to Form No 60

[Time and manner in which persons referred to in rule 114C shall furnish a statement containing particulars of Form No. 60

(Rule 114D substituted by the Income-tax (Twenty Second Amendment) Rules, 2015, w.e.f. 1-1-2016.)

114D. (1) Every person referred to in,—

(I) clauses (b) to (k) of sub-rule (1) of rule 114C; and
(II) sub-rule (2) of rule 114C and who is required to get his accounts audited under section 44AB of the Act,

who has received any declaration in Form No. 60, on or after the 1st day of January, 2016, in relation to a transaction specified in rule 114B, shall–

(i) furnish a statement in Form No. 61 containing particulars of such declaration to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation) through online transmission of electronic data to a server designated for this purpose and obtain an acknowledgement number; and
(ii) retain Form No. 60 for a period of six years from the end of the financial year in which the transaction was undertaken.

(2) The statement referred to in clause (i) of sub-rule (1) shall,—

(i) where the declarations are received by the 30th September, be furnished by the 31st October of that year; and
(ii) where the declarations are received by the 31st March, be furnished by the 30th April of the financial year immediately following the financial year in which the form is received.

(3) The statement referred to in clause (i) of sub-rule (1) shall be verified—

(a) in a case where the person furnishing the statement is an assessee as defined in clause (7) of section 2 of the Act, by a person specified in section 140 of the Act;
(b) in any other case, by the person referred to in rule 114C.]

Related Post on Form No 60 and PAN

  1. Digital reporting of Form No 60 and Form No 61
  2. Forms 60, 61 and 61A for PAN Transactions
  3. Quoting PAN Mandatory for Transaction: Rule 114B of Income tax
  4. KNOW YOUR CUSTOMER GUIDELINES
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