Form 60 And Form 61 Income Tax
Many of our viewers want to know about the difference between the Form 60 And Form 61 Income Tax. Today we are going to share the details related to the same. The basic difference is that Form 61 has to be filled by the person who not receiving the income from any sources other than income from agriculture. Whereas Form 60 has to be filled by the individuals who do not have Pan card, but he/she wants to make transactions as stated in Rule 114B of Income-tax. The detailed information for the same has been provided below. You are suggested to have a look.
Documents Required To Fill Form 60 And Form 61 Income Tax
- Valid Driving License
- Passport having validity
- Ration Card
- Identity Proof issued by the institution
- Copy of current electricity or telephone bill.
- Documents issued by the Governmentof India (State or central)
- Address documents proof any
- Water bill,Landline bill,NRGS job card
- Pensioner card having photograph
Form 60 And Form 61 Income Tax- Difference
|Form 60||Form 61|
|Form 60 is required to be submitted by the person who does not have his/her Pan card but desire to make transactions as stated in Rule 114B of Income-tax.||Form 61 is required to be submitted by the individuals who have does not have any taxable income but having income from agriculture.|
|Individuals who are not a registered member but desire to pay for the transactions in cash for all the transactions stated in the in clauses (a) to (h) of Rule 114B||Form 61 requires to be filled by the individuals who desire to make the transactions stated in the Clauses (a) to (h) of Rule 114B|
When Form 61 Needed?
- While selling or purchasing immovable property (land, building, etc.) and the value of such property is more than Rs 5 Lakh.
- While selling or purchasing vehicles, it does not includes two-wheeler.
- While investing in Post office FD having a value above Rs 50,000
- While selling or purchasing specified securities having a value above Rs 10 Lakh
- Individuals also require to fill form 61 at the time of opening a bank account.
- It also requires to be filled while applying for a telephone connection.
- At the time of paying bills in hotels or restaurants Rs 25,000