Form No. 60 are used by persons who do not have a Permanent account number and who have entered into transactions specified under Rule 114B of the Income-tax Rules, 1962.
This form is however being misused, since there is no mechanism to track and control those persons who wrongly fill the form to avoid obtaining PAN. Considering the fact that presently PAN is allotted in less than 7 days from the date of online application, Form No. 60 has lost its relevance. Further, filling of PAN should be made mandatory in Form No. 15G/15H without which such forms should not be accepted or given benefit of.
Since there is no central system to locate multiple forms 60, filled by a particular person, it is suggested that the filing of the same be made electronic in line with Notification 76/2015 dated 29.9.2015 in respect of Form 15G and 15H. On the basis of particulars received from these forms, the banks should be mandated to punch the said particulars in the eform which will generate a unique number. This system if put in place will ensure genuine usage of these forms.
(SUGGESTION TO INCREASE THE TAX BASE)