Rashmi
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Recently, many taxpayers have received a text message from the Income Tax Department. This message states that the department has noticed specific transactions reported in Form 60/61 for the financial year 2021-22. If the recipient of the message doesnt have a Permanent Account Number (PAN), they ar
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FAQ :
Form 60 is a declaration used by individuals who do not have a Permanent Account Number (PAN) when undertaking financial transactions that normally require a PAN.
You are likely receiving the SMS because you used Form 60 for specified financial transactions in FY 2021-22, and the Income Tax Department needs you to either obtain a PAN or provide your existing PAN to the Reporting Entity.
These are financial activities where a PAN is mandatory, such as buying or selling property, vehicles, or shares not listed on stock exchanges, or buying gold worth over Rs 2 lakh, if you don't have a PAN and use Form 60.
Reporting Entities are organisations or individuals, such as banks, post offices, or property registrars, that are required to record an individual's PAN for specific financial transactions as defined by the CBDT.
If you have a PAN, provide it to the entity with whom you conducted the transaction within 15 days of the campaign execution date. If you don't have a PAN, you should apply for one using Form 49A.
If you received the SMS but did not use Form 60, it might indicate identity fraud. You should report this to the Income Tax Department by emailing cmcpc_support@insight.gov.in or calling 1800 103 4215.
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