TMI BlogProcedure for submission of Form No. 60 by any person who does not have a Permanent Account Number and who enters into any transaction specified in Rule 114B of the Income-tax Rules, 1962X X X X Extracts X X X X X X X X Extracts X X X X ..... (Transactions in relation to which Permanent Account Number is to be quoted in all documents for the purpose of clause (c) of subsection (5) of section 139A of the Income-tax Rules, 1962 (hereunder referred to as the Rules), any person who does not have a Permanent Account Number and who enters into any transaction specified in this rule, shall make a declaration in Form No. 60 giving therein the particulars of such transaction either in paper form or electronically under the electronic verification code. 2. As per sub-rule (1) of Rule 114D (Time and manner in which persons referred to in Rule 114C shall furnish a statement containing particulars of Form No. 60), the persons referred to in clauses (a) to (k) of sub-rule (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 under Rule 114B of the Income-tax Rules, 1962 , shall make a declaration in Form No. 60 giving therein the particulars of such transaction electronically using electronic verification. a) The electronic verification can be enabled using electronic portal/application approved for transactional facility by the regulator. b) The electronic verification can also be enabled using any of the following specified Aadhaar Authentication methods: i. Type 2 Authentication - Authentication of residents through One-Time-Password (OTP) delivered to resident's mobile number and/or e-mail address present ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nique number. c) In case multiple Form No. 60 are submitted during the financial year, and the person/transaction becomes reportable in Form No.61A , the acknowledgement number of the last submitted Form No. 60 shall be mentioned in Form No. 61A . d) In case the specified transaction is handled by more than one regulated entity (e.g. payment bank, partner bank), the electronic transmission of Form No. 60 from the first regulated entity (payment bank) to the second regulated entity (partner bank) will be considered as a valid submission to the second regulated entity provided it is transmitted with the consent of the declarant of Form No. 60. 9. Security, archival and retrieval policies: The reporting person is required ..... X X X X Extracts X X X X X X X X Extracts X X X X
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