The notification issued by the Central Board of Direct Taxes, department of revenue, ministry of finance, on April 5 states the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:
1. These rules may be called the Income -tax (Seventh Amendment) Rules, 2017. (2) It shall be deemed to have come into force from the 1st March, 2017.
2. In the Income-tax Rules, 1962, in rule 114B, in the fourth proviso, for the figures, letters and words "28th day of February", the figures, letters and words "30th day of June" shall be substituted. [Notification No. 27/2017/F. No. 370142/32/2017-TPL]
Form No 60 is a 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 the Income Tax Act. Rule 114B specifies a list of financial transactions for which quoting of PAN is mandatory. Form No 60 requires the declarant to give name, address, income and other details in case the person does not have PAN.