New Delhi, May 3 -- With effect from April 1, 2026, changes under the Income Tax Act, 2025 have expanded the list of financial transactions where quoting a PAN is mandatory. Earlier, individuals without a PAN could Form 60 as a declaration. This has now been replaced by Form 97, which is designed to streamline the process and align it with digital reporting requirements.

The new form introduces a more structure and technology-driven format, with pre-filled details aimed at minimising manual errors. At the same time, its applicability has narrowed, as a larger set of high-value transactions now require PAN to be quoted directly.

"Form 97 is in contrast to Form 60 in that it is designed from a compliance and reporting perspective. Form 97...