Form 60 is no longer the go-to declaration for people without PAN under the new tax form framework. The Income Tax Department says Form No. 97 has replaced the earlier Form No. 60 for persons who do not possess PAN and enter into specified transactions under Rule 159 of the Income-tax Rules, 2026. The department’s FAQ also says the scope of Form 97 is not exactly the same as old Form 60.
What Has Changed After Form 60
From 1 April 2026, taxpayers, jewellers, car dealers, banks, insurers, and other reporting entities need to check whether a PAN is compulsory or whether Form 97 can be accepted. This is why the update is trending in personal finance news: many buyers assumed Form 97 works everywhere Form 60 worked earlier, but official material shows some high-value transactions now block the non-PAN route.
The official Income Tax India X post on Form 97 and Form 98 says old Forms 60 and 61 have been replaced with new Forms 97 and 98.
Can You Buy A Car Without a PAN Now?
For a motor vehicle purchase or sale above ₹5 lakh, PAN is mandatory and Form 97 is not allowed, according to the Income Tax Department’s Form 97 and 98 brochure. So, a buyer planning a car purchase should arrange PAN before visiting the showroom, especially if the invoice crosses the threshold.
This also affects practical dealership checks. A dealer may ask for PAN at booking, loan processing, invoice generation, insurance, or registration stage. If the buyer cannot provide PAN, the transaction may be delayed or refused.
What About Gold, Goods And Services Above ₹2 Lakh
Gold buyers should be careful because several news reports have clubbed gold, cars, and shares together while explaining the PAN update. The official brochure lists “sale/purchase of other goods/services above ₹2,00,000 per transaction” separately and shows Form 97 can be filed for that category.
That means the safest route for gold jewellery buyers is simple: ask the jeweller what category they are reporting under, carry PAN where available, and do not assume old Form 60 practice still applies. For shares, debentures, bonds, mutual fund purchases, credit card applications, demat accounts, and cash deposits above the listed limits, the brochure shows PAN is mandatory and Form 97 is not allowed in several cases.
Documents Needed For Form 97
The Income Tax Department says Form 97 needs supporting documents for proof of identity, proof of address, and proof of date of birth or incorporation. The form structure includes transaction details, non-PAN declaration, identity and address details, document details, and verification.
Smart tax and document updates you should know
How to file ITR without CA?
Check out a simple step-by-step guide for beginners.
Can you withdraw PF without TDS?
Find out how the new EPFO form works.
Missed ITR correction deadline penalties?
Uncover late fees and key tax alerts now.
How to apply birth certificate online?
See the easy process to get it quickly.
What is Form 121 new rule?
Get to know why it replaces old tax forms.
How To Use New Form 97
Form 97 is filed by a person who does not possess PAN and enters into a specified Rule 159 transaction where Form 97 is allowed. The reporting entity then uses Form 98 for reporting received declarations. The Income Tax Department FAQ says persons receiving Form 97 must file a half-yearly statement in Form 98.
For buyers, the quick process is: first check whether PAN is mandatory for that exact transaction, then ask the seller, bank, insurer, or institution if Form 97 is accepted. Next, fill Form 97 with personal details, transaction details, and declaration. Attach valid identity, address, and birth-date proof. Finally, keep a copy for future tax or purchase records.
Final word: Form 97 is not a magic replacement for every old Form 60 case. For cars above ₹5 lakh, PAN is compulsory. For some goods and services above ₹2 lakh, Form 97 may still apply. Always check the official Income Tax Department forms FAQ before making a high-value purchase.
FAQs
1. Can I Buy A Car Without a PAN?
No, motor vehicle purchases above ₹5 lakh require PAN; Form 97 is not accepted there.
2. Can I Buy Gold Without PAN?
For goods above ₹2 lakh, official brochure lists Form 97 use; confirm first with seller.
3. What Replaced Form 60?
Form 97 has replaced old Form 60 for specified non-PAN declarations from April 2026 onward.
4. Who Files Form 98?
Reporting entities file Form 98 after receiving Form 97 declarations during the prescribed half-year cycle.
5. What Documents Need Form 97?
Keep identity, address, and date-of-birth proof ready before submitting Form 97 for transactions.
