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PAN becomes mandatory for high value buys from April 1 2026 no Form 97 fallback
Economy
Published on 28 April 2026
Form 97 still exists but won’t save you here
Under the new Income Tax Rules 2026 starting April 1 2026, PAN will be mandatory for multiple high value transactions, including buying motor vehicles over Rs 5 lakh, opening demat accounts, and investing in mutual funds above Rs 50,000. Form 97 replaces Form 60, but its use is drastically curtailed, leaving fewer cases where PAN can be avoided.
- PAN required for select high value transactions from April 1 2026
- Form 97 replaces Form 60 but is far less useful now
- Applies to vehicle purchases above Rs 5 lakh
- Also covers demat accounts and mutual fund investments above Rs 50,000
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times