Form 97 Income tax Rules 2026 Download For declaration No PAN

Form 97 Income tax Rules 2026 PDF Download

FORM NO. 97
[See rules 159 and 160]
Form for declaration to be filed by any person (other than a company or firm) or a foreign
company covered by sub-rule (2) to rule 159 , who does not have a permanent account number and who enters into any transaction specified in rule 159 (Refer Note 1)

Key points about Form 97 Income tax Rules 2026 PDF Download

Form No. 97 is a newly introduced declaration form under the Income-tax Act, 2025 and Income Tax Rules, 2026, designed for individuals undertaking specified financial transactions without a Permanent Account Number (PAN).

Here are the key points about Form 97:

Replaces Old Form 60: Form 97 completely replaces the old Form 60 that was used under the Income-tax Act, 1961.
Who Needs to File: It must be filed by any person (other than a company or a firm) who does not possess a PAN but enters into specified financial transactions as outlined under Rule 159.
Special Exception for Foreign Companies: A foreign company can also use Form 97 if it is transacting with an IFSC (International Financial Services Centre) banking unit, provided the foreign company does not have a PAN and has no income chargeable to tax in India.
Timing of Submission: The declarant must fill out and submit Form 97 exactly at the time of undertaking the specified transaction.
Nature of Declaration: Through this form, the declarant formally states that they do not hold a PAN. They also declare that their estimated total income for the financial year (including the income of a spouse or minor child, if applicable) will fall below the maximum amount chargeable to tax.
Compliance for Receiving Entities: Banks, financial institutions, or other entities that receive Form 97 are required to report these declarations to the Income Tax Department by filing a half-yearly statement using the newly introduced Form No. 98 (which replaces the old Form 61).
Record Retention: The entity receiving Form 97 is legally required to retain the form for a period of six years from the end of the financial year in which the declaration was received.