Bank of Maharashtra Form 97-English Form Download

Form No. 97 is a critical compliance document under Rules 159 and 160 of the Income-tax Rules (a99b2d86-6… p. 1). It acts as a mandatory declaration for individuals, entities, or specified foreign companies who do not possess a Permanent Account Number (PAN) but are executing high-value financial transactions (a99b2d86-6… p. 1). When dealing with banks like the Bank of Maharashtra, this form serves as the official substitute for a PAN card to ensure transaction tracking.

The essential key points of Form 97 are organized below for quick scanning:

• Non-PAN Holders: Filed strictly by individuals, HUFs, trusts, local authorities, or foreign companies who do not have an active PAN at the time of a transaction (a99b2d86-6… p. 1).
• Income Condition: The declarant must state that their estimated total income for the current financial year is less than the maximum amount not chargeable to tax (a99b2d86-6… p. 1).
• PAN Exception: If your income exceeds the taxable threshold, you cannot simply use this form; you must apply for a PAN, input the application date, and provide the acknowledgement number in Part C (a99b2d86-6… p. 3).

The form must be completed when entering into any of the following 6 regulated categories (a99b2d86-6… pp. 2-3):

• Code 01: Purchase, sale, gift, or joint development of any immovable property (a99b2d86-6… p. 2).
• Code 02: Opening a bank account (excluding basic savings and standard time deposits) (a99b2d86-6… p. 3).
• Code 03: Making investments in Time Deposits (Fixed/Recurring Deposits) (a99b2d86-6… p. 3).
• Code 04: Launching an account-based relationship with an insurance provider (a99b2d86-6… p. 3).
• Code 05: Making large payments to hotels, restaurants, banquet halls, or event managers (a99b2d86-6… p. 3).
• Code 06: General purchase or sale of unclassified goods and services (a99b2d86-6… p. 3).

• Cash Tracking (Part-D): The form requires explicit bifurcation of the transaction value, forcing you to declare exactly how much was paid in cash out of the total amount (a99b2d86-6… pp. 2-3).
• Mode of Transaction: You must define the payment channel using designated codes (e.g., Code 01 for Cash, 05 for Online Transfers, 07 for UPI, etc.) (a99b2d86-6… p. 3).
• Joint Transactions: If a transaction involves multiple names, you must state the total number of people involved and your exact percentage share (a99b2d86-6… pp. 2-3).

Unless you provide a pending PAN application acknowledgement, you must submit valid proofs (a99b2d86-6… p. 3). Common acceptable documents include:

• Individuals/HUFs: Aadhaar Card (Code 01), Passport (Code 06), Driving License (Code 05), or Voter ID (Code 03) to satisfy Identity, Address, and Date of Birth validation (a99b2d86-6… pp. 3-4).
• Minors: If a minor enters into a transaction, a parent or legal guardian must sign the form and provide their own KYC proofs (a99b2d86-6… p. 5).
• Foreign Companies: Must attach a Certificate of Incorporation or a Tax Identification Number (TIN) from their home country, officially attested by IFSC banking unit officials (a99b2d86-6… pp. 1, 5).

• Anti-Tax Evasion: The bank is strictly prohibited from accepting this form if a foreign company shows any Indian income chargeable to tax in the fields (a99b2d86-6… p. 3).
• Prosecution: Signing a fraudulent or false declaration to bypass PAN reporting is a serious offense that invites criminal prosecution under Section 482 of the Income-tax Act (a99b2d86-6… p. 2).

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