PAN Card Rules have introduced a new reporting process for people who do not have a PAN but carry out certain specified transactions.
This means the absence of a PAN does not prevent transaction details from reaching the Income Tax Department.
The Central Board of Direct Taxes (CBDT) issued a notification on September 15, 2026, covering the registration and reporting process under the Income Tax Rules, 2026.
PAN Card Rules for Transactions Without PAN
Under the new rules, a person without a PAN who wants to carry out a specified transaction will have to submit a declaration in Form 97. The form requires details such as the person’s identity, address and other relevant information.
Form 97 replaces the earlier Form 60 under the new Income Tax Rules, 2026. The provision is relevant for people carrying out certain high-value transactions where PAN details would normally be required.
What Happens After Form 97 Is Submitted
Once Form 97 is received, the bank, registrar or other reporting entity will be responsible for sending the information electronically to the Income Tax Department.
Under Rule 160 of the Income Tax Rules, 2026, the reporting entity has to transmit the details through Form 98 using its ITDREIN.
The information is sent to the designated server, after which an acknowledgement number is provided to the reporting entity.
This creates a formal reporting channel for specified transactions carried out by individuals who do not have a PAN.
New Form 98 Reporting Deadlines
The new rules also specify timelines for reporting information received through Form 97. Declarations received up to September 30 must be reported by October 31.
For declarations received up to March 31, the information must be submitted by April 30 of the following financial year.
What People Without PAN Should Know
People planning specified high-value transactions without a PAN should understand that the transaction may still be reported to the Income Tax Department through the prescribed process.
The new system requires reporting entities to collect the required declaration and electronically transmit the relevant details.
Therefore, not having a PAN does not mean that such transactions remain outside the tax department’s reporting system.