{"id":9986,"date":"2026-04-28T22:29:12","date_gmt":"2026-04-28T16:59:12","guid":{"rendered":"https:\/\/banitoday.com\/buying-gold-car-or-shares-over-2-lakh-pan-now-mandatory-for-these-transactions-under-new-tax-rules-check-where-form-97-now-applies\/"},"modified":"2026-04-28T22:29:12","modified_gmt":"2026-04-28T16:59:12","slug":"buying-gold-car-or-shares-over-2-lakh-pan-now-mandatory-for-these-transactions-under-new-tax-rules-check-where-form-97-now-applies","status":"publish","type":"post","link":"https:\/\/banitoday.com\/hi\/buying-gold-car-or-shares-over-2-lakh-pan-now-mandatory-for-these-transactions-under-new-tax-rules-check-where-form-97-now-applies\/","title":{"rendered":"Buying gold, car or shares over 2 lakh? PAN now mandatory for these transactions under new tax rules, check where Form 97 now applies"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<div class=\"e9jwa\">\n<div class=\"vdo_embedd\">\n<div class=\"GfdvZ\">\n<section class=\"_bIDB  clearfix id-r-component leadmedia undefined undefined  E9tg9 \" style=\"top:0px\">\n<div class=\"_bIDB\" data-ua-type=\"1\" onclick=\"stpPgtnAndPrvntDefault(event)\">\n<div class=\"ypVvZ\">\n<div class=\"WGttI\"><img src=\"https:\/\/static.toiimg.com\/thumb\/msid-130585847,imgsize-712480,width-400,height-225,resizemode-4\/-.jpg\" alt=\"Buying gold, car or shares over 2 lakh? PAN now mandatory for these transactions under new tax rules, check where Form 97 now applies\" decoding=\"async\" fetchpriority=\"high\"\/><\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n<p>If you are planning to buy gold jewellery worth more than Rs 2 lakh or open a demat account without a PAN, the new income tax framework has an important update for you. From April 1, old Form 60 has been replaced by Form 97, but PAN remains compulsory for several high-value purchases and financial transactions.<span class=\"id-r-component br\" data-pos=\"2\"\/>The change comes under the Income Tax Act, 2025 read with the Income Tax Rules, 2026. The government has also replaced old Form 61 with Form 98 as part of a wider compliance overhaul aimed at making declarations simpler, faster and more technology-driven, according to an ET report.<span class=\"id-r-component br\" data-pos=\"4\"\/>The Income Tax Department has said the redesigned forms use simpler language, standardised pre-filled formats and digital processes to reduce disputes and filing errors. <!-- -->It expects annual filings under these forms to fall by 80-85 per cent from around 12.5 crore currently.<span class=\"id-r-component br\" data-pos=\"9\"\/><\/p>\n<p><h2><keyword id=\"20792383\" type=\"General\" weightage=\"20\" keywordseo=\"buying-gold\" source=\"keywords\">Buying gold<\/keyword> above Rs 2 lakh? PAN still compulsory<br \/><\/h2>\n<\/p>\n<p><span class=\"id-r-component br\" data-pos=\"11\"\/>Chartered Accountant Suresh Surana said the new rules continue the requirement of quoting PAN for specified transactions.<span class=\"id-r-component br\" data-pos=\"13\"\/>Under Rule 159 of the Income-tax Rules, 2026, which corresponds to the earlier Rule 114B, sale or purchase of goods or services above Rs 2 lakh per transaction continues to fall within the reporting net.<span class=\"id-r-component br\" data-pos=\"16\"\/>\u201cAccordingly, transactions like purchase of gold jewellery would continue to be included within its ambit,\u201d Surana said, ET quoted.<span class=\"id-r-component br\" data-pos=\"18\"\/>\u201cAlthough the updated rules reflect a broader intent to rationalise compliance and reduce reporting for routine and lower-value transactions, there is no specific amendment affecting high-value purchases of goods, including jewellery.\u201d<span class=\"id-r-component br\" data-pos=\"20\"\/>\u201cAs such, the requirement to quote PAN for transactions above Rs 2 lakh remains applicable under the current framework,\u201d he added.<span class=\"id-r-component br\" data-pos=\"23\"\/><\/p>\n<p><h2>Where Form 97 will not work now<br \/><\/h2>\n<\/p>\n<p><span class=\"id-r-component br\" data-pos=\"25\"\/>The compliance system has shifted more sharply towards PAN-based verification, meaning Form 97 cannot be used in several transactions.<span class=\"id-r-component br\" data-pos=\"27\"\/>According to Surana, PAN is mandatory for:<span class=\"id-r-component br\" data-pos=\"29\"\/><\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"30\">\n<ul>\n<li>Purchase of motor vehicles above Rs 5 lakh<\/li>\n<li>Credit card applications<\/li>\n<li>Opening demat accounts<\/li>\n<li>Mutual fund, debenture and bond investments above Rs 50,000, including RBI bonds<\/li>\n<li>Cash deposits or withdrawals above Rs 10 lakh<\/li>\n<li>Purchase or sale of securities above Rs 1 lakh per transaction<\/li>\n<li>Purchase or sale of unlisted shares above Rs 1 lakh per transaction<\/li>\n<li>Transactions removed from reporting list<\/li>\n<\/ul>\n<\/div>\n<p><span class=\"id-r-component br\" data-pos=\"31\"\/>Surana said some transactions have been taken out of the Form 97 reporting framework altogether:<span class=\"id-r-component br\" data-pos=\"33\"\/><\/p>\n<div class=\"cdatainfo modify_cdata_list_style id-r-component \" data-pos=\"34\">\n<ul>\n<li>Purchase of foreign currency<\/li>\n<li>Cash purchase of bank drafts, pay orders or banker\u2019s cheques<\/li>\n<li>Transactions involving prepaid payment instruments (PPIs)<\/li>\n<\/ul>\n<\/div>\n<p><span class=\"id-r-component br\" data-pos=\"35\"\/><\/p>\n<p><h2>What this means for taxpayers<br \/><\/h2>\n<\/p>\n<p><span class=\"id-r-component br\" data-pos=\"37\"\/>While Form 97 replaces Form 60, it is now meant for fewer cases. For most major banking, investment and high-value purchase transactions, PAN has become the primary requirement. Buyers planning jewellery, securities or financial investments may need to ensure PAN details are ready before proceeding.<span class=\"id-r-component br\" data-pos=\"39\"\/><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/timesofindia.indiatimes.com\/business\/financial-literacy\/investing\/buying-gold-car-or-shares-over-2-lakh-pan-now-mandatory-for-these-transactions-under-new-tax-rules-check-where-form-97-now-applies\/articleshow\/130585808.cms\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are planning to buy gold jewellery worth more than Rs 2 lakh or open a demat account without a PAN, the new income tax framework has an important update for you. From April 1, old Form 60 has been replaced by Form 97, but PAN remains compulsory for several high-value purchases and financial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-9986","post","type-post","status-publish","format-standard","has-post-thumbnail"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/posts\/9986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/comments?post=9986"}],"version-history":[{"count":0,"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/posts\/9986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/media\/9987"}],"wp:attachment":[{"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/media?parent=9986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/categories?post=9986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/banitoday.com\/hi\/wp-json\/wp\/v2\/tags?post=9986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}