PAN Card Rules have changed for people who do not have a PAN and still want to carry out certain specified financial transactions.
Under the Income Tax Rules, 2026, such transactions can now be reported to the Income Tax Department through a new online reporting system.
The Central Board of Direct Taxes (CBDT) issued a notification on September 15, 2026, covering the registration
and reporting process for transactions where a person does not have a PAN. The new system replaces the earlier Form 60 process with Form 97.
PAN Card Rules for People Without PAN
Under the new rules, a person who does not have a PAN but wants to complete a specified transaction will have to submit a declaration in Form 97. The form may require details such as the person’s identity, address and other relevant information.
This means that not having a PAN does not prevent the transaction information from being reported to the Income Tax Department.
Banks, registrars and other reporting entities can collect the required declaration and submit the information electronically.
How Form 97 and Form 98 Will Work
Once the reporting entity receives Form 97, it will be required to transmit the information electronically through Form 98 under Rule 160 of the Income Tax Rules, 2026.
The information will be sent to the designated Income Tax Department server through the ITDREIN system. After successful submission, the reporting entity will receive an acknowledgement number for the filing.
The new PAN Card Rules therefore create a formal reporting route for specified transactions involving people who do not have a PAN.
Form 98 Reporting Deadlines
The new rules also specify deadlines 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 reporting entity must submit the information by April 30 of the following financial year.
People planning high-value transactions such as property or gold purchases should therefore understand the applicable documentation requirements before completing the transaction.
The absence of a PAN does not mean that the transaction will remain outside the Income Tax Department’s reporting system.
