The Income Tax Department of India has launched a revamped Form 97, replacing the previous Form 60, for individuals without a Permanent Account Number (PAN) who wish to engage in property transactions valued between ₹20 lakh (approximately $24,000 USD) and ₹45 lakh (approximately $54,000 USD). This change is part of a broader initiative to simplify compliance under the Income Tax Act, 2025, which will take effect from April 1, 2026. The new forms are designed to be more user-friendly, featuring simpler language and standardized formats, which are expected to reduce the annual filing burden by 80-85% from the current 12.5 crore filings. O.P. Yadav, a former Principal Commissioner of the Income Tax Department, noted that transactions exceeding ₹45 lakh will still require a PAN. The new regulations also outline specific scenarios where Form 97 is mandatory, such as cash payments exceeding ₹1 lakh for services, while transactions like motor vehicle purchases still require PAN and cannot utilize Form 97. Overall, these changes aim to enhance transparency and reduce compliance complexities for taxpayers.