Effective from April 1, 2026, the Indian Income Tax Act, 2025 mandates quoting a Permanent Account Number (PAN) for several high-value financial transactions, replacing the previous Form 60 with the new Form 97. The updated regulations require PAN for opening bank and demat accounts, cash purchases exceeding ₹2 lakh, real estate transactions above ₹45 lakh, and other specific financial activities. Tax experts highlight that these changes aim to reduce anonymous transactions and enhance compliance within the financial system. While exceptions exist for individuals awaiting PAN issuance, such as submitting an acknowledgment receipt, the new rules may pose challenges for those in semi-urban and rural areas where PAN adoption is low. However, the government has made obtaining a PAN easier through online Aadhaar e-KYC processes. Experts suggest that individuals should prioritize obtaining a PAN and linking it with Aadhaar to navigate the evolving financial landscape effectively.