The Income Tax Department of India has unveiled a new Form 97, which will replace the previous Form 60 for individuals without a Permanent Account Number (PAN) engaging in specific transactions. This change is part of the Income Tax Act, 2025, set to take effect on April 1, 2026. The revamped forms aim to simplify compliance and reduce the annual filing burden by 80-85%, significantly from the current 12.5 crore filings. The new Form 97 is specifically required for transactions involving the sale or purchase of immovable property valued above ₹45 lakh (approximately $54,000 USD). The updated forms feature simplified language, standardized pre-filled formats, and tech-driven processes to minimize errors and disputes. Notably, the new regulations mandate PAN for several transactions that previously allowed Form 97, thereby enhancing transparency and compliance. Supporting documents for identity verification will also be required under the new framework, ensuring a more streamlined process for taxpayers.