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Business·28.04.2026Résumé IA
New Income Tax Rules 2026: PAN Mandatory for High-Value Transactions as Form 97 Replaces Form 60
New Income Tax Rules, 2026 effective April 1, 2026 mandate PAN for high-value transactions including purchase of motor vehicles above Rs 5 lakh, opening demat accounts, and investing in mutual funds above Rs 50,000. Form 60 has been replaced by Form 97 under the Income Tax Act, 2025, with expected reduction in filings by 80-85% from 12.5 crore to approximately 2 crore annually.
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