Quick Summary
The Income Tax Department of India, under the Central Board of Direct Taxes (CBDT), has officially introduced new simplified tax forms Form No. 97 and Form No. 98, replacing the long-standing Form No. 60 and Form No. 61, effective April 1, 2026. The move is part of a broader re-engineering effort un
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FAQ :
India is introducing new simplified tax forms, Form No. 97 and Form No. 98, which will replace Form No. 60 and Form No. 61.
The new forms, 97 and 98, will be effective from April 1, 2026.
Form No. 97 is to be filed by individuals who do not have a Permanent Account Number (PAN) and are undertaking specified transactions as per Rule 159 of the Income-tax Rules, 2026.
Form No. 98 is to be filed by reporting entities that receive declarations in Form No. 97 from individuals undertaking specified transactions.
The main goal is to simplify compliance, reduce errors and disputes, and lower compliance costs for all stakeholders involved in the tax process.
Filings are expected to be reduced by approximately 80-85%, from around 12.5 crore annually to less than 2 crore annually.
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