PAN Card Rules Change: Many new and important changes have been suggested in the draft income tax rules issued by the government. Under the new rules, changes will be made in the requirement of PAN required for cash transactions, purchase of property and vehicle, payment of hotel bills. Apart from this, the draft rules will make it mandatory for the company to share information with the Income Tax Department to increase the value of the facilities provided by the company and crypto exchange. This also includes recognizing Central Bank Digital Currency (CBDC) as electronic payments.
CBDT introduced draft rules
Union Finance Minister Nirmala Sitharaman presented the country’s budget on 1 February. A few days after the presentation of the budget, CBDT has presented the draft rules and forms related to the new Income Tax Act, 2025 for public comments.
When and where will PAN be required
According to a report in Mint, according to the proposed Income Tax Rules, 2026, if a total cash deposit or withdrawal of Rs 10 lakh or more is made in one or more bank accounts of a person in a financial year, then it will be necessary to provide PAN. Under current rules, PAN is required to be declared if cash is deposited more than Rs 50,000 in a day.
When will PAN be required to buy a car?
Under the new rules, the price limit for quoting PAN even in case of purchasing a vehicle is being changed. Under the new rules, if a person is buying a car or bike worth more than Rs 5 lakh, he will have to provide PAN number. Currently, PAN is not required for a bike, whereas even if you buy a car worth Rs 4 lakh, you have to give PAN.
Where will PAN number be required in case of property?
Under the current rules, the limit for purchase, sale, gift or joint development agreement of any immovable property is fixed at Rs 10 lakh. Under the new rules, this limit is being increased to Rs 20 lakh. Apart from this, it will be necessary to provide PAN for payment of more than Rs 1 lakh for hotel-restaurant bills, convention centre, banquet hall or event management. Currently this limit is Rs 50,000.
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