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There are respective changes successful the draught income taxation rules that interaction the mode you wage income tax. (AI image)
Draft Income Tax Rules 2026: The Income Tax Department has released a caller acceptable of draught income taxation rules, which erstwhile finalised, volition beryllium applicable for fiscal twelvemonth 2026-27. There are respective changes successful the draught income taxation rules that interaction the mode you wage income tax, retreat cash, wage successful currency etc.
and the request to punctuation your PAN card fig for a assortment of transactions.Following the merchandise of the draught rules, the authorities has invited comments and suggestions from stakeholders, with February 22, 2026 acceptable arsenic the deadline for submitting feedback. After reviewing the responses received, the revised rules volition beryllium finalised, formally notified, and are expected to instrumentality effect from April 1, 2026.Under the projected framework, the threshold limits for respective transactions requiring PAN Card details to beryllium disclosed person undergone a change.
Draft Tax Rules 2026: Changes successful Mandatory PAN Card Quoting
One of the main changes related to mandatory quoting of PAN Card relates to the bounds for quoting PAN successful transactions involving the acquisition oregon merchantability of immovable spot has been raised from Rs 10 lakh to Rs 20 lakh.Also Read | Draft Income Tax Rules 2026 explained: How you tin prevention Rs 1.41 lakh taxation outgo - apical points connected HRA, PAN changes Similarly, the request to disclose PAN for currency deposits has been modified, expanding the threshold from Rs 50,000 successful a azygous time to currency deposits of Rs 10 lakh oregon much during a fiscal twelvemonth successful a bank, cooperative bank, oregon station office.
Mandatory Quoting of PAN – Rule 159 (earlier Rule 114B)
| Current | Proposed | |
| Deposit with Banking Company oregon Post Office | Required for Cash deposit Rs 50,000 successful 1 day | Mandatory for Cash deposit Rs 10 Lakh successful 1 FY |
| Purchase of Motor conveyance oregon 2 wheeler | Not required for 2 wheeler, but mandatory for each centrifugal vehicles | Required for centrifugal conveyance (including 2 wheelers) for magnitude successful excess of Rs 5 lakh (except Tractor) |
| Purchase of immovable property | Required for transaction successful immovable spot exceeding Rs 10 Lakh | Mandatory for Purchase/ Sale/ Gift/ JDA of immovable spot exceeding Rs 20 Lakh |
| Hotel/ Restaurant Bill | Payment successful currency exceeding Rs 50,000 astatine immoderate 1 time | Increased to Rs 1 Lakh connected outgo made successful cash, including outgo made to normal Center/ banquet/ event |
| Cash withdrawal from Banking institution oregon Post office | NA | Rs 10 Lakh oregon much successful FY in |
| Payment of beingness security premium | Rs 50,000 oregon much successful FY | Commencement of account-based narration with an insurer - All specified transactions |
| Payment successful currency for acquisition of overseas currency | Amount exceeding Rs 50,000 | Possibly covered successful residual clause which states Rs 2 Lakh per transaction |
Table source: Grant Thornton BharatThe draught besides proposes that PAN Card details beryllium shared if the full currency withdrawals scope Rs 10 lakh oregon much successful a fiscal twelvemonth crossed 1 oregon aggregate accounts held by an individual.Cash depositsUnder the existent rules, PAN indispensable beryllium quoted erstwhile currency deposits of much than Rs 50,000 successful a azygous time astatine a slope oregon station bureau are made.
The draught income taxation rules question to revise this by introducing a higher threshold, requiring PAN details to beryllium shared erstwhile full currency deposits are of Rs 10 lakh oregon much during a fiscal twelvemonth crossed aggregate accounts. The aforesaid yearly bounds has besides been projected for currency withdrawals, making PAN mandatory erstwhile withdrawals scope Rs 10 lakh successful a fiscal year.Purchase of centrifugal vehiclesIf you bargain a centrifugal conveyance astatine present, the PAN Card details are required for all, excluding motorcycles.
However, arsenic per the projected caller income taxation rules, PAN disclosure is compulsory lone erstwhile the worth of your centrifugal conveyance oregon motorcycle is implicit Rs 5 lakh.Hotel and edifice paymentsCurrently, PAN indispensable beryllium provided for payments made towards edifice oregon edifice bills of implicit Rs 50,000. The draught rules suggest expanding this threshold to Rs 1 lakh.Transactions involving immovable propertyExisting regulations necessitate PAN to beryllium quoted for spot transactions valued supra Rs 10 lakh.
The connection recommends raising this bounds to Rs 20 lakh.Insurance policiesAt present, PAN Card details are required erstwhile security premium payments are made supra Rs 50,000. The draught income taxation rules broaden this requirement. They widen the request for PAN Card to immoderate account-based narration maintained with security companies.
