The Government has released draft Income Tax Rules 2026 aligned with the upcoming Income Tax Act, 2025. These proposals mainly revise PAN reporting limits, crypto compliance, employee benefits, and HRA rules. Here are the important monetary thresholds:
🔹 PAN Mandatory — Proposed Limits
• Cash deposits/withdrawals: PAN required if total cash transactions reach ₹10 lakh in a financial year (earlier ₹50,000 per day rule)
• Motor vehicle purchase: PAN required only if value exceeds ₹5 lakh
• Hotel/event payments: PAN needed if payment exceeds ₹1 lakh (earlier ₹50,000)
• Property transactions: PAN mandatory if value exceeds ₹20 lakh (earlier ₹10 lakh)
• Insurance accounts: PAN required to start any account-based relationship
🔹 Employee Perquisite Limits
• Tax-free meal benefit proposed at ₹200 per meal
• Employer-provided car valuation:
— Up to 1.6L engine: ₹8,000/month
— Above 1.6L engine: ₹10,000/month
(includes driver cost)
🔹 Crypto Reporting
Crypto exchanges may be required to report investor transactions — stronger compliance monitoring expected.
🔹 HRA Metro City Expansion
Bengaluru, Pune, Ahmedabad, and Hyderabad proposed as metro cities — may increase HRA exemption eligibility.
🔹 CBDC Recognition
Central Bank Digital Currency proposed as a valid electronic payment method.
⚠ Note: These are draft rules and may change after consultation. Expected rollout alongside the new law from April 1.
No comments:
Post a Comment