The government has proposed key updates on when PAN must be quoted in financial transactions. The intent is to rationalize thresholds and align reporting with risk-based monitoring.
🔹 Vehicle purchase — PAN needed only above ₹5 lakh
🔹 Hotel/restaurant cash payments — limit increased to ₹1 lakh
🔹 Life insurance premium — reporting shifts to account-relationship basis
🔹 Property transactions — threshold doubled to ₹20 lakh
🔹 Bank/post office cash withdrawals — new reporting trigger at ₹10 lakh
These proposed revisions aim to simplify compliance while improving transparency in high-value transactions.
Businesses and individuals should review transaction structures and documentation processes to stay aligned.
For clarity or compliance planning, consult your tax advisor.
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