By Admin 
The central government is going to make major changes in the direction of simplifying the income tax system. In fact, the Finance Ministry has released the draft of Income Tax Draft Rule 2026, in which it is proposed to relax the rules related to PAN card. This will have a direct impact on the everyday transactions of common people related to banking, shopping and services. If these rules are implemented then the compulsion to show PAN card again and again on small transactions will end.
There will be big relief in bank transactions
Actually, till now the rule was that if a person deposits more than Rs 50 thousand in cash in a single day, then it is necessary to give PAN. But there is a proposal to change this system in the new draft rules. Now, PAN card will be mandatory only if there is a total cash deposit or withdrawal of Rs 10 lakh or more in one or more bank accounts in the entire financial year. This means that those doing small cash transactions can get big relief.
PAN card rules will change even after buying a car
At present, it is mandatory to give PAN card for purchasing any motor vehicle of any value, whereas two-wheeler is out of this scope, but according to the new rules, PAN card will have to be given only if the price of both two-wheeler and four-wheeler is more than Rs. 5 lakh. PAN card will not be mandatory if you buy a car worth less than Rs 5 lakh.
Deal on hotel, restaurant and event expenses also
It has also been proposed to provide relief in expenses related to hospitality and event management sector. At present, it is mandatory to show PAN card on hotel or restaurant bills of more than Rs 50 thousand. In the draft rules, it has been said that this limit will be increased to one lakh. The same rule will also apply to banquet halls, convention centers and event management services. Apart from this, changes are also proposed in transactions related to real estate. At present, it is mandatory to provide PAN on property deals worth more than Rs 10 lakh. But in the new rules, there is a proposal to increase this limit to Rs 20 lakh, that is, PAN will not be mandatory for deals less than Rs 20 lakh.
When will the new rules come into effect?
According to the report, the government and CBDT will take opinion of stakeholders on these draft rules. After this, they can be finalized and notified by the first week of March 2026. The new rules are likely to come into effect from April 1, 2026, and will replace the old income tax rules of 1962.
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