The introduction of the new Income Tax will make large transactions easier, with significant changes made to the rules regarding providing PAN numbers.:The government has released a draft of the Income Tax Rules.

News Topical, Digital Desk : The government has released the draft Income Tax Rules, which propose several major changes in the new Income Tax Rules 2026.

In these new rules, changes have been made in the rules related to providing PAN number for deposits and withdrawals in banks, purchase of vehicles, hotel bills and purchase of property.

According to the new draft income tax rules, individuals will not be required to provide a PAN number if they deposit or withdraw up to ₹10 lakh from one or more accounts in a year. Currently, a PAN is required for deposits of ₹50,000 or more in a single day at any bank.

The draft also changes vehicle purchase rules, proposing to make providing a PAN number mandatory for vehicles (including two-wheelers) purchased over ₹5 lakh. Currently, providing a PAN number is not required for two-wheelers of any value, but is required for any other vehicle purchase.

The draft new income tax rules also introduce significant changes for the hospitality sector. PAN numbers are no longer required for payments of up to ₹1 lakh at hotels, restaurants, or banquet halls. Currently, PAN numbers are required for payments of ₹50,000 or more.

This draft also changes property-related rules. The proposed rules eliminate the need for PAN numbers for property purchases up to ₹20 lakh, compared to the current limit of ₹10 lakh.

Under new income tax rules, a PAN card will be mandatory for opening an account with an insurance company. Currently, a PAN card is required for payments totaling more than ₹50,000 in a financial year, including life insurance premiums.

Once the new income tax rules are finalised, the new Income Tax Act, 2025, is set to come into effect from April 1, 2026. Reports suggest that its notification could come next month.