The Income Tax Department has released draft rules proposing an increase in the threshold for mandatory quoting of the Permanent Account Number (PAN) in several high-value transactions, including cash deposits, hotel payments, and property deals.
Under the proposed changes, individuals would be required to quote their PAN only when transactions cross revised, higher limits. The move is aimed at easing compliance for taxpayers while keeping a check on large financial dealings that may require closer scrutiny.
As per the draft, the revised thresholds would apply to:
-
Cash deposits made with banks or financial institutions
-
Hotel and hospitality expenses, including large bills paid in cash
-
Property transactions, where PAN details are currently mandatory beyond a specified value
Officials said the proposal is intended to align PAN reporting requirements with inflation and changing transaction patterns, while also reducing the compliance burden on individuals making routine payments.
The draft rules have been placed in the public domain for stakeholder feedback before being finalised. Once notified, the revised limits would replace the existing thresholds under the Income Tax Rules.
Tax experts note that while higher limits may offer relief to small and medium taxpayers, authorities will continue to monitor high-value transactions through other reporting mechanisms to prevent tax evasion.
The Media Times – Unfiltered. Unbiased. Unstoppable.
The Media Times stands as a pillar of fearless journalism, committed to delivering raw, unfiltered, and unbiased news. In a world saturated with noise, we cut through the clutter, bringing facts to the forefront without agenda or compromise.From hard-hitting investigative reports to thought-provoking analysis, we cover politics, healthcare, business, technology, entertainment and global affairs with an unwavering commitment to truth. Our team of dedicated journalists and experts works relentlessly to challenge narratives, expose realities, and hold power accountable.At The Media Times, we don’t just report the news—we shape conversations, spark change, and empower the public with knowledge.
English 
Hindi