New Delhi, India – The Central Board of Direct Taxes (CBDT) has released draft Income-tax Rules, 2026, introducing key changes set to take effect on April 1st.
- PAN Mandates: Increased thresholds for mandatory PAN quoting in transactions like cash deposits/withdrawals (now ₹10 lakh annually) and motor vehicle purchases (₹5 lakh).
- Perquisites Revised: Tax-free employer-provided perquisite values, including those for official vehicles and free meals, are proposed to rise.
- Digital Currency Inclusion: Virtual digital payments, including the Central Bank Digital Currency (CBDC), will be recognized as non-cash transaction methods.
- HRA Expansion: Bengaluru, Pune, Ahmedabad, and Hyderabad are included for HRA purposes.
Feedback is open until February 22nd.
Leave a Reply