New Income Tax Rules: No PAN for cars/bikes under Rs 5 lakh, higher limits for cash

• New Income Tax Rules draft released, inviting public comments until February 22.
• PAN card no longer required for buying or selling vehicles valued under Rs. 5 lakhs.
• Experts believe the new rule will reduce paperwork and expedite small transactions.
• PAN mandatory for cash deposits/withdrawals of Rs. 10 lakhs or more annually (previously Rs. 50,000 daily).
• PAN required for hotel/event bills exceeding Rs. 1 lakh (previously Rs. 50,000).
• New 'Income Tax Act, 2025' effective April 1, replacing the 1961 act with simpler language.