Credit Card Overhaul: 5 Big Changes Proposed for Users, From Spends to Tax Payments

• New draft rules propose enhanced scrutiny for annual credit card digital payments of Rs 10 lakh or more.
• Cash payments of Rs 1 lakh or above towards credit card dues could trigger reporting obligations.
• Credit card statements (past 3 months) may be accepted as address proof for PAN applications.
• Taxpayers might soon be able to settle income tax liabilities using credit cards, offering convenience but potential fees.
• Employer-issued credit card personal expenses could become taxable perquisites; PAN mandatory for new card applications.