New Tax Rules from April 1, 2026: PAN, ITR, Insurance & More to Change

• New Income Tax Act 2025 comes into effect from April 1, 2026, bringing major personal finance changes.
• PAN rules simplified: required for cash transactions over Rs 10 lakh annually (was Rs 50,000), and hotel/restaurant bills over Rs 1 lakh (was Rs 50,000).
• No PAN needed for cars/bikes under Rs 5 lakh or property under Rs 20 lakh (was Rs 10 lakh); easier property buying from NRIs.
• Insurance rules tightened: PAN mandatory for all policies regardless of premium; Motor Accident Claims compensation interest now fully tax-exempt.
• Children's education allowance increased to Rs 3,000/month (was Rs 100) and hostel allowance to Rs 9,000/month (was Rs 300) under old tax regime; ITR filing deadline for non-audited businesses extended to August 31.