New Income Tax Draft Rules: Credit Card Norms to Change from April 1
Loading more articles...
Credit Card Norms to Change from April 1: New Income Tax Draft Rules Revealed
C
CNBC TV18•24-02-2026, 07:50
Credit Card Norms to Change from April 1: New Income Tax Draft Rules Revealed
•New Draft Income-tax Rules, 2026 may tighten reporting and taxation norms for credit card users and employers from April 1.
•High-value credit card payments exceeding ₹10 lakh (non-cash) or ₹1 lakh (cash) annually will be reported to tax authorities.
•PAN linkage will become mandatory for obtaining new credit cards, strengthening the connection between credit usage and taxpayer identity.
•Credit cards are now recognized as an approved electronic mode for paying income tax and other central taxes.
•Employer-provided credit card expenses for personal use will be treated as a taxable perquisite for employees, unless fully for official duties with proper documentation.
