New Income Tax Draft Rules: Cash Deposits, Withdrawals Up to ₹10 Lakh Without PAN

• From April 1, 2026, taxpayers can deposit or withdraw up to ₹10 lakh cash annually without PAN.
• PAN will be mandatory only if aggregate deposits or withdrawals exceed ₹10 lakh in a financial year.
• Threshold for immovable property transactions increases from ₹10 lakh to ₹20 lakh.
• PAN requirement for motor vehicles expands to all vehicles costing over ₹5 lakh, excluding tractors.
• Cash payments at hotels and restaurants will require PAN only for bills of ₹1 lakh or more, up from ₹50,000.