New Income Tax Rule 2026: Millions Saved for Some, Others Hit!

• Draft Income Tax Rule 2026, effective April 1, 2026, increases PAN reporting limits for small transactions.
• PAN mandatory for vehicle transactions over ₹5 lakh (excluding tractors), easing reporting for small vehicle buyers.
• Cash payment limit in hotels/restaurants increased to ₹1 lakh, reducing PAN requirement for smaller daily expenses.
• PAN now required at account opening for life insurance with annual premium over ₹50,000, ensuring early identification.
• Property transaction reporting limit raised to ₹20 lakh; cash withdrawals over ₹10 lakh annually require reporting.