Income Tax Rules: Car, Hotel, Bank Transaction Changes from April 1

• New income tax law effective April 1, 2026, with draft rules issued by CBDT.
• PAN not required for annual cash deposits/withdrawals under ₹10 lakh; previously ₹50,000 daily limit.
• PAN required for cash payments over ₹1 lakh (previously ₹50,000) and vehicles over ₹5 lakh.
• Property transaction PAN limit increased to ₹20 lakh; mandatory PAN for all life insurance premiums.
• Increased taxable value for company cars, higher tax-free limits for food, gifts, staff loans, and children's education/hostel allowances.