PAN rules under New Income Tax Rules

 

PAN rules under New Income Tax Rules

CBDT has notified Income Tax Rules, 2026 under the new Act, with clear impact on PAN applications and transaction reporting.

⟢ PAN application — stricter from April 2026

- Aadhaar-only PAN application removed

- DOB proof now mandatory (Passport / DL / 10th certificate / Voter ID etc.)

- Till 31 March 2026 → Aadhaar-only still valid

 

⟢ New PAN application forms (category-based)

- Form 93 → Indian Individuals

- Form 94 → Indian Entities

- Form 95 → Foreign Individuals

- Form 96 → Foreign Entities

 

⟢ Pending applications — no impact

- Applications filed before 31 March 2026 remain valid

- No need to reapply under new rules

 

⟢ PAN thresholds for transactions — significantly revised

- Cash transactions → PAN if aggregate ≥ ₹10 lakh/year (earlier ₹50K/day)

- Motor vehicle purchase → PAN if > ₹5 lakh (earlier all vehicles)

- Hotels/events/restaurants → PAN if > ₹1 lakh (earlier ₹50K)

- Property transactions → PAN if > ₹20 lakh (earlier ₹10 lakh)

 

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CA. Krishna Kr Neeraj