New tax rules may change how you deposit cash, pay bills, claim HRA

The Central Board of Direct Taxes has proposed several updates to PAN-quoting thresholds, employee benefits valuation, and reporting rules as part of the transition to the Income Tax Act, 2025, which is scheduled to take effect on April 1.

- COMPILED BY SUNAINAA CHADHA

PAN rules for bank transactions

According to the draft rules, PAN will be required for cash deposits or withdrawals totalling ₹10 lakh or more in a financial year across one or more bank accounts.

HRA rules expand to more cities