Draft IT Rules Ease PAN Requirement

Draft Income Tax Rules have proposed significantly raising transaction limits for quoting of PAN for cash deposits/ withdrawal in banks, purchase of motor vehicles and property, and payment of hotel bills.

- Press Trust Of India

The draft also proposes raising the value of perquisites provided by employers, and making it mandatory for crypto exchanges to share information with the tax department. It also includes Central Bank Digital Currency (CBDC) as an accepted mode of electronic payment.

The draft rules have expanded the list of Category 1 metropolitan cities to include Bengaluru, Pune, Ahmedabad, and Hyderabad for the purpose of claiming house rent allowance (HRA). The list includes Delhi, Mumbai, Kolkata, and Chennai.