Draft income tax rules: Earlier this month, the Central Board of Direct Taxes (CBDT) released the draft income tax rules, which are scheduled to come into force from 1 April 2026. The draft rules propose changes to the limits on mandatory quoting of the taxpayer's Permanent Account Number (PAN). "The objective behind revising the PAN quoting norms appears to be to align compliance requirements with present-day economic realities. However, if the transaction value exceeds ₹20 lakh, PAN must be quoted and verified, adding an additional layer of authentication. Hotels and restaurant bills As per the current rules, PAN is mandatorily required at hotels and restaurants for payments exceeding ₹50,000.

Source: Mint February 25, 2026 01:41 UTC