‘Loot lo, loot lo,’ a man yells while recording scenes after a truck toppled in Andhra Pradesh’s Nellore. His video is now going viral, sparking discussions online over ‘insensitivity’. But what exactly happened? The truck was loaded with bottles of cold drinks (primarily bottles of Thums
Editorial independence is core to our work. Some links may earn us a commission, without influencing our opinions.Big price drop on 4K smart TVs: Up to 60% off on Samsung, Sony, LG and moreSmart TVs on Amazon are seeing noticeable price drops, making it easier to upgrade to sharper visuals
NRI installs Statue of Liberty replica atop Jalandhar home after 26 years in New YorkAn NRI installed a Statue of Liberty replica on his Jalandhar home, drawing visitors and going viral online. Published on: Mar 22, 2026 7:39 AM IST By Mahipal Singh Chouhan Share via Copy link A unique
West Bengal Chief Minister Mamata Banerjee on Saturday described Prime Minister Narendra Modi as the “biggest infiltrator” and reiterated her criticism of the Bharatiya Janata Party-led Union government in connection with the special intensive revision of voter rolls, PTI reported
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From Rs 10 Lakh Spend Tracking To PAN Must: 5 Big Credit Card Rule Changes From April 1
From Rs 10 Lakh Spend Tracking To PAN Must: 5 Big Credit Card Rule Changes From April 1
The New Income Tax Act, 2025, effective April 01, 2026, tightens scrutiny on high-value credit card transactions, allows tax payments via credit cards, etc.
New Income Tax Act 2025: The New Income Tax Act, 2025, which is set to become effective from April 01, 2026, is going to reshape how millions use their credit cards by tightening scrutiny of high-value swipes to the possibility of paying taxes with plastic money.
Also Read :New income tax act 2025 to ease compliance, boost relief for small biz: FM Sitharaman
The framework introduces key provisions that directly impact credit card holders, aiming to enhance transparency and curb tax evasion.
One of the most significant changes is the tighter tracking of large spends. If an individual makes digital payments (excluding cash) of Rs 10 lakh or more in a financial year through a credit card, banks or card issuers may report these details to the Income Tax Department.
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Cash payments of Rs 1 lakh or more may also fall under reporting requirements. While reporting of high-value transactions existed earlier, the new rules sharpen oversight and bring big-ticket spending under closer scrutiny.
To ease documentation, recent credit card statements can now be used as valid address proof for obtaining a Permanent Account Number (PAN).
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Statements from the last three months may be accepted, provided they clearly reflect the applicant’s correct and updated address. This move is expected to help individuals who lack traditional address documents like utility bills.
The new rules also allow taxpayers to pay income tax dues using a credit card.
Until now, tax payments were largely restricted to net banking and debit cards. While this adds convenience and flexibility, taxpayers should be mindful of additional costs, as banks may levy processing fees or interest, increasing the total outgo.
The rules clarify the tax treatment of employer-provided credit cards.
If a company-issued card is used for personal expenses, the amount will be treated as a “perquisite” and taxed accordingly. However, expenses incurred strictly for official purposes—such as business travel, client meetings, or work-related entertainment—will remain tax-exempt.
Also Read :Income-tax rules 2026 notified: Govt tightens compliance, makes filing simpler
Employers must maintain detailed records to justify official spending. Any amount reimbursed by the employee will be deducted while calculating the taxable value.
To further tighten compliance, furnishing a PAN is now mandatory when applying for a credit card.
Banks and financial institutions will not process applications without it. The aim is to directly link significant financial transactions with tax records and prevent misuse or anonymous activity.
Source :News18
Source: OfficeNewz
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