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New income-tax draft rules 2026: What it means for your salary
New income-tax draft rules 2026: What it means for your salary, PAN and property
The draft rules indicate a big shift in how PAN will be used in everyday financial transactions. One of the key proposals is a higher threshold for quoting PAN in cash dealings. Currently, individuals must provide PAN for a single cash deposit above Rs 50,000 in a day.
New Delhi: The Central Board of Direct Taxes (CBDT) has released the draft Income-tax Rules, 2026, along with a new set of tax forms. This offers a clear glimpse into how the Income Tax Act, 2025 will be implemented from April 1. The draft has been made public for review, giving stakeholders and taxpayers a chance to understand the proposed changes. The government has invited feedback on the rules, with the consultation window open until February 22.
The draft rules indicate a big shift in how PAN will be used in everyday financial transactions. One of the key proposals is a higher threshold for quoting PAN in cash dealings. Currently, individuals must provide PAN for a single cash deposit above Rs 50,000 in a day. Under the new framework, PAN may only be required when total cash deposits or withdrawals across accounts touch Rs 10 lakh in a financial year.
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Spending at hotels, banquet halls, and event venues may also become less restrictive, with PAN reporting proposed only for payments above Rs 1 lakh double the existing limit. The automobile sector could see relief as well. While PAN is currently needed for most vehicle purchases, the new proposal limits the requirement to transactions above Rs 5 lakh, which may benefit entry-level car buyers.
In the real estate market, the threshold for quoting PAN in property deals may be raised from Rs 10 lakh to Rs 20 lakh, easing compliance for smaller transactions.
However, the draft tightens rules around insurance. PAN may become mandatory for every life insurance premium payment, compared to the earlier rule where it was needed mainly if annual premiums crossed Rs 50,000. Additionally, maturity proceeds from ULIPs could be taxed if annual premiums exceed Rs 2.5 lakh, indicating closer scrutiny of insurance-based investments.
Salaried employees may feel the biggest impact of the draft rules in the form of revised perquisite valuations, especially for employer-provided cars. The taxable value of such perks has remained unchanged for years. At present, it ranges between Rs 2,700 and Rs 3,300 per month, depending on the engine capacity of the car.
The draft proposes a significant hike in these valuations. The taxable value may rise to Rs 8,000 per month for cars with engines up to 1.6 litres, and Rs 10,000 per month for vehicles above 1.6 litres. While the revision aims to bring valuations in line with current economic realities, it could lead to a higher taxable salary for employees who receive company cars as part of their compensation.
The draft rules also propose higher tax-free limits for several employee benefits that have remained unchanged for years. One of the key changes is in employer-provided meals, where the tax-free value may increase fourfold to Rs 200 per meal.
Similarly, the annual exemption on gifts received from employers could be raised to Rs 15,000, up from the current Rs 5,000 limit.
The rules also offer relief on staff loans, with the tax-free threshold proposed to jump significantly from Rs 20,000 to Rs 2 lakh. If implemented, these changes could provide some cushion to salaried employees despite tighter taxation in other areas.
The proposed rules bring welcome relief for parents dealing with rising education costs. Families with school-going children are likely to benefit the most from the revised tax-free limits. The children’s education allowance, which is currently just Rs 100 per month per child (for up to two children), may be increased to Rs 3,000 per month per child. The hostel allowance is also set for a major jump, rising from Rs 300 per month to Rs 9,000 per month per child.
In addition, employees working in educational institutions may see higher tax-free benefits. The exemption on free or concessional education for their children is proposed to go up from Rs 1,000 to Rs 3,000 per month per child.
If these changes come into effect, they could help reduce the tax burden for many middle-class families.
Salaried taxpayers who continue with the old tax regime may soon get extra relief through a higher House Rent Allowance (HRA) exemption. As per draft proposals, the government may expand the list of cities where 50% HRA exemption is allowed.
Currently, this benefit is limited to Delhi, Mumbai, Kolkata and Chennai, while other cities qualify for only 40%. The new proposal could include Bengaluru, Hyderabad, Pune and Ahmedabad in the higher exemption category. If approved, employees living in these cities will be able to claim a larger portion of their HRA as tax-free, helping reduce their overall tax burden.
While the existing ITR-1 to ITR-7 filing system will remain unchanged, the draft rules propose stricter eligibility norms and wider disclosure requirements, indicating closer scrutiny by tax authorities. A new Rule 166 has been proposed to clearly define what qualifies as a defective return. This could include missing schedules, unpaid tax liabilities, or mismatches in MAT and AMT credit claims.
In a major digital push, officials may start sending notices and orders through a dedicated mobile app, alongside the current online communication channels.
Taxpayers with overseas income could face tighter checks as well. Under the proposed rules, claiming Foreign Tax Credit will require additional verification. If the foreign tax paid is Rs 1 lakh or more, certification from a Chartered Accountant will become mandatory, replacing the earlier self-declaration method.
Overall, the draft rules aim to simplify routine compliance, modernise outdated provisions, and tighten oversight of high-value and cross-border transactions. Taxpayers and industry bodies still have a limited window to share feedback before the proposed changes come into effect from April 2026.
Source: ZeeNews
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