Major Changes Introduced in PAN Card Regulations

The Income Tax Act, 2025, set to come into effect from April 1, brings significant relief to the general public by simplifying several compliance requirements.

Under the new provisions, the existing daily transaction limit of ₹50,000 for banking transactions has been removed and replaced with an annual threshold of ₹10 lakh. The PAN requirement limit for property purchases has been increased to ₹20 lakh, while for hotel bills, the threshold has been raised to ₹1 lakh. Additionally, PAN will no longer be mandatory for the purchase of vehicles priced below ₹5 lakh.

As part of efforts to streamline and simplify tax regulations, the number of sections in the Income Tax Act has been reduced to 536, aiming to make the framework more concise and user-friendly.