The Income Tax Department has made preparations to provide big relief to the common man. The central government is going to implement the new income tax law from April 1, 2026. Under this, the process of filing tax is being made very easy and the form will now be available pre-filled. Apart from this, major changes have also been made in the rules of buying a car, buying land and depositing cash in the bank, which will prove to be very beneficial for the common people.
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What rules have changed regarding PAN Card?
According to the new rules, the conditions for showing PAN card have been relaxed significantly. Till now, PAN card had to be given for depositing more than Rs 50 thousand in the bank, but now this limit has been increased. Apart from this, the mandatory amount of PAN card has also been increased for purchasing vehicle and property.
The new rules of PAN card are as follows:
cash deposit: Now PAN card will be required only if a total deposit or withdrawal of Rs 10 lakh or more is made in a year.
Buying a Car: Now PAN card will have to be given only when buying a car or bike costing more than Rs 5 lakh. Till now this was necessary for every vehicle.
Property: For buying and selling land or house, now PAN card will be required for deals worth more than Rs 20 lakh, earlier this limit was Rs 10 lakh.
Hotel Bill: PAN card will be asked only if the bill in hotel or restaurant is more than Rs 1 lakh.
What benefit will working people get in HRA and allowance?
The rules have also been changed for salaried employees. Now four big cities have been given the status of metro city for claiming House Rent Allowance i.e. HRA. This means that people living in these cities will now be able to claim HRA up to 50 percent of their basic salary, which was earlier 40 percent.
Changes related to salary and allowances:
Facility New Rule HRA Metro cities Bengaluru, Hyderabad, Pune and Ahmedabad will be considered metro cities Motor Allowance Rs 8,000 per month will be tax free for cars up to 1600cc Big Car Allowance Rs 10,000 per month will be tax free for cars larger than 1600cc Free food from the company Food up to Rs 200 per meal will be tax free Gift limit Gifts received from the employer up to Rs 15,000 but will not be taxed
When will the pre-filled ITR form be available?
The government is making the process of filing tax returns a single click system. The return form to be filled for the financial year 2026-27 will be filled completely automatically. The taxpayer just has to check his information and if everything is correct then the return will be deposited in one click.
If someone feels that the information given in the form is wrong, he will also get the option to edit it. Apart from this, it has now been made mandatory for those holding crypto currency to give information about their holdings in the ITR form. The tax department will now also take data directly from crypto exchanges so that correct information can be obtained.
