The government has made new PAN card rules which is starting From April 1. The aim or motive is to make things clear and prevent cheating of tax. These rules affect how you apply for a PAN and how you are going to use it.
Now, you need more documents to apply for a PAN card. Your details must match your Aadhaar exactly. This helps avoid mistakes.
The rules for using PAN in big transactions have also changed. The government will now keep a closer check on large money dealings. As per Newspoint reports, new PAN rules and guidelines have been introduced with changes in application and usage.
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Changes in PAN card application
Now, you cannot apply for a PAN card using only your Aadhaar. You must also give other documents to prove your identity and date of birth, like a passport, voter ID, driving licence, or Class 10 marksheet.
Also, your name on the PAN card must be exactly the same as on your Aadhaar. Even small differences can cause rejection or delay, so your details must be correct. You can apply for a new PAN card or update your details online through the websites of Protean, UTI, or the Income Tax Department.
Stricter rules for financial transactions
The government has made PAN rules stricter for big money transactions. Now, if you deposit or withdraw more than ₹10 lakh in a year, giving your PAN is compulsory.
Also, if you spend more than ₹1 lakh at hotels, restaurants, or events, you must show your PAN. These rules help the government keep track of large spending.
Updated limits in property and insurance
Now, you need to give your PAN for property deals only if the amount is more than ₹20 lakh. Earlier, the limit was ₹10 lakh.
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For insurance, PAN is now needed from the beginning, no matter how small the premium is.
If you buy a vehicle, PAN is required only when the price is above ₹5 lakh. This makes things easier for cheaper purchases but still keeps a check on expensive ones.
These new PAN rules are meant to make the system clearer and more trustworthy. By asking for proper documents and matching details, the government wants to reduce fraud and mistakes. People should understand these rules properly to avoid any problems.
