What changes for you in the draft Income Tax
For moderate-value financial activity — like small vehicle purchases— you won’t need to quote PAN repeatedly.
PAN disclosure threshold for cash deposits raised from Rs 50k/day to Rs 10 lakh/year. No frequent reporting needed.
Taxpayers in cities such as Bengaluru and Hyderabad can now claim higher HRA tax exemption of up to 50% of the basic salary, on par with Mumbai, Delhi, Chennai and Kolkata.
What’s in it for me?
- •For moderate-value financial activity — like small vehicle purchases— you won’t need to quote PAN repeatedly.
- •PAN disclosure threshold for cash deposits raised from Rs 50k/day to Rs 10 lakh/year. No frequent reporting needed.
- •Taxpayers in cities such as Bengaluru and Hyderabad can now claim higher HRA tax exemption of up to 50% of the basic salary, on par with Mumbai, Delhi, Chennai and Kolkata.