New PAN Card Rules Implemented: Here Is How Scrutiny on Large Transactions Will Be Tightened..

If you are planning to apply for a PAN card, it is essential to be aware of the new rules effective from April 1st. Significant changes have now been implemented regarding both the application for and the usage of PAN cards, aiming to make the entire process more transparent and robust.

**Changes in PAN Card Application Rules**
Now, simply submitting an Aadhaar card will no longer suffice when applying for a PAN card. While an Aadhaar card was previously sufficient on its own, you must now submit additional documents verifying your age and identity alongside it. These documents may include a birth certificate, Voter ID, passport, driving license, Class 10th marksheet, or an affidavit issued by a magistrate.

Another major change is that the name printed on your PAN card must now exactly match the name listed on your Aadhaar card; in other words, there should be no discrepancy between the two. Additionally, the government is set to release new PAN application forms shortly.

You can apply for a new PAN card or update your existing details through the websites of Protean e-Gov Technologies, UTI Infrastructure Technology and Services Limited, or the Income Tax Department's e-filing portal.

**New Rules Regarding PAN Usage**
The regulations governing the usage of PAN cards in financial transactions have also undergone changes. It is now mandatory to furnish your PAN details if the total annual cash deposits or withdrawals in a bank account amount to ₹10 lakh or more. Previously, this rule applied specifically to single-day cash deposits exceeding ₹50,000. When purchasing a vehicle, providing your PAN is now required only if the purchase price exceeds ₹5 lakh.

In the insurance sector, providing your PAN is now mandatory right from the inception of the policy, regardless of the premium amount. For property transactions (buying or selling), a PAN card is now required for deals exceeding ₹20 lakh (previously, the threshold was ₹10 lakh). Furthermore, for cash payments exceeding ₹1 lakh at hotels, restaurants, or events, it is now mandatory to provide your PAN details (the previous limit was ₹50,000). Overall, these new rules have been introduced to streamline and simplify the usage of PAN cards, while simultaneously enabling better monitoring of high-value financial transactions.

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