Draft Rule 151 of the Income-tax Rules, 2026 prescribes mandatory written authorisation, documentation, sealing, and custody procedures for requisition of books, documents, assets, and digital records under section 248.
Rules 152–156 of the Draft Income-tax Rules, 2026 lay down clear procedures for release of seized assets, distraint and sale, prescribed forms for information, and designation of authorities to ensure transparency and accountability.
Rule 157 of the Draft Income-tax Rules, 2026 exempts specified non-residents and eligible foreign investors from obtaining PAN, subject to TDS compliance and prescribed reporting conditions.
Rule 158 of the Draft Income-tax Rules, 2026 prescribes detailed PAN application forms, timelines, document requirements, and Aadhaar authentication to strengthen compliance and data security.
Draft Rule 159 mandates quoting or applying for PAN in specified high-value banking, securities, property and cash transactions, with limited exemptions and Form 97 declarations to strengthen reporting and compliance.
Draft Rule 160 requires specified persons receiving Form 97 declarations to file electronic statements with the Income-tax Intelligence wing within prescribed deadlines and retain records for six years to enhance oversight and compliance.
Rule 161 mandates quoting and authentication of PAN for large cash deposits, withdrawals and opening of current or cash credit accounts to strengthen tax monitoring and prevent misuse of high-value cash transactions.
Draft Rule 162 states that non-intimation of Aadhaar will render PAN inoperative, leading to blocked refunds and higher TDS until compliance and fee payment restore validity. The rule enforces Aadhaar-PAN linkage through financial consequences.
Draft Rule 163 mandates income tax return filing for individuals (other than companies or firms) if they cross specified financial thresholds such as ₹1 crore current account deposits, high foreign travel expenses, or large turnover, ensuring wider tax reporting compliance.
Draft Rule 164 prescribes updated ITR forms, eligibility criteria and filing modes for Assessment Year 2026-27, restricting simplified forms like ITR-1 and ITR-4 based on income, assets and transaction thresholds.
