Credit Cards New Rules 2026 on High value transactions

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Издатель Feb 18, 2026

Credit Cards New Rules 2026 on High value transactions

Income Tax Oversight on High-Value Transactions
"The biggest update is regarding reporting. If your total credit card bill payments in a financial year exceed ₹10 Lakh—whether paid online or by cheque—the bank will report this data directly to the Income Tax Department.
And take note: if you pay a bill of ₹1 Lakh or more in CASH, that will also be reported. While this rule existed previously, it has been made much stricter in the new draft to keep a closer eye on large transactions."
Credit Card as Address Proof
"Now, some good news! If you are applying for a new PAN card, your Credit Card Statement will now be accepted as a valid Address Proof. There is just one condition: the statement must not be more than 3 months old. So, if you don’t have a utility bill or rent agreement handy, your credit card statement will do the job."
Pay Taxes Using Your Credit Card
"Previously, you could only pay taxes via Debit Card or Net Banking. But now, credit cards have been officially included as an Authorized Electronic Payment Mode. This means you can now pay your Income Tax using your credit card. This is a huge win for those looking for payment flexibility or wanting to earn extra reward points."
Corporate Credit Cards & Tax (Perks)
"If your company has provided you with a credit card, pay attention! The membership fees or annual charges paid by the company will be treated as a 'Perquisite' (perk), and you will have to pay tax on it.
However, if the expenses are strictly for Official Work, no tax will be levied. To claim this, the company must maintain a complete record of when, where, and why the money was spent, and they must provide a certificate to prove it."
PAN is Now Mandatory
"Last but not least, providing your PAN Number is now mandatory when applying for a credit card from any bank or institution. You won't be able to get a card without it. The goal here is to track digital transactions effectively and curb tax evasion."

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