Income tax changes kick in: New PAN correction forms roll out; property deal rules ease

CBDT introduces new PAN correction forms

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CBDT has notified two separate forms for changes or corrections in Permanent Account Number (PAN) data:

• PAN CR-01 for individuals
• PAN CR-02 for non-individuals such as firms and companies

Taxpayers must use these forms to update details including name, date of birth, or other PAN-linked information.

The forms can be filed:

• Offline at PAN service centres run by UTI Infrastructure Technology and Services Limited and Protean eGov Technologies
• Online through their respective portals

CBDT has also issued detailed guidelines alongside the forms to standardise the correction process.

PAN threshold raised for property transactions

In a separate change, tax rules now ease PAN requirements for smaller property deals.

• PAN is not required for transactions up to ₹20 lakh
• PAN remains mandatory above this threshold

The move effectively raises the compliance threshold, targeting relief for lower-value transactions while maintaining oversight for higher-value deals.

Real estate industry experts said the revised threshold could support broader participation in the housing market.

Rahul Singla, Director, Mapsko Group, said easing PAN requirements for smaller transactions simplifies the process for first-time buyers and could encourage more individuals to invest in long-term assets like housing.

Sandeep Agarwal , Executive Director – Finance & Group CFO, Elan Group, said the higher threshold reflects an effort to rationalise compliance while preserving transparency in larger transactions. He added that the change may support demand in the affordable housing segment and help buyers plan finances better.