Business
Often Use Your Credit Card? 5 New Rules To Know Before April 1
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If you make digital payments amounting to Rs 10 lakh in one year through a credit card, the details may be reported to the Income Tax Department by banks
The new Income Tax draft rules propose recognising recent credit card statements as valid address proof for obtaining a PAN.
From tighter scrutiny of high-value swipes to the possibility of paying taxes with plastic money, sweeping changes may soon reshape how millions use their credit cards. The Income Tax Department has released Income Tax Draft Rules 2026, which are slated to replace the decades-old Income Tax Rules, 1962, once approved. Though still in draft form, the proposed framework introduces five key provisions that directly affect credit card holders and aim to enhance transparency while curbing tax evasion.
The most significant proposal centres on stricter monitoring of high-value transactions. Under the draft norms, if an individual makes digital payments, excluding cash, amounting to Rs 10 lakh or more in a financial year through a credit card, the details may be reported to the Income Tax Department by banks or card issuers.
Cash payments of Rs 1 lakh or more could also come under reporting requirements. While reporting of large transactions is not entirely new, the draft seeks to clarify and tighten the framework, effectively placing big-ticket spending under sharper scrutiny to strengthen tax compliance.
In a move likely to ease documentation hurdles, the draft rules also propose recognising recent credit card statements as valid address proof for obtaining a Permanent Account Number (PAN). Statements from the past three months may be accepted, provided they clearly display the applicant’s correct and updated address. This could benefit individuals who lack traditional address documents such as utility bills.
Another notable change under consideration is allowing taxpayers to pay income tax dues using a credit card. At present, tax payments are largely restricted to digital modes such as net banking and debit cards. If implemented, the new provision would add flexibility and convenience. However, taxpayers may need to factor in additional costs, as banks could levy processing charges or interest on such transactions, potentially raising the overall expense of paying taxes through credit.
The draft rules also spell out tax treatment for employer-provided credit cards. If a company-issued card is used for personal expenses, the amount may be treated as a “perquisite”, a benefit over and above salary, and taxed accordingly. However, expenses incurred strictly for official purposes, including business travel, client meetings or work-related entertainment, would not attract tax.
Employers would be required to maintain detailed records to substantiate official spending. Any portion paid back by the employee would be deducted while computing the taxable value.
Further tightening compliance norms, the draft makes it mandatory to furnish a PAN while applying for a credit card. Banks and financial institutions would not process applications without it. The objective is to link significant financial transactions directly with tax records and prevent anonymous or fraudulent usage.
While these measures are yet to be finalised, their eventual implementation could have wide-ranging implications for heavy credit card users. With higher reporting thresholds, expanded documentation validity and stricter compliance norms, the draft signals a more transparent and closely monitored credit ecosystem from April 1, 2026, onward.
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February 20, 2026, 19:17 IST
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Business
Trump administration finalizes better-than-feared Medicare Advantage payment rate in boost to health insurers
Administrator for the Centers for Medicare & Medicaid Services Mehmet Oz speaks during an event sponsored by the Action for Progress Coalition, at the National Press Club in Washington, D.C., U.S., Feb. 2, 2026.
Al Drago | Reuters
The Trump administration on Monday finalized a 2027 payment rate increase to privately run Medicare plans that was far bigger than initially proposed, a boost to health insurer stocks.
The government will increase average Medicare Advantage payments by 2.48%, or more than $13 billion, in 2027, according to a release from the Centers for Medicare & Medicaid Services. The Trump administration in January proposed a payment rate hike of 0.09%, which pummeled shares of insurers that run those plans.
Shares of UnitedHealth and CVS Health rose more than 9% in after-hours trading on Monday. Meanwhile, Humana‘s stock jumped around 12%.
“Medicare Advantage and Part D should work for the people who rely on them,” said CMS Administrator Dr. Mehmet Oz in a release. “These updates keep coverage affordable and ensure patients get real value from their plans.”
The closely watched government payment rate determines how much insurers can charge for monthly premiums and plan benefits they offer and, ultimately, their profits.
Medicare Advantage is a privately run health insurance plan contracted by Medicare. More than half of Medicare beneficiaries are enrolled in such plans, enticed by lower monthly premiums and extra benefits not covered by traditional Medicare, according to health policy research firm KFF.
Business
New norms for NH & bridge works: Longer timelines, realistic deadlines – The Times of India
New Delhi: In a major change in policy, govt has increased the time allowed for construction of 6-10 km-long bridges across rivers such as Ganga and Brahmaputra to six years and for 2.5-6 km-long bridges on Mahanadi and Godavari to five years. The timelines have been revised from the current 24-30 months.Similarly, the construction period has been fixed at two years for national highway projects costing up to Rs 500 crore, 30 months for Rs 500-1,500 crore projects, and three years for works costing over Rs 1,500 crore.The change in the ‘normative construction period’ has been made after a gap of 13 years, learning from past experience of how the average time taken for completion of NH projects has been over four years against the standard timeline of 2.5-3 years. The revised timeline for construction will be applicable for all NH projects to be bid out from May 6.In a circular, the road transport ministry said present guidelines — issued in 2013 — are derived from a legacy linear model that does not explicitly account for voluminous earthwork, leading to unrealistic construction period and resulting in additional cost and risk.“Therefore, a need was felt to revise the existing guidelines based on scientific analysis, understanding of completed projects, and prescribe a realistic construction period for civil works at DPR and bid invitation stage,” the ministry said. It added that the new norm will improve predictability in completion of projects, reduce disputes, enhance value and quality of NHs, for realistic and bankable bids, better quality outcomes and improved investor confidence.An additional six months time has been provisioned in the new norms for critical projects which involve multiple flyovers, tunnels or elevated structures. Similarly, an addition of 12 months has been provisioned for projects that involve cutting and slope stabilisation in hilly states.
Business
GCC demand surges: Foreign firms lease record 9.1 mn sq ft office space in Jan-Mar; India cements global hub status – The Times of India
Foreign firms leased a record 9.1 million square feet of office space across India’s top nine cities during the January-March quarter to set up Global Capability Centres (GCCs), highlighting strong demand for workspaces, PTI reported citing CBRE data.Real estate consultant CBRE said total gross leasing of office space rose 5% to 20.7 million square feet in the quarter, compared with 19.7 million square feet in the year-ago period.The nine cities covered in the report include Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune, Kolkata, Ahmedabad and Kochi.Leasing for GCCs stood at a record 9.1 million square feet in the March quarter, the highest ever for any quarter.“The record GCC leasing activity is a definitive signal of India’s position as the global destination of choice for high-complexity capability functions,” said Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE.He added that demand is broad-based across sectors such as e-commerce, technology and BFSI.“The demand is increasingly being driven by mid-market and nano GCCs alongside established Fortune 500 occupiers,” Magazine said.According to CBRE, American firms accounted for 73% of the total GCC leasing during the quarter.Ram Chandnani, Managing Director, Leasing Services, India, CBRE, said occupiers are increasingly preferring green-certified and amenity-rich office spaces.“As occupiers adopt AI-ready workspace strategies and GCCs evolve into multi-functional innovation hubs, we expect leasing momentum to remain healthy through 2026,” he said.Bengaluru led office leasing activity with a 29% share, followed by Delhi-NCR at 22% and Mumbai at 16%.Together, these three cities accounted for around 67% of the total office leasing across the nine cities during the January-March period, the consultant said.
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