I Tax, GST, Toll, UPI, Banking , TDS, TCS : list of financial rules changing from April 1
Kanwar Inder Singh/ royalpatiala.in News/ March 31,2025
With the beginning of new fiscal year, tomorrow, you will see some major changes in financial and tax rules that may give you relief along with financial burden.
Most of these changes have been announced in the last couple of months giving ample time to residents to get themselves prepared for new restrictions, benefits, financial implications etc.
The major changes in detail:
- Higher toll rates from April 1st
The National Highway Authority of India (NHAI) has increased the toll tax rates starting from midnight on March 31, which could directly impact your highway travel.
2. New income tax rule
Union Finance Minister Nirmala Sitharaman had already announced new tax rates and slabs in Budget 2025, effective from April 1. Under this, there will be no income tax on annual income up to Rs 12 lakh along with other benefits. Effective from April 1, the updated tax structure includes a standard deduction of Rs 75,000 that will apply to salaried individuals, effectively making a Rs 12.75 lakh salary tax-free.
3. Changes in GST rules
Now e-way bills can be generated only on those documents that are not more than 180 days old. Multi-factor authentication (MFA) will be made mandatory on the GST portal from April 1, which will further strengthen the security.
4. Maintain minimum bank balance in account
From April 1, India’s largest banks- State Bank of India (SBI), Punjab National Bank (PNB), Canra Bank and other big banks have updated the minimum balance requirements. If your bank account does not maintain the minimum balance, you may face a penalty from the new financial year.
5. Increase in Tax Deducted at Source (TDS) limit
The limit of TDS on interest income for senior citizens has been increased to Rs 1 lakh.
6. Changes in UPI rules
From April 1, UPI payments will no longer be possible from inactive phone numbers. The National Payments Corporation of India (NPCI) has issued new guidelines to make UPI more secure. From April 1, UPI IDs linked to numbers that have been reassigned will be deactivated. If your mobile number is linked to UPI and you have not been using it for a long time, update it before April 1, otherwise, your UPI account linked with the number will not be accessible.
7. Changes in TCS rules
New rates of TCS (Tax Collection at Source) will come into effect from April 1, 2025. Now, the limit of TCS on foreign travel, investment and other large transactions has been increased from Rs 7 lakh to Rs 10 lakh.
8. Changes in credit card reward points
Changes in credit card rules will affect the reward points structure for certain cardholders.SBI SimplyCLICK and Air India SBI Platinum Credit Card users will see modifications in their reward points system. Axis Bank will update its Vistara Credit Card benefits following Vistara’s merger with Air India.
9. Unified Pension Scheme (UPS)
The Unified Pension Scheme (UPS), launched by the government in August 2024, will come into effect from April 1. It will come as an option for the central government employees already covered under the NPS (National Pension System). Under this, government employees with a service period of 25 years or more will get 50% of the average basic salary of the last 12 months as pension..
10. Link PAN-Aadhaar to get dividend
If you do not link your PAN and Aadhaar by March 31, you will not get dividend income from April 1. Apart from this, TDS will also increase and no credit will be given in Form 26AS.
Also Read: https://royalpatiala.in/govt-invites-nominations-for-padma-awards-self-nominations-allowed/
11. Positive pay system for check clearance
Positive pay system will be implemented to prevent bank fraud. Now, for check payments of more than Rs 50,000, the account holder will have to electronically give the details of the check to the bank, which the bank will verify before payment
