A slew of fiscal and income tax-related changes will come into effect today, April 1, 2025.
Cheque clearance: For cheque payments of more than Rs 50,000, the accountholder will have to electronically give the details of the cheque to the bank, which the bank will verify before payment.
Credit card: Rules for reward points will change for credit card users. SimplyCLICK SBI and Air India SBI Platinum credit cardholders will see changes under the new structure.
GST rules: Multi-factor authentication is mandatory on the GST portal.
Income Tax: Under the new tax regime, there will be no income tax on annual income up to Rs 12 lakh. There will be a standard deduction of Rs 75,000 for salaried persons, making salaries up to Rs 12.75 lakh tax-free.
Minimum balance: Canara Bank, PNB, SBI, 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.
Mutual fund & Demat KYC: KYC is mandatory for mutual fund and demat accounts, and all nominee details will be re-verified.
No dividend: If your PAN and Aadhaar are not linked, you will not get dividend income from today. TDS will also increase and no credit will be given in Form 26AS.
Room tariff and GST: Hotels that have a room tariff of more than Rs 7,500 per day in any financial year will be considered as ‘specified premises’. Restaurant services provided in such hotels will attract 18 per cent GST, but will get the benefit of input tax credit.
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Priority-sector lending: Home loan borrowers are allowed to take loans up to Rs 50 lakh in metro cities, Rs 45 lakh in Tier-2 cities and Rs 35 lakh in small cities.
Room tariff and GST: Hotels that have a room tariff of more than Rs 7,500 per day in any financial year will be considered as ‘specified premises’. Restaurant services provided in such hotels will attract 18 per cent GST, but will get the benefit of input tax credit.
TCS rules: In line with new rates of TCS, the limit of TCS on foreign travel, investment and other large transactions increases from Rs 7 lakh to Rs 10 lakh.
TDS limit: TDS limit on interest income for senior citizens has been increased to Rs 1 lakh.
UPI rules: If one’s mobile number is linked to UPI and you have not been using it for a long time, your UPI account linked with the number will not be accessible.
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Unified Pension Scheme: UPS, launched by the government in August last year comes into effect today. It will come as an option for the central government employees already covered under the National Pension System. Accordingly, government employees with a service period of 25 years or more will get 50 per cent of the average basic salary of the last 12 months as pension.
UPI rules: If one’s mobile number is linked to UPI and you have not been using it for a long time, your UPI account linked with the number will not be accessible.
