Changes in the rule from 1 April: The month of March is about to end and the new tax year is about to begin. Like every month, many major changes are going to happen from 1 April 2025. The effect of these changes will be seen from the price of LPG cylinder used in your kitchen to your bank account. On the other hand, if you use the credit card of any other bank including SBI, then the rules related to it are also going to change. Let us know in detail about these major changes to be implemented from 1 April.
LPG prices
Oil and gas distribution companies amend the prices of LPG cylinders on the first date of every month and it can also see a change on 1 April 2025. While the price of 19 kg LPG cylinder has seen an increase and decrease in recent times, the price of LPG cylinder remains the same for a long time. In such a situation, with the beginning of the new financial year, people are expecting a favorable change in the price of 14 kg cylinder.
Apart from this, apart from the price of CNG-PNG, the price of air turbine fuel i.e. ATF has also been amended and it can be seen on 1 April 2025. While the price of CNG may increase or decrease the price of your vehicle may increase or decrease, the increase in ATF prices can make air travel expensive.
Credit card rules
Credit card rules have also been changing from 1 April 2025, which will affect them from rewards to other facilities. On the one hand, SBI will reduce the swigy rewards from 5 times to half on its simplicity credit card. On the other hand, Air India Signature Points will be reduced from 30 to 10. Additionally, IDFC First Bank Club is also going to stop the advantage of Vistara Milestone.
Change of bank account
From April 1, many banks, including State Bank of India (SBI) and Punjab National Bank (PNB), are going to amend the rules related to minimum balance in savings accounts of customers. The new limit of minimum balance for bank account holders will be determined on a region -wise basis and a fine can be imposed in case of non -compliance of the minimum balance.
This UPI account will be closed.
These changes to be held from April 1 are related to UPI and the UPI account will be removed from the bank records related to the mobile numbers which are not active for a long time. If your phone number is link to the UPI app and you have not used it for a long time, its services may be disabled.
Taxation
In Budget 2025, the government made several major announcements to provide relief to the middle class, including changes in tax slab to TDS, tax exemption and other things. At the same time, a new Income Tax Bill was proposed instead of the Old Income Tax Act 1961. All these changes are going to be implemented from 1 April 2025. Under the new tax slab, persons earning up to Rs 12 lakh annually will be exempted from tax. Additionally, salaried employees will be eligible for a standard deduction of Rs 75,000. This means that now salary income of up to Rs 12.75 lakh will be tax-free. However, this discount only applies to those who choose a new tax option.
Additionally, the tax deduction (TDS) rules have also been updated at the source, and boundaries have been increased in various sections to reduce unnecessary deductions and improve cash flow for taxpayers. For example, the TDS limit on interest income for senior citizens has been doubled to Rs 1 lakh, which has increased the financial security of the elderly. On the other hand, the exemption limit on rental income has been increased to Rs 6 lakh per year, which has reduced the burden on landlords and can boost the rental market in urban areas.
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