The new fiscal year, FY26, or FY 2025-2026, will kickstart tomorrow, April 1.
With the new financial year or ‘tax year’, some crucial new developments in the form of changes will also come to pass. First things first, the biggest change that will transpire in the new fiscal year that will affect personal finance of millions is the new income tax slabs.
Tax Slabs
The historic change includes the marquee move to push the minimum threshold of taxation to Rs 12 lakh per annum.
The new tax regime is as follows:
Up to Rs 4 lakh: Nil tax
– Rs 4 lakh to Rs 8 lakh: 5 per cent tax
– Rs 8 lakh to Rs 12 lakh: 10 per cent tax
– Rs 12 lakh to Rs 16 lakh: 15 per cent tax
– Rs 16 lakh to Rs 20 lakh: 20 per cent tax
– Rs 20 lakh to Rs 24 lakh: 25 per cent tax
– Above Rs 24 lakh: 30 per cent tax
Here is a comparison between the old and the new regimes.
Updated UPI Payment Rules
After this, another major development that will affect your personal finance is the change in regime in UPI regulations.
The National Payments Corporation of India (NPCI), the regulatory body, has brought in a set of measures to further create a bulwark of security in the Unified Payments Interface (UPI) system.
One of the crucial measures is that starting April 1, UPI transaction cannot be done through inactive numbers.
NPCI has asked payment platforms like Gpay and PhonePe, among others, to slowly phase out inactive numbers from the system so that they can be reassigned.
NPCI has asked payment platforms like Gpay and PhonePe, among others, to slowly phase out inactive numbers from the system so that they can be reassigned. |
GST Rules
Starting in FY26, the GST portal has taken new measures to enhance security online. The portal will now need compulsory multi-factor authentication (MFA).
Industrial E-Way Bills (EWBs) can only be generated for base documents that are no more than 6 months or 180 days old.
Another important aspect of your finances that could be affected is through a change in the rules of Credit cards.
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Credit Card Rule Changes
Another important aspect of your finances that could be affected is through a change in the rules of Credit cards.
This will affect different cardholders differently, depending upon the bank in question.
For Axis Bank customers, the Mumbai-based bank will update its Vistara Credit Card benefits. This comes to pass after Vistara’s merger with Air India.
In addition, as per moneycontrol, SBI SimplyCLICK and Air India SBI Platinum Credit Card users will see chnages in their reward points system.
