The new financial year is starting from 1 April 2025 and along with this, many rules related to tax, banking, digital payment, GST, pension and investment are going to change. These rules will directly affect the income, expenses and savings of common people. If you have not prepared now, then the time to come can create difficulties for you. Let us know which rules are changing.
1. Changes in income tax slab
In the budget presented by the Finance Minister, the Income Tax Slab has been replaced, which will be implemented from 1 April. The limit of tax free income has been increased from seven lakh rupees to twelve lakh rupees. The new tax structure to give relief to the middle class will be as follows:
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Up to four lakh rupees – no tax
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Four to eight lakh rupees – five percent tax
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Eight to twelve lakh rupees – ten percent tax
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Twelve to sixteen lakh rupees – fifteen percent tax
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Sixteen to twenty lakh rupees – twenty percent tax
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Twenty -four lakh rupees – twenty five percent tax
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More than twenty four lakh rupees – thirty percent tax
2. Mobile number required for UPI payment
According to the new rule of National Payments Corporation of India, UPI transactions will not be done through mobile numbers from April 1, which have not been used for a long time. UPI ID of inactive mobile number will be discontinued from 12 months to stop cyber crimes like fraud and fishing.
3. Relief on FD to senior citizens
Now senior citizens will not have to pay TDS on interest up to Rs 1 lakh. Earlier this limit was fifty thousand rupees. Apart from this, many banks have increased the interest rates of FD and savings account. This includes banks like SBI, HDFC, Indian Bank, Punjab and Sindh Bank and IDBI.
4. New rule for check payment
Now positive pay system will be mandatory on checks of more than fifty thousand rupees. Its purpose is to prevent banking fraud. Under this system, the bank will have to inform the bank before issuing the check.
5. PAN-Aadhaar link required
To get dividend and get relief in TDS on capital gains, it has now become mandatory to link PAN card with Aadhaar card. It has also been made necessary to give information about KYC and Nominee for mutual funds and demat accounts.
6. New rule on minimum balance
There has also been a change in the bank saving account to maintain minimum balance. If a new minimum balance is not kept, the bank can impose a fine. Every bank has its own policy, so check your bank rules in advance.
7. Changes in GST rules
Now businesses with turnover more than ten crore rupees will have to give its information on the Invoys Registration Portal within thirty days of issuing e-invoice. Earlier this rule was applicable to businesses of more than hundred crore rupees. Apart from this, the input service distributor system is also being implemented.
8. LPG cylinder prices will change
On the first date of every month, oil companies review the prices of LPG gas cylinders. In such a situation, it is possible to change the prices of domestic and commercial gas cylinders from 1 April.
9. New pension scheme implemented
The central government is going to implement the Unified Pension Scheme from 1 April. Under this, a fixed pension will be guaranteed to the central employees. Employees who have completed 25 years of service will get 50 percent of the average basic salary of the last 12 months as pension. About 23 lakh employees are expected to benefit from this scheme.
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