The month of March is about to end and the new year is about to begin. There are many major financial changes in the country every month and the first date of next month i.e. from 1 April 2025, the new tax year is going to start with many big changes. These changes affect the price of LPG cylinder used in your kitchen to your bank account. At the same time, if you use the credit card of other banks including SBI, then the rules related to it are also going to change.
LPG prices
Oil and gas distribution companies amend the prices of LPG cylinders on the first date of every month. Changes can also be seen on 1 April 2025. In the recent past, the prices of 19 kg LPG cylinder have seen fluctuations, so the prices of LPG cylinders have been unchanged for a long time. In such a situation, with the beginning of the new financial year, people are expecting relief in the price of 14 kg cylinder. In addition, in addition to CNG and PNG prices, the price of air turbine fuel ie ATF has also been amended and is expected to see changes on 1 April 2025. While CNG prices fluctuations will increase or relieve the cost of your vehicle, the increase in ATF prices will increase the cost of air travel.
Changes in credit card rules
Credit card rules have also been changed since 1 April 2025, which will affect the rewards and other facilities on it. On the one hand, SBI will reduce the swigy rewards from 5 times to half on its simplicity credit card. Therefore, Air India Signature Points will be reduced from 30 to 10. Apart from this, IDFC First Bank Club is also going to stop the benefit 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. For the minimum balance for the bank account holders, the area -wise will determine new limits and a penalty can be imposed for not maintaining the minimum balance in the account.
This UPI account will be closed.
These changes to be held from April 1 are related to UPI and the UPI accounts connected to the mobile numbers which are not active for a long time will be removed from the bank records. And if your phone number is link to the UPI app. And if you have not used it for a long time, its services can be discontinued.
Taxation
In Budget 2025, the government made several big announcements, giving relief to the middle class, including changes in tax slab to TDS, tax exemption and other things. The new Income Tax Bill will be replaced in place of the Old Income Tax Act 1961… All these changes will be applicable from 1 April 2025. Under the new tax slab, people earning up to Rs 12 lakh annually will be exempted from tax. Apart from this, salaried employees will be paid Rs 500 per month. Will be eligible for a standard deduction of rupee. 75,000. This means that now the salary income of up to Rs 12.75 lakh will be exempted from tax. However, this discount will only apply to those who will choose a new tax option. In addition, tax deduction (TDS) regulations at the source have also been updated, which has increased boundaries in various categories 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. Assistance of up to Rs 1 lakh has been given, which has increased the financial security of the elderly. Similarly, the exemption limit on rental income has been increased to Rs 5 lakh. 100,000 per year. With a discount of up to Rs 6 lakh, the burden on the landlords will be reduced and the rental market in urban areas will be encouraged.
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