Come April 1, you will see some major changes in financial and tax rules. Most of these changes have been announced in the last couple of months. Finance Minister Nirmala Sitharaman announced a slew of income tax-related changes in the recent budget, and these will be implemented from April 1, 2025.
Among the major financial and tax changes are no income tax on annual income up to Rs 12 lakh, deactivation of UPI for mobile numbers not used for a long time, and no dividend if PAN-Aadhaar is not linked.
Let us know about these changes in detail.
1. New income tax rule
Union Finance Minister Nirmala Sitharaman announced new tax rates and slabs in Budget 2025, effective from April 1. Under this, 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 in the new tax regime.
2. Changes in UPI rules
The National Payments Corporation of India (NPCI) has issued new guidelines to make UPI more secure. From April 1, UPI numbers that have not been used for a long time will be deactivated. If your mobile number is linked to UPI and you have not been using it for a long time, update it before April 1, otherwise, your UPI account will not be accessible.
3. Changes in credit card reward points
The rules for reward points are going to change for some credit card users. SBI SimplyCLICK and Air India SBI Platinum credit card holders will see changes under the new reward structure. Apart from this, Axis Bank will also revise the benefits of Vistara credit card due to the merger of Air India and Vistara.
4. Unified Pension Scheme (UPS)
The Unified Pension Scheme (UPS), launched by the government in August 2024, will come into effect from April 1. It will replace the old pension scheme and affect about 23 lakh central employees. Under this, employees with a service period of 25 years or more will get 50% of the average basic salary of the last 12 months as pension.
Also read: Tax deadline 2025: Complete these 10 important financial tasks before 31 March 2025
5. Changes in GST rules
Multi-factor authentication (MFA) will be made mandatory on the GST portal from April 1,
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