What Are The Major Financial Rules Changing From April 1? (image:unsplash/rupixen)
As the new financial year begins on April 1, there are some pertinent changes in the financial realm which are going to influence taxpayers, pension holders, UPI users, and credit card holders. Customers are advised to keep in check of the latest developments so as to take up the needful personal financial decisions.
Let’s check out the changes:
Changes in the Income Tax
The revision in income tax slabs and deductions which was introduced in the Union Budget 2025 will be implemented now. As per the new tax regime, individuals earning up to Rs 12 lakh per year will be exempted from paying income tax. Besides, a standard deduction of Rs 75,000 will apply to salaried individuals, which will effectively making a Rs 12.75 lakh salary tax-free.
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Changes in the Credit Card Rules
Credit Card holder will witness changes in their reward points and benefits. There will be modification in the reward points structure of SimplyCLICK SBI Card and Air India SBI Platinum Credit Card. Following the Vistara’s merger with Air India, Axis Bank will also revise Vistara Credit Card benefits.
Changes in the New Pension Rule Scheme
The Unified Pension Scheme (UPS) will replace the old pension system. Introduced in August last year, UPS will officially come into effect from April 1 this year. The change in the pension scheme will impact around 23 lakh central government employees. As per this scheme, employees with at least 25 years of service is entitled to receive a pension equivalent to 50 per cent of their last 12 months’ average basic salary. This ensures financial stability after retirement.
Changes in the GST Rules
The Goods and Services Tax (GST) framework is also prepares for major changes. The new security feature called Multi-Factor Authentication (MFA) has been introduced and it has made mandatory for the tax payers to complete MFA while logging into the GST portal so as to ensure enhanced security. Apart from this, E-Way Bills (EWB) can only be generated for base documents that are no older than 180 days. This move was initiated with an aim to promote compliance and curbing tax evasion.
Changes in the UPI Regulations
To enhance the security and efficiency of the Unified Payments Interface (UPI), the National Payments Corporation of India (NPCI) has also introduced new directives. As per its directive, UPI transactions from inactive mobile numbers will no longer be allowed. From April 1 onwards, banks and third-party UPI providers, such as PhonePe and Google Pay, have been instructed to deactivate inactive numbers to avoid security risks. Therefore, users have not used their mobile number for UPI transactions for a long period of period of time must update their details with respective banks before April 1 to avoid disruptions in digital transactions.
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Minimum Account Balance
In the banking arena, major providers such as SBI, Punjab National Bank, and Canara Bank will revise their minimum balance requirements from April 1. As per the new banking guidelines, customers who fail to maintain the required minimum balance will face penalties.
