1 April
The month of March ends. The New Financial Year will start from 1 April. There will be many important rules in the New Financial Year, including New Tax Rezim, Credit Card Rule Change and UPI rules. Here we are telling you about the changes in the important rules from April 1, which will have a direct impact on your pocket. Let’s know about them.
New income tax rules will apply
Union Finance Minister Nirmala Sitharaman had announced a change in the New Tax Regime during her budget 2025 speech. The revised Income Tax Rules will come into effect from 1 April. Under the new Income Tax Rules, individuals earning up to ₹ 12 lakhs annually will not need to pay income tax. For salaried persons, extra standard deduction of ₹ 75,000 will also be benefited. In this way, under the new tax system, an effective ₹ 12.75 lakh salary will be tax-free. Additionally, the tax slab has also been changed under the new tax system.
Changes in UPI Rules
The National Payments Corporation of India (NPCI) has announced several changes to increase the security of Unified Payments Interface (UPI). From April 1, UPI payment from passive numbers will not be possible. NPCI has issued guidelines to banks and third-party UPI providers (PhonePe, Googlepay) to remove inactive numbers related to UPI.
Change in credit card rules
Credit card rules will also change for some card holders in case of reward points. Those using SBI cards with Simpliclic and Air India SBI Platinum Credit Card will see changes in reward points. Axis Bank will revise its Vistara Credit Card benefits after the airline’s merger with Air India.
Unified Pension Scheme (UPS)
The Unified Pension Scheme (UPS) launched by the government in August 2024 will be implemented from 1 April. About 23 lakh central government employees will be affected by the change of new pension scheme rules. Under this, employees with at least 25 years of service will get a pension equal to 50 percent of their last 12 months average basic salary.
Minimum balance in bank
SBI, Punjab National Bank, Canara Bank and other lenders will change their minimum balance requirements with new minimum balance rules starting from April 1. Bank account holders who do not keep the minimum balance, banks will charge a penalty from them.
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