New Delhi, February 28 (IANS). Every month starts with many important financial and regulatory changes in the country. In such a situation, many big changes are going to happen on the first day of March 2026, which can have a direct impact on the banking, tax filing, digital payment and investment activities of the common man. These changes are going to happen under the Union Budget 2026-27, instructions from the Reserve Bank of India (RBI), SEBI and other regulatory bodies.
Like every month, on March 1 too, oil companies will review the prices of domestic and commercial gas cylinders. The new rates will be decided on the basis of international crude oil price and dollar exchange rate. Changes in commercial cylinder prices can have a direct impact on hotels, restaurants and small businesses. Along with this, changes may also be seen in the prices of petrol, diesel and CNG.
Big relief has been given to taxpayers in the Union Budget 2026-27. Now the last date for filing Revised Income Tax Return (Revised ITR) has been extended to March 31. Earlier this deadline was till 31 December. This means that if you have made any mistake in the return for the financial year 2025-26, you can correct it till March and avoid possible penalty or notice.
‘Late Revision’ window has also been introduced under the Finance Bill. Fees will now have to be paid for filing revised returns within 12 months but 9 months after the end of the assessment year. Taxpayers with income up to Rs 5 lakh will have to pay Rs 1,000 and those with income above Rs 5,000.
Additionally, ITR-U (Updated Return) has been made more relevant in re-assessment cases. If the taxpayer receives a reassessment notice, he can file an updated return but will have to pay an additional 10 per cent charge on the tax and interest payable. Its objective is to promote voluntary compliance.
The Reserve Bank of India (RBI) has directed that all agency banks will remain open on March 31, 2026 (Tuesday), even though that day is a public holiday of Mahavir Jayanti. This decision has been taken keeping in mind the completion of the financial year 2025-26, so that all transactions related to tax collection and government payments can be recorded on time. With this, the annual adjustment of accounts will be done smoothly.
Telecom Regulatory Authority of India (TRAI) has taken a new step to curb financial fraud and fake calls. All Qualified Stock Brokers (QSBs) will have to shift to 1600 series numbers by March 15, 2026. This will make it easier for investors to identify whether the call is real or fake. If after March 15, you get a ‘financial’ call from a normal 10 digit mobile number, then be alert as it could also be a fraud.
SEBI’s new incentive scheme is coming into effect from March 1. Under this, mutual fund distributors can get an incentive up to 1% of the first eligible lumpsum investment or the first year’s SIP amount, subject to a maximum of Rs 2,000. This is likely to increase the reach of investors, but please check the suitability of the product before investing.
The National Highways Authority of India (NHAI) has abolished the requirement of ‘Know Your Vehicle (KYV)’. Now existing Fastag users will not be required to do regular KYV verification unless there is a specific complaint. Additionally, Fastag sub-wallet facility is also being introduced in some digital wallets from March 3, 2026, through which the amount of toll payment can be kept separate.
The government may implement a rule to link messaging apps to active SIM cards to prevent digital fraud. From March 1, apps like WhatsApp, Telegram or Signal can only work with an active SIM. If the SIM is removed or deactivated, apps may stop working. Its objective is to prevent fraud through SIM swap and fake registration.
Some big public sector banks of the country may make changes in the way minimum balance is calculated. Earlier, if the balance was less on any one day, penalty could be imposed, but now the fee will be decided on the basis of Average Monthly Balance (AMB). This may provide relief to customers.
From March 1, additional security checks may be implemented on high-value digital transactions, and biometrics or additional authentication may be required instead of just the UPI PIN. Its objective is to prevent cyber fraud and strengthen the security of users.
–IANS
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