New Delhi: As the new financial year starts from April 1, 2025, a host of regulatory and financial changes will come into effect, taxpayers, digital payments will affect users and pensioners equally. From a revised income tax slab to change in UPI rules and starting the integrated pension scheme, these updates are scheduled to re -shape personal finance for millions of people across the country.
Finance Minister Nirmala Sitarman introduced a change in the tax slab in her recent budget announcement, including an increase in the limit of income tax exemption, which is Rs 12 lakh per year. Meanwhile, strict compliance measures will be seen to digital payment platforms, such as neutralizing UPI for long -used mobile numbers.
Major changes are happening here from April 1:
Reduced tax burden: Income tax liability for those people under the new tax regime to reduce to 1.1 lakhs annually. Under the new governance tax exemption, available to people earning up to 12 lakhs annually, 7 lakhs compared to earlier.
TDS Relief: The limit of interest earned by senior citizens doubles from 1 lakh in one year; The annual limit on rent increased from 2.4 lakh to 6 lakhs.
Removing remittance by reducing: For the tax collected at the source raised from 7 lakh to 10 lakhs, no TCS, no TCS on removal for funded education through loans from banks, select financial institutions.
Pension Bonanza for Babas: Central government employees, who had joined since 2004, will get the option to shift to the UNI of Aid Pension Scheme, which offers a pension of 50% of the final salary after 10 years of service and onion adjustment and 10,000 monthly payments.
More tolls on highways: The toll on NH allows the annual growth to cover the annual growth in the form of an increase of approximately 3%.
Medications for more cost: About 800 drugs in the form of drug price regulator allow for growing marginally and onion adjustments.
Gas prices hike: CNG, piped natural gas may cost more because the govt allows the price increase on domesticly produced gas from the inheritance fi Elds.
Security check for UPI: Bank, third-party provider to implement measures to phase the passive number.
GST Tweks: The generation of e-way bill and e-invoise will require multi-factor authentication. A new input service distributor mechanism will also be applied.
Small loans: Banks can expand domestic loans up to 50 lakhs in metro cities under the priority sector loan criteria in metro cities.
