New Financial Rules: Starting April 1, 2025, several financial changes will come into effect, impacting income tax, banking rules, UPI services, and GST regulations. These changes aim to simplify taxation, enhance digital payments, and bring reforms in banking and pensions.

Income Tax Changes
The government has introduced new tax rules that will benefit many taxpayers:
– No income tax for those earning up to ₹12 lakh per year.
– Standard deduction of ₹75,000 for salaried individuals.
– Tax exemption limit under Section 87A increased from ₹25,000 to ₹60,000.
– Senior citizens’ FD interest exemption increased from ₹50,000 to ₹1 lakh.
– The tax-free limit for rental income has increased from ₹2.4 lakh to ₹6 lakh.
– Filing updated income tax returns is now allowed up to 48 months.

UPI and Banking Updates
UPI and banking transactions will also see significant changes:
– Mobile numbers inactive for 90 days will no longer be linked to UPI services.
– UPI Lite transactions now require authentication via PIN, password or biometrics.
– Banks like SBI, Punjab National Bank and Canara Bank will enforce minimum balance requirements for savings accounts.
– ATM withdrawal charges for non-financial transactions may increase from ₹6 to ₹7.
– Cash withdrawal charges may rise by ₹2 per transaction.
– Customers can now transfer UPI Lite wallet funds back to their bank accounts.

Loan Restrictions
New regulations will limit excessive borrowing:
– Borrowing from more than three banks will not be allowed.
– Around 45 lakh individuals with loans from more than three institutions may face restrictions.

Pension Scheme Changes
The central government has modified the pension system:
– Employees with more than 25 years of service will receive a pension equal to 50% of their last 12 months’ average basic salary.
– Around 23 lakh government employees will benefit from this change.

GST Rule Updates
Several GST changes will be implemented:
– Businesses with an annual turnover of over ₹10 crore must generate an e-invoice within 30 days.
– Hotels with room tariffs exceeding ₹7,500 per night will be subject to 18% GST.
– Existing GST users must update their business details.

Car Prices and Other Updates
Automobile companies have also announced price hikes:
– Maruti Suzuki, Hyundai, Mahindra, Tata Motors, Renault and Kia will increase car prices by 2% to 4%.
– Uttar Pradesh will phase out physical stamp papers and introduce e-stamps.
– Noida district in UP has implemented a lift registration law. Late registration will result in a daily fine of ₹100 for the first week and ₹200 thereafter.

New Financial Rules
These new rules aim to streamline financial transactions enhance digital security and bring transparency to taxation and banking systems. Citizens must stay informed about these changes to manage their finances effectively.

Also Read:Vizag Steel Plant: Andhra Pradesh and Centre Set Joint Plans

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