April 1 2025 Archives - Udaipurdosti

With the start of the new financial year on April 1, several important changes will affect taxpayers, salaried individuals, and consumers across India. The financial year 2025-26 (FY26) brings in updated income tax slabs, revised UPI guidelines, and other notable financial reforms. Here’s a summary of the major changes taking effect from April 1: New Income Tax Rules Individuals with an annual income of up to Rs 12 lakh will be exempt from income tax, as announced by Finance Minister Nirmala Sitharaman during the Budget 2025 speech. Effective from April 1, the new tax structure will also include a standard deduction of Rs 75,000 for salaried individuals, making a salary of Rs 12.75 lakh effectively tax-free. Changes to the Pension Scheme The Unified Pension Scheme (UPS), introduced in August 2024, will replace the old pension scheme and will impact around 23 lakh central government employees. Employees with a minimum of 25 years of service will now be eligible for a pension equal to 50% of their last 12 months' average basic salary. Credit Card Rule Modifications Several banks are revising the reward structures for their credit cards. The SimplyCLICK SBI Card and Air India SBI Platinum Credit Card will see changes in the reward points structure, while Axis Bank will update the benefits for its Vistara Credit Card, following Vistara’s merger with Air India. UPI Rule Changes The National Payments Corporation of India (NPCI) has introduced enhanced security measures for UPI transactions. One significant update is the deactivation of UPI linked to inactive mobile numbers. Users who have not used their mobile number for UPI transactions in a while will need to update their details with their bank before April 1 to avoid losing access. Banks and third-party UPI providers, like PhonePe and Google Pay, are required to phase out inactive numbers to mitigate security risks. Minimum Balance Requirements in Banks Several major banks, including State Bank of India (SBI), Punjab National Bank (PNB), and Canara Bank, will be revising their minimum balance requirements starting from April 1. Customers who fail to maintain the minimum balance may face penalties. GST Rule Changes The Goods and Services Tax (GST) system will undergo the following changes: Mandatory Multi-Factor Authentication (MFA): Taxpayers will be required to complete MFA when logging into the GST portal to ensure enhanced security. E-Way Bill Restrictions: E-Way Bills can now only be generated for documents that are no older than 180 days.

UPI Rule Change, Minimum Bank Balance: Key Money Changes From April 1

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