New Delhi: As the financial year 2024-25 draws to a close, several important changes in financial regulations will come into effect from April 1, 2025. These updates will impact taxpayers, banking practices, and more, with revised rules in areas such as income tax, UPI, GST, and credit cards.
Income Tax Updates: Finance Minister Nirmala Sitharaman, during the Union Budget in February 2024, announced significant modifications in income tax laws. Notably, individuals earning up to ₹12 lakh annually will be exempt from paying income tax. Furthermore, salaried individuals will receive a standard deduction of ₹75,000, increasing the tax-free income threshold to ₹12.75 lakh, offering relief to many taxpayers.
Enhanced UPI Security: In an effort to boost security, the National Payments Corporation of India (NPCI) will implement new measures for UPI transactions starting from April 2025. These changes will include deactivating inactive mobile numbers linked to UPI accounts to prevent misuse. Banks and payment services like PhonePe and Google Pay will need to update their systems accordingly.
Credit Card Regulation Modifications: Credit card users will see changes to the rewards program starting in the new fiscal year. The updated structure will alter how reward points are accumulated and redeemed, potentially offering new benefits to cardholders.
Unified Pension Scheme (UPPS): The Unified Pension Scheme (UPPS) will replace the existing Old Pension Scheme (OPS) from April 2025. This change will impact around 23 lakh central government employees. Under the new scheme, employees with at least 25 years of service will receive a pension of 50% of their final salary, providing a more comprehensive retirement benefit.
GST Revisions: The GST system will also undergo changes, with the introduction of mandatory Multi-Factor Authentication (MFA) for all taxpayers to enhance security. Additionally, businesses will be able to generate e-Way bills for documents older than 180 days, improving logistics operations.
Banking Rule Updates: New banking regulations will introduce a minimum balance requirement for certain accounts. Customers who fail to meet this threshold may face penalties, encouraging individuals to monitor their account balances more closely.
These updates aim to simplify financial processes and improve efficiency. As the new financial year begins, it is important for both individuals and businesses to stay informed about these changes in order to comply with the new rules and take advantage of the updated benefits.
As the financial year 2024-25 draws to a close, several important changes in financial regulations will come into effect from April 1, 2025. These updates will impact taxpayers, banking practices, and more, with revised rules in areas such as income tax, UPI, GST, and credit cards.
Income Tax Updates: Finance Minister Nirmala Sitharaman, during the Union Budget in February 2024, announced significant modifications in income tax laws. Notably, individuals earning up to ₹12 lakh annually will be exempt from paying income tax. Furthermore, salaried individuals will receive a standard deduction of ₹75,000, increasing the tax-free income threshold to ₹12.75 lakh, offering relief to many taxpayers.
Enhanced UPI Security: In an effort to boost security, the National Payments Corporation of India (NPCI) will implement new measures for UPI transactions starting from April 2025. These changes will include deactivating inactive mobile numbers linked to UPI accounts to prevent misuse. Banks and payment services like PhonePe and Google Pay will need to update their systems accordingly.
Credit Card Regulation Modifications: Credit card users will see changes to the rewards program starting in the new fiscal year. The updated structure will alter how reward points are accumulated and redeemed, potentially offering new benefits to cardholders.
Unified Pension Scheme (UPPS): The Unified Pension Scheme (UPPS) will replace the existing Old Pension Scheme (OPS) from April 2025. This change will impact around 23 lakh central government employees. Under the new scheme, employees with at least 25 years of service will receive a pension of 50% of their final salary, providing a more comprehensive retirement benefit.
GST Revisions: The GST system will also undergo changes, with the introduction of mandatory Multi-Factor Authentication (MFA) for all taxpayers to enhance security. Additionally, businesses will be able to generate e-Way bills for documents older than 180 days, improving logistics operations.
Banking Rule Updates: New banking regulations will introduce a minimum balance requirement for certain accounts. Customers who fail to meet this threshold may face penalties, encouraging individuals to monitor their account balances more closely.
These updates aim to simplify financial processes and improve efficiency. As the new financial year begins, it is important for both individuals and businesses to stay informed about these changes in order to comply with the new rules and take advantage of the updated benefits.