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Financials
As we step into the new financial year starting April 1, 2025, numerous significant changes are set to reshape personal finance across India. These updates cover a wide spectrum, from income tax reforms and UPI regulations to GST modifications and the impact of PAN-Aadhaar linking. Below is a comprehensive guide to the major financial changes that will affect millions of taxpayers, investors, and digital payment users.
The Budget 2025 has introduced several reforms aimed at simplifying the tax structure and enhancing financial ease. These changes include new income tax slabs, increased thresholds for tax deductions at source (TDS), and modifications in the Goods and Services Tax (GST). Additionally, security measures for digital transactions have been implemented to safeguard against fraud.
One of the most notable changes is the introduction of new income tax slabs under the New Tax Regime. The basic exemption limit has been increased from Rs 3 lakh to Rs 4 lakh, making income up to Rs 4 lakh tax-free for the fiscal year 2025-26[1][3][4]. The tax slabs have been revised as follows:
| Income Range | Tax Rate | |---------------|----------| | Up to Rs 4 lakh | Nil | | Rs 4-8 lakh | 5% | | Rs 8-12 lakh | 10% | | Rs 12-16 lakh | 15% | | Rs 16-20 lakh | 20% | | Rs 20-24 lakh | 25% | | Above Rs 24 lakh | 30% |
Moreover, a standard deduction of Rs 75,000 for salaried individuals has been introduced, effectively making income up to Rs 12.75 lakh tax-free[2][4]. This means eligible taxpayers can enjoy a tax-free income up to Rs 12 lakh, and with the standard deduction, up to Rs 12.75 lakh[2][5].
To enhance security in digital transactions, inactive UPI IDs linked to unused mobile numbers will be deactivated by the National Payments Corporation of India (NPCI) effective April 1, 2025[2][5]. Users are advised to update their mobile numbers linked to UPI accounts to avoid disruption in digital transactions.
The GST system is also undergoing significant changes, with a focus on improving security and compliance:
The deadline for linking PAN with Aadhaar has been extended, but failing to comply by March 31, 2025, will lead to increased tax deducted at source (TDS) and restrictions on receiving dividend income[2][5]. It is crucial for everyone to link their PAN with Aadhaar to avoid these penalties.
Starting April 1, 2025, central government employees currently under the National Pension System (NPS) will have the option to shift to the Unified Pension Scheme (UPS). This scheme offers a more predictable pension structure, with benefits such as a 50% pension of the last drawn salary and an annual payout of up to Rs 10,000 after serving for ten years[1][5].
TDS thresholds have been increased for various categories:
Travelers will face increased toll prices on national highways, with rates rising by approximately 3% across various routes. For instance, tolls for cars on certain routes like the Delhi-Meerut Expressway will increase by Rs 5, while heavier vehicles will incur higher hikes[1][5].
In summary, these financial changes mark a significant shift towards a more streamlined tax structure and enhanced digital security. Whether it's income tax reforms, UPI updates, or GST modifications, understanding these changes is crucial for planning one's finances effectively in the coming fiscal year.
