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Consumer Discretionary
As the new financial year begins on April 1, 2025, India is witnessing several key changes that will impact both individuals and businesses. These modifications include revised income tax slabs, adjustments to Tax Deducted at Source (TDS) thresholds, and changes in Unified Payments Interface (UPI) rules. Understanding these changes is crucial for effective financial planning and compliance.
The new income tax regime introduces updated slabs designed to reduce tax liabilities for many individuals. Under this system:
Salaried individuals with income up to ₹12.75 lakh (considering a standard deduction of ₹75,000) will effectively be tax-free[1][3]. This change significantly benefits middle-income earners, as those earning up to ₹12 lakh will not pay income tax, unlike in the previous regime where such income would attract ₹80,000 in taxes[3][4].
For taxpayers preferring the old regime due to available deductions and exemptions, the slabs remain as follows:
The TDS threshold on interest income for senior citizens has been raised from ₹50,000 to ₹1 lakh, reducing immediate tax deductions[1][3]. For others, this threshold increases to ₹50,000 from ₹40,000[2]. The TDS threshold for dividend income has also doubled to ₹10,000[3]. Additionally, the threshold for TCS on overseas remittances under the Liberalised Remittance Scheme has been increased to ₹10 lakh from ₹7 lakh[3].
For non-individuals and companies, TDS will now apply to rent payments exceeding ₹50,000 per month, affecting how businesses manage rental transactions[1].
UPI applications must now obtain explicit user consent before creating or changing numeric UPI IDs, enhancing security and preventing unauthorized transactions. Users are automatically opted out of this feature and must actively choose to participate[2].
The interest rates for post office savings schemes, including the Public Provident Fund (PPF) and National Savings Certificate (NSC), remain unchanged for the April-June 2025 quarter[2]. This stability offers continuity for long-term investors.
The Unified Pension Scheme (UPS) has been introduced as an alternative to the National Pension System (NPS), providing employees with a pension based on 50% of their average basic income over the final 12 months of service, provided they have served for at least 25 years[2].
The equalisation levy, also known as the "Google Tax," has been abolished effective April 1, 2025. This move aims to reduce the tax burden on digital advertising and could encourage more foreign investment in India's digital sector[1][3].
The deadline for filing updated tax returns (ITR-U) has been extended from 24 months to 48 months, giving taxpayers more time to correct past omissions and voluntarily disclose income[1].
The Mahila Samman Savings Certificate scheme ended on March 31, 2025, but existing accounts will continue to earn interest until maturity[2].
By understanding these changes, individuals and businesses can better navigate the financial landscape, optimizing their income strategies and compliance with the new regulations.
The start of the new financial year brings significant financial changes in India, from tax reforms to enhanced UPI security measures. Staying informed about these updates is crucial for taxpayers aiming to make the most of the new financial environment.
