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Financials
The advent of the new financial year on April 1, 2025, marks a significant shift in India's financial landscape. This year, a raft of changes will be introduced, impacting taxpayers, digital payment users, and financial stakeholders nationwide. From enhanced income tax slabs and UPI security measures to the importance of PAN-Aadhaar linkage and updated GST rules, here is a comprehensive overview of the major financial rule changes you need to know about.
Starting April 1, 2025, the Indian government has introduced a more taxpayer-friendly regime with significant changes in the income tax structure. The new tax regime has been revamped to offer higher exemptions and rebates, making it more beneficial for salaried individuals:
Starting April 1, 2025, UPI IDs linked to inactive mobile numbers will be deactivated. Users must update their mobile numbers with their banks to continue using UPI services[2][3]. This measure enhances the security of digital transactions and reduces the risk of unauthorized access.
To combat cheque fraud, a Positive Pay System (PPS) will be introduced. This system requires individuals issuing cheques above Rs 50,000 to pre-register cheque details with their banks. Banks will verify these details before processing payments[2][3].
Although not effective until May 1, 2025, ATM transaction fees will increase from Rs 21 to Rs 23 per transaction. Customers will still be entitled to several free transactions at their bank's ATMs[2].
The PAN-Aadhaar linkage deadline was set for March 31, 2025. Failing to link your PAN with Aadhaar by this date can lead to increased tax deducted at source (TDS) and penalties when receiving dividends. Ensure your PAN and Aadhaar are linked to avoid these issues[3][4].
The government has announced a 3% increase in tolls on national highways to account for inflation. Light vehicles may face an increase of Rs 5 to Rs 10 per trip, while heavy vehicles will see steeper hikes[1].
Prices of essential medicines, including painkillers, antibiotics, and cancer drugs, will rise modestly due to regulatory changes[1].
Starting April 1, 2025, central government employees will have the option to shift to a Unified Pension Scheme (UPS). This scheme offers an assured pension of 50% of the last pay drawn, along with inflation adjustments and a minimum monthly payout of Rs 10,000 after serving for ten years[1][2].
Home loan borrowers in metro cities can now avail loans up to Rs 50 lakh under Priority Sector Lending norms. This change will help increase access to affordable housing in urban areas[1][2].
As India enters a new financial year, these changes will significantly impact personal finance decisions and compliance requirements for taxpayers and businesses alike. Understanding these reforms is crucial for maximizing tax benefits and navigating the evolving financial landscape effectively. Whether you're a salaried individual, an investor, or a small business owner, being aware of these updates will help you make informed choices and avoid any potential legal or financial pitfalls.
