Explore the latest changes starting April 1, including new income tax exemptions, revised UPI security measures, credit card reward updates, and GST reforms. Stay informed with our comprehensive guide.
Financial Year 2025-26 Brings Key Financial Changes Across India
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The dawn of the financial year 2025-26 on April 1 marks a pivotal moment for taxpayers and consumers alike, with significant revisions to income tax slabs, UPI guidelines, and more coming into effect. Here’s what you need to know about the latest updates shaping the financial landscape in India.
New Income Tax Rules
Finance Minister Nirmala Sitharaman’s Budget 2025 speech outlined substantial changes to income tax regulations. Individuals earning up to Rs 12 lakh annually will now enjoy complete exemption from income tax. This adjustment includes a new standard deduction of Rs 75,000 for salaried individuals, effectively raising the tax-free income threshold to Rs 12.75 lakh per year.
New Pension Scheme Rule Change
Effective from April 1, the Unified Pension Scheme (UPS) will replace the existing pension system, impacting approximately 23 lakh central government employees. Under UPS, employees with 25 years of service qualify for a pension equivalent to 50% of their average basic salary from the last 12 months.
Credit Card Rule Change
In response to recent mergers and market changes, banks are revising their credit card reward structures. Notably, Axis Bank will adjust benefits for Vistara Credit Card holders following the airline’s integration with Air India, while SBI modifies rewards for SimplyCLICK and Air India SBI Platinum Credit Cards.
UPI Rule Change
The National Payments Corporation of India (NPCI) has enforced stricter security measures for UPI transactions effective April 1. This includes deactivating UPI linked to inactive mobile numbers. Users must update their bank details to avoid service disruption, a move aimed at enhancing transaction security across platforms like PhonePe and Google Pay.
Minimum Balance in Banks
Major banks, including SBI, PNB, and Canara Bank, will revise their minimum balance requirements starting April 1. Customers failing to meet these requirements may incur penalties, reinforcing the importance of maintaining adequate account balances.
GST Rule Change
Under the updated Goods and Services Tax (GST) system, taxpayers must now complete Mandatory Multi-Factor Authentication (MFA) when logging into the GST portal for added security. Additionally, E-Way Bills can only be generated for documents not older than 180 days, streamlining compliance and oversight within the GST framework.
These changes underscore India’s ongoing efforts to streamline financial regulations and enhance economic resilience. Stay informed and prepared for these updates as they come into effect this financial year.
Also read: New UPI Rules 2025 Enhanced Security Measures and Compliance Requirements Come Into Effect
Last Updated on: Tuesday, April 1, 2025 1:59 pm by Rahul Choursia | Published by: Rahul Choursia on April 1, 2025 1:59 pm | News Categories: News
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Rahul Choursia is a versatile content writer and news journalist, specializing in current news, viral trends, technology, entertainment, and automobiles. With a passion for staying ahead of the curve, Rahul covers a wide array of topics, from breaking news and viral stories to the latest tech innovations and entertainment buzz. His writing style blends in-depth analysis with a fresh perspective, making complex subjects easy to understand and engaging for a broad audience. Rahul’s keen interest in the fast-paced world of tech and entertainment, combined with his knowledge of the automobile industry, allows him to deliver timely and captivating content that keeps readers informed and entertained.
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