New Financial Rule 1 April 2025 : Many major financial changes are going to be implemented from April 1, 2025, which will affect taxpayers, bank customers, UPI users and pensioners. New income tax rules, security guidelines related to UPI, credit card benefits, pension schemes and changes related to GST can affect your daily money transactions. Let us know in simple language what will change for you.
1. Income tax relief
The government had introduced new tax slabs in Budget 2025, which will now come into effect from April 1. Now those earning up to Rs 12 lakh annually will not have to pay any tax. Apart from this, employed people will get a standard deduction of Rs 75,000, which will make salary up to Rs 12.75 lakh tax free. This step has been taken to provide relief to the middle class.
2. UPI rules will be strict
If you make payments through UPI, then you must know about this change. Now if your mobile number is not in use for a long time, then UPI transactions will not be possible through it. NPCI has instructed all banks and third-party apps (PhonePe, Google Pay) to close such accounts. If you have changed your mobile number, then get it updated in the bank before April 1, otherwise there may be a problem in payment.
3. Credit card benefits will reduce
Some changes are also coming for credit card users. The reward points and other benefits of SBI SimplyCLICK and Air India SBI Platinum Credit Card will change. At the same time, after the merger of Air India and Vistara, the benefits of Axis Bank's Vistara Credit Card will also change. If you often use credit card, then it is important to keep an eye on the new rules.
4. Major change in the pension system
The government is going to implement the new Unified Pension Scheme (UPS) from April 1. This change will benefit about 23 lakh government employees. If a government employee has completed 25 years of service, he will get 50% of his average basic salary of the last 12 months as pension.
5. GST and e-way bill rules will change
Now multi-factor authentication (MFA) will be necessary to login on the GST portal, which will help in preventing online fraud. Apart from this, now e-way bill (EWB) will be generated only on the basis of those documents which are not more than 180 days old. This will curb tax evasion.
6. New rules for bank minimum balance
If you have an account in SBI, Punjab National Bank or Canara Bank, then you have to maintain a minimum balance in your account as per the prescribed limit. If the balance is less, then you will have to pay a charge.
