With the start of the new financial year on April 1, 2025, several new rules and changes have come into effect that will impact your income, expenses, and savings. Here are the key changes:
Increase in Toll Tax
If you’re planning to travel by road, be prepared to pay more for tolls. The NHAI has raised toll rates by Rs 5 to Rs 10 on major highways, including routes like Lucknow-Kanpur, Varanasi-Gorakhpur, and Lucknow-Ayodhya in UP. Toll charges are also likely to rise in Delhi-NCR, Maharashtra, West Bengal, and Karnataka.
New LPG Cylinder Rates
There’s a slight decrease in the price of commercial LPG cylinders. The 19 kg cylinder is now cheaper by Rs 41 to Rs 45. In Delhi, it now costs Rs 1762, down from Rs 1803. However, the price of domestic LPG cylinders remains unchanged at Rs 901.CNG, PNG, and ATF Price Hike
The government has raised the price of natural gas by 4%, which could lead to an increase in the prices of CNG and PNG. This hike will take effect starting April 1, 2025.New Income Tax Slab
A major change in the income tax regime: If you opt for the new tax system with an annual CTC of Rs 12 lakh, you won’t have to pay any tax. Additionally, a standard deduction of Rs 75,000 will apply. Those sticking to the old system can continue availing existing deductions.Changes in UPI Payments
UPI users who haven’t transacted for a long period will see their UPI accounts closed. If you haven’t used UPI recently, you’ll need to reactivate your account to continue using it.Unified Pension Scheme (UPS)
The central government has launched the Unified Pension Scheme (UPS), available for all central government employees starting April 1. Employees with at least 10 years of service can apply for a minimum pension of Rs 10,000.New Features for RuPay Debit Card
The National Payments Corporation of India (NPCI) has introduced new benefits for RuPay debit cardholders. These include access to spa sessions, accident insurance, golf course entries, airport lounge access, OTT memberships, free health check-ups, and cab coupons.Changes in Credit Cards
Several banks, including SBI and Axis Bank, have updated their credit card reward points and benefits. The reward system for the Air India SBI Platinum Credit Card and SimplyCLICK Credit Card has been revised. Additionally, the Air India-Vistara merger brings new benefits to the Axis Bank Vistara Credit Card.Changes in Banking Rules
Many banks, including SBI, now require you to maintain a minimum balance in your savings account. If the minimum balance isn’t maintained, you could face a heavy penalty.Changes in DigiLocker and GST Rules
Investors can now store their demat and CAS statements directly in DigiLocker. Additionally, multi-factor authentication has been made mandatory to log in to the GST portal, ensuring enhanced security for your data.
