7 Significant Changes in India for New FY 2024-2025: Effective from April 1
The next fiscal year will begin on April 1st, just as it does every year. Several changes will occur with the start of the next fiscal year. With the start of the new fiscal year 2024-25, many people’s lives will alter significantly in terms of money and savings. The new law governing personal finance, investment plans, FASTag, EPFO, and other funds will take effect on April 1.
1. Pan-Aadhaar Link Deadline
The deadline for linking PAN and Aadhaar cards has been extended multiple times. According to the most recent update, the deadline for linking PAN cards with Aadhaar is March 31, 2024. If a person fails to link his PAN with Aadhaar by this date, his PAN number will be canceled. PAN card cancellation clearly signifies that the individual cannot open a bank account or do any major transactions. In addition, he will have to pay a Rs 1,000 penalty for activating his PAN card after the deadline.
2. New rules regarding LPG gas cylinders
Like every month, the new LPG cylinder rates will be determined on April 1. However, the code of conduct for the Lok Sabha elections remains in effect, therefore there is no chance of a price change.
3. Changes in the NPS system
The National Pension System (NPS) will undergo changes in the upcoming fiscal year. This new law will come into effect from 1 April 2024. The new standards require two-factor authentication to access NPS accounts. NPS subscribers must log in using Aadhaar verification and an OTP received on mobile.
4. SBI Credit Cards
State Bank of India is making major changes in credit card rules from April 1, 2024, for customers using SBI credit cards. If the customer pays the rent after April 1, he will not receive any further reward points. The change will take effect on April 1 for some credit cards and April 15 for others.
5. New Tax System
The new tax system will be the default tax system from April 1, 2024. This means that consumers who have not yet chosen a tax filing option will be required to file tax under the new system. The Income Tax Act was changed effective April 1, 2023. People with taxable incomes of up to Rs 7 lakh will be exempt from paying income tax under the new regime.
6. New EPFO rules
The EPFO will undergo significant changes in the new fiscal year. Under the new guidelines, if a person changes jobs, their old EPFO will be transferred automatically. Customers no longer need to request an EPFO amount transfer when changing jobs.
7. New rules of FASTag
If the customer has not updated the KYC for his car’s FASTag with the bank, he may experience issues beginning April 1. This needs to be done as quickly as possible. Because FASTag will become deactivated or banned by the bank after March 31 if KYC is not provided. After that, no payment will be issued, regardless of whether there is a balance in HASTag. The NHAI has requested that the KYC process for FASTag be completed per RBI standards.
