Income Tax Rule: These 5 big rules are going to change from April 1, Will it have a big impact on the pocket of the common man? Know here
From April 1, a new rule related to UPI payment service is going to be implemented. Under this, banks and payment service providers (PSP) will have to update their database before March 31. Otherwise inactive mobile numbers will be removed from the database.
New Rules From April 2025: The month of March is at its last stage and April is about to arrive. Like March, now many rules are going to change in April too, which will have a direct positive and negative impact on the pocket of the common man.
Apart from this, a fine may also have to be paid for not following the rules. These changes include many changes including LPG gas cylinder prices, banking rules and TDS, GST. Let’s know about these changes in detail…
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Change in LPG prices possible
On the 1st of every month, LPG price changes. The prices of LPG gas cylinders are reviewed on the first date of every month. Government oil companies change the prices of domestic and commercial cylinders according to the market. This will directly affect domestic consumers and businesses.
UPI is going to make these big changes
From April 1, the new rule related to UPI Payment Service is going to be implemented. The National Payments Corporation of India (NPCI) has asked to use the mobile number revolving list (MNRL) available on Digital Intelligence Platform (DIP) to prevent fraud. Under this, banks and payment service providers (PSP) will have to update their database before 31 March to remove inactive or changed mobile numbers. After this, the inactive mobile numbers will be removing from the database, so the use of UPI connected to the inactive mobiles will stop.
MFA rules will be applicable in GST
The input tax distributor system (ISD) will be applicable from April 1. Under this system, it will be mandatory to register businesses as input tax credit (ITC). Earlier businessmen were given the option of whether to register as ICT. Now if a businessman does not use it, then ITC will not be provided for the recipeal location for the location. Violation of the rules may have to pay a fine of up to Rs 10,000.
Changes in bank rules
Many new banking rules are being implemented by the Reserve Bank of India from April 1, 2025, which will affect the account holders of many public sector banks like SBI PNB, Canara, HDFC. Minimum balance policy is being updated in other banks like SBI Canara Bank, PNB Bank.
From April 1, a higher minimum balance will have to be maintained in the savings account than before. If customers fail to do so, they may have to pay a penalty. Under the ATM transaction policy, more charges may be levied for doing free transactions beyond the prescribed number. Currently, many banks offer the benefit of free ATM withdrawals three to five times a month from their ATMs.
Changes in TDS rules
- After the announcement of the Central Government, now with the start of the financial year, the rules of tax deduction (TDS) and tax collection at source (TCS) are going to change from April 1, 2025.
- The central government had announced in the budget that the TDS deduction limit for senior citizens has been doubled, which has now become Rs 1 lakh.
- The limit of TDS deduction on rent income will be increased from Rs 2.4 lakh per financial year to Rs 6 lakh per financial year. The limit of TCS deduction for RBI’s liberalized remittance scheme for people with transactions from abroad has also been increased to Rs 10 lakh.
- TCS deduction on education loans from specific financial institutions has been removed. Earlier, 0.5% TCS was deducted on education loans of more than Rs 7 lakh, while 5 percent TCS was deducted on education transactions of more than Rs 7 lakh.
- The limit of TDS on dividend income has been increased to Rs 10,000 and on income from units of mutual funds has also been increased to Rs 10,000 per financial year. The TDS limit is Rs 10,000 per reward.