Israel violates Lebanon truce, mounts brutal attacks on Gaza

As the new financial year begins, several significant financial and tax-related changes take effect from April 1, 2025. Many of these updates were announced by Finance Minister Nirmala Sitharaman in the Union Budget 2025 and have now been officially approved as part of the Finance Bill 2025.

Some of the key changes include income tax exemption on annual earnings up to Rs 12 lakh, deactivation of UPI for long-unused mobile numbers, and suspension of dividend payouts for individuals who haven’t linked their PAN with Aadhaar. Below is a comprehensive look at all the important updates.

1. Income Tax Exemption & New Tax Slabs
Under the revamped tax regime:
✅ Individuals earning up to Rs 12 lakh per year will be completely exempt from income tax.
✅ For salaried employees, a standard deduction of Rs 75,000 raises the effective tax-free limit to Rs 12.75 lakh.
✅ To claim a rebate of up to Rs 60,000, taxpayers must file their returns on time.
✅ The new tax structure applies to income earned between April 1, 2025 – March 31, 2026, and will be reflected in ITR filings for FY 2025-26 (AY 2026-27).

2. Major Changes in TDS & TCS Rules
To provide tax relief and streamline transactions, several TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) amendments have been introduced:
🔹 TDS on bank interest for senior citizens has doubled from Rs 50,000 to Rs 1 lakh.
🔹 TDS on dividend income has increased to Rs 10,000.
🔹 TCS on overseas remittances under the Liberalised Remittance Scheme (LRS) has been raised from Rs 7 lakh to Rs 10 lakh.

3. UPI Deactivation for Inactive Mobile Numbers
The National Payments Corporation of India (NPCI) will start unlinking UPI IDs associated with inactive mobile numbers. If your number has been inactive for a long period:
🔸 Your bank may remove it from their records.
🔸 You could face disruptions in Google Pay, PhonePe, or any UPI-based transactions.
🔸 This change enhances security by preventing unauthorized access to old UPI-linked accounts.

4. New GST Rules
Several Goods and Services Tax (GST) updates take effect:
🔹 Multi-factor authentication (MFA) is now mandatory for logging into the GST portal, improving online security.
🔹 E-way bills can only be generated for documents issued within the last 180 days, ensuring better compliance.
🔹 Hotel room tariffs above Rs 7,500 per day are now classified as "Specified Premises," attracting an 18% GST on restaurant services.

5. Toll Tax Hike Across National Highways
From April 1, 2025, toll charges across various highways will increase:
🚗 Delhi-Meerut Expressway, NH-9: Toll for cars will rise by Rs 5 to Rs 170.
🚛 Trucks and buses will now pay Rs 580 on major highways.
🚗 Delhi-Jaipur Highway: The Kherki Daula toll plaza will maintain current rates for cars, but the monthly pass for larger vehicles will rise by Rs 20 to Rs 950.

6. End of Equalisation Levy on Digital Transactions
The Finance Act 2025 removes the Equalisation Levy, which previously imposed a 2% tax on e-commerce and 6% on online advertisements. This change aims to:
✅ Reduce tax burden on digital service providers.
✅ Attract foreign investments in India’s digital economy.

7. Positive Pay System for Cheque Payments
To prevent bank fraud, the Positive Pay System requires account holders to:
✅ Electronically submit cheque details for payments above Rs 50,000.
✅ Ensure the details match before the cheque is processed.

8. KYC Mandatory for Mutual Fund & Demat Accounts
🔹 KYC (Know Your Customer) verification is now compulsory for mutual fund and demat accounts.
🔹 Nominee details will also undergo re-verification to enhance security.

9. Major Credit Card Perk Reductions
Credit card users will see major perk reductions, particularly with SBI, IDFC First, and Axis Bank:
❌ SBI Cards will remove complimentary insurance coverage for accidents (Rs 50 lakh for air, Rs 10 lakh for rail).
❌ Reward points on SBI Cards will be slashed from 15% to just 5%.
❌ IDFC First Club Vistara cardholders will lose milestone benefits and Club Vistara Silver membership perks.
❌ Axis Bank is discontinuing Maharaja Club tier memberships and premium vouchers.

10. Minimum Balance Rules for Bank Accounts
📌 Major banks like SBI, PNB, and Canara Bank have updated their minimum balance requirements based on account location:
🏙 Urban branches will require higher minimum balances.
🏡 Rural and semi-urban accounts may have lower minimum balance thresholds.
🚨 Failing to maintain the required balance will result in penalty charges, varying by bank.

11. Unified Pension Scheme (UPS) for Government Employees
The Unified Pension Scheme (UPS), introduced in August 2024, takes effect:
✅ Central government employees under NPS can opt for UPS.
✅ Those with at least 25 years of service will receive 50% of their average basic salary as a monthly pension.

Final Thoughts

These changes, introduced as part of the Union Budget 2025, mark a significant shift in India's tax, banking, and digital transaction landscape. With higher tax exemptions, updated TDS & TCS rules, stricter banking security, and GST amendments, the new financial year aims to simplify compliance while improving financial security and economic efficiency.

Stay informed and ensure all necessary updates to your financial accounts to avoid disruptions.

Eid al-Fitr 2025 was marked with grand celebrations across the Middle East, as millions of Muslims came together to pray, feast, and rejoice. However, amid the festivities in Saudi Arabia, the UAE, Qatar, and Kuwait, Gaza stood in mourning. The ongoing conflict and devastation in Palestine turned what is usually a time of joy into a period of sorrow and survival for many Palestinians. While some regions witnessed fireworks and public gatherings, Gaza endured airstrikes, hunger, and loss, painting a stark contrast to the celebrations elsewhere.

Gaza: Eid Amid Destruction and Mourning

In Gaza, the usual festive spirit of Eid was shattered by grief and destruction. Israeli airstrikes claimed the lives of several civilians, including women and children, leaving families mourning rather than rejoicing.

The usually vibrant markets of Gaza, once filled with people buying sweets and new clothes for Eid, remained eerily silent. Many families had no food to prepare the traditional celebratory meals, as ongoing blockades and supply shortages have left residents struggling for survival.

President Mahmoud Abbas declared that this year's Eid celebrations should be limited to religious observances, acknowledging the suffering of the people. In place of festivities, prayers were held for the victims of the war, and aid organizations worked tirelessly to distribute basic necessities to displaced families.

Saudi Arabia: Grand Celebrations Despite Regional Tensions

In stark contrast, Saudi Arabia witnessed grand celebrations with large-scale public events, concerts, and fireworks. The General Entertainment Authority (GEA) organized festivities across Riyadh, Jeddah, and other major cities. The night skies were illuminated with dazzling fireworks in places such as Boulevard World (Riyadh), Jeddah Art Promenade, and Al-Khobar Corniche.

Despite the revelry, many Saudi citizens expressed solidarity with Palestinians, with social media campaigns and fundraising efforts aiming to support those suffering in Gaza.

United Arab Emirates: A Festival of Luxury and Giving

The UAE celebrated Eid al-Fitr with traditional prayers, family gatherings, and a wide range of entertainment events. Dubai and Abu Dhabi hosted special cultural performances, and malls offered discounts and attractions for families.

However, amidst the celebrations, many mosques in the UAE emphasized the importance of charity, urging people to contribute to humanitarian efforts in Gaza and other conflict zones.

Qatar: A Blend of Joy and Concern

Qatar marked the beginning of Eid on March 30, 2025, with three days of public holidays and an extended break for government employees. Doha’s Corniche and Katara Cultural Village became focal points for celebrations, with thousands gathering to enjoy fireworks and live performances.

Nevertheless, Qatari authorities and charities continued their relief efforts for Palestine, highlighting the contrast between the joyous Eid atmosphere at home and the suffering of their fellow Muslims in Gaza.

Kuwait: Extended Holidays and Reflection

In Kuwait, Eid holidays provided a nine-day break for many employees, allowing families to come together in celebration. Traditional meals and prayers remained central to the festivities, but Kuwaiti media and religious leaders also focused on the plight of Palestinians, urging the public to donate and raise awareness.

A Tale of Two Realities

Eid al-Fitr 2025 presented a stark contrast between different parts of the Muslim world. While countries like Saudi Arabia, the UAE, Qatar, and Kuwait indulged in celebrations, Gaza stood in ruins, mourning its dead and struggling to find basic resources.

The divide between those celebrating and those suffering was more evident than ever, making this Eid a time of reflection for many Muslims worldwide. The call for peace and justice in Palestine echoed throughout sermons and speeches, reminding the world that while the spirit of Eid is about joy and gratitude, it is also about unity, compassion, and standing with those in need.

The head of the UN agency for Palestinian refugees (UNRWA) has warned that the tight Israeli blockade on the entry of humanitarian supplies into the Gaza Strip is pushing the coastal territory closer to an acute hunger crisis.

Philippe Lazzarini made the remarks in a social media post, in which he noted that the siege, which is preventing food, medicines, water and fuel from entering the region, has lasted longer than what was in place in the first phase of the war.

Israel has banned the entry of humanitarian aid into Gaza since March 4, following the expiry of the first phase of a ceasefire and an agreement with Hamas resistance movement on the exchange of Israeli captives for Palestinian prisoners.

Lazzarini warned that Gaza’s population depends on imports via Israeli-occupied territories for their survival.

“Every day that passes without the entry of aid means more children go to bed hungry, diseases spread & deprivation deepens,” he said.

“Every day without food inches Gaza closer to an acute hunger crisis,” the UNRWA chief noted.

Lazzarini described the banning of aid as a collective punishment on Gaza’s population – the vast majority of which are children, women and ordinary men.

He called for the siege to be lifted and for humanitarian aid and commercial supplies to be brought into Gaza “uninterrupted and at scale.”

Backed by the United States and its Western allies, Israel launched the war on Gaza on October 7, 2023, after the Palestinian resistance movement Hamas carried out Operation Al-Aqsa Flood against the Israeli regime in response to its decades-long campaign of oppression against Palestinians.

The regime’s bloody onslaught on Gaza has so far killed at least 50,021 Palestinians, mostly women and children, and injured 113,274 others. Thousands more are also missing and presumed dead under the rubble.

On November 21 last year, the International Criminal Court (ICC) issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former minister of military affairs Yoav Gallant for war crimes and crimes against humanity in Gaza.

Israel also faces a genocide case at the International Court of Justice (ICJ) for its deadly war on the blockaded coastal sliver.