Poll trends disappointing, need to rethink caste management: Moily

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.

Gaza’s health ministry says Israel’s renewed savagery has led to the massacre of at least 970 people in 48 hours.

The wave of deadly airstrikes that shattered a fragile ceasefire in Gaza on Tuesday has so far claimed the lives of at least 970 people across the besieged territory, the health ministry said in a statement on Wednesday.

Before the resumption of the offensive, the death toll from the regime’s 15 months of genocidal war recorded by the ministry at midday on March 17 stood at 48,577.

By midday on Wednesday, the figure had risen to 49,547, the ministry said.

The health ministry also registered "one death and five severe injuries among foreign staff working for UN institutions.”

It said Israel attacked a UN headquarters in Deir el-Balah, in the central Gaza Strip, on Wednesday.

The victims had been taken to the Al-Aqsa Martyrs Hospital, the health ministry said.

Israel's military denied attacking a UN building in Gaza.

The UN Office for Project Services (UNOPS) confirmed the death of one of its staff by an explosive that was "dropped or fired" on its building in Deir el-Balah.

"An explosive ordnance was dropped or fired at the infrastructure and detonated inside the building,” it said, adding that five others were injured.

UNOPS Executive Director Jorge Moreira da Silva said he was "shocked and devastated" by the death of a staff member.

“This was not an accident.”  he said, adding that "attacks against humanitarian premises are a breach of international law."

Bulgaria's foreign ministry said later in the day that one of its citizens working for the United Nations was killed in Gaza, without specifying where in the territory.

Benjamin Netanyahu of Israel threatened on Tuesday that the massacre of women and children in Gaza was “only the beginning.” He stands accused of committing war crimes and ethnic cleansing in Gaza.

The airstrikes led by the United States have killed at least 25 civilians in Yemen over the past week, marking the deadliest week of bombing on the country since the final months of the Washington-backed Saudi war in January 2022.

In a report released on Tuesday, the Yemen Data Project said the 25 civilians were the victims of 38 US-led aerial assaults on March 15-21, adding that 28 people were also injured in the attacks.

The independent tracker also said that 21 out of the 38 US air raids hit non-military, civilian targets.

“Civilian targets hit included: a medical storage facility, a medical center, a school, a wedding hall, residential areas, a cotton gin facility, a health office, Bedouin tents, and Al-Eiman University,” it said.

The deadliest US strike in the first week of US bombing campaign struck a residential area in Yemen’s northwestern Sa'ada province, killing 10 civilians and wounding 11 others, among them children.

The US began bombing Yemen on March 15, a few days after Yemen resumed its operation against Israeli-linked ships in response to Israel’s Gaza aid blockade that violated a ceasefire with the Hamas resistance group.

The Yemeni Armed Forces began their anti-Israel naval campaign in November 2023, a month after the occupying regime waged a genocidal war on the Gaza Strip.

The Yemeni forces halted their attacks in solidarity with the Palestinians in January, when Israel accepted a three-phase Gaza ceasefire.

Two months later, however, Israel unilaterally broke the Gaza truce and resumed its brutal onslaught on the besieged territory.

On Tuesday, Yemeni media reported 17 US strikes on Sa'ada and two more on the nearby 'Amran province.

The reports said American warplanes carried out "aggressive air raids... causing material damage to citizens' property," but gave no details of casualties.