Skipping congress, President Trump approves $3b in arms sales to Israel

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.

New York: An Indian national enrolled as a postdoctoral fellow in the US has been detained by immigration authorities, said a media report, less than a week after a Columbia student from India self-deported following allegations of activities supporting Hamas.

Badar Khan Suri's lawyer claimed that he is being punished “because of the Palestinian heritage of his wife — who is a US citizen — and because the government suspects that he and his wife oppose US foreign policy toward Israel.”

He is a former student of Jamia Millia Islamia, New Delhi.

Suri is currently a postdoctoral fellow at the Alwaleed Bin Talal Center for Muslim-Christian Understanding at the Edmund A Walsh School of Foreign Service, Georgetown University, Washington DC.

A report in Politico said that Suri, who was studying and teaching on a student visa, has been “detained by federal immigration authorities amid the Trump administration’s crackdown on student activists whom the government accuses of opposing American foreign policy.”

The report said that “masked agents” arrested Suri from outside his home in Virginia Monday night.

A petition filed by his lawyer Hassan Ahmad said that he was taken to a facility in Virginia and is “expected to be transferred soon to a detention centre in Texas.”

The Politico report said that Suri’s lawyer has filed a lawsuit for his immediate release.

“The agents identified themselves as being with the Department of Homeland Security and told him the government had revoked his visa,” the lawsuit says, according to the Politico report.

The report added that according to Suri’s petition, he was put in “deportation proceedings under the same rarely used provision of immigration law” that the government has invoked to try to deport Mahmoud Khalil, the Columbia University graduate and legal permanent resident arrested for his role in leading campus protests at Columbia against Israel. 

The petition says the couple has “long been doxxed and smeared” on anonymously run, far-right websites due to their support for Palestinian rights. The petition adds that Suri’s wife Mapheze Saleh has been alleged to have “ties with Hamas” and once worked for Al Jazeera.

The petition further notes that Suri has no criminal record and has not been charged with a crime. Ahmad said he had not been able to contact Suri as of Wednesday evening.

“We’re trying to speak with him. That hasn’t happened yet,” Ahmad said.

“This is just another example of our government abducting people the same way they abducted Khalil.”

According to his profile on the website of Georgetown University, Suri completed his PhD in Peace & Conflict Studies from Nelson Mandela Center for Peace and Conflict Resolution, Jamia Millia Islamia, New Delhi in 2020. 

He wrote his thesis on Transitional Democracy, Divided Societies and Prospects for Peace: A Study of State Building in Afghanistan and Iraq in which he underlined the complexities involved in introducing democracy in ethnically diverse societies; as well as challenges to project state building.

He has travelled extensively in the conflict zones of India, Pakistan, Balochistan in Iran, Iran, Turkey, Kurdish Areas in Turkey, Syria, Lebanon and its southern region, Egypt and Palestine.  

The Politico report quoted a statement from a Georgetown spokesperson as saying that Suri is an "Indian national who was duly granted a visa to enter the United States to continue his doctoral research on peacebuilding in Iraq and Afghanistan.

"We are not aware of him engaging in any illegal activity, and we have not received a reason for his detention. We support our community members’ rights to free and open inquiry, deliberation and debate, even if the underlying ideas may be difficult, controversial or objectionable. We expect the legal system to adjudicate this case fairly," the spokesperson said.

Suri's detention comes less than a week after Ranjani Srinivasan, an Indian student at Columbia University, self-deported after her visa was revoked for allegedly “advocating for violence and terrorism” and involvement in activities supporting Hamas.

Srinivasan had entered the United States on an F-1 student visa as a doctoral student in Urban Planning at Columbia University, the Department of Homeland Security had said.

It added that Srinivasan was “involved in activities supporting” Hamas, a terrorist organisation.

The Department of State had revoked her visa on March 5. The Department of Homeland Security said it has obtained video footage of Srinivasan using the Customs and Border Protection (CBP) Home App to self-deport on March 11. 

Mangaluru International Airport (MIA), Karnataka’s second busiest airport, has seen 148.5kg of gold smuggled between 2019 and December 2024, with 90% arriving from the UAE. Customs officials recorded 346 cases, averaging 30kg of gold seized per year (2.5kg per month). Most smugglers are from Kerala and Bhatkal.

A senior customs officer revealed that MIA sees at least five gold smuggling cases per month. Numbers dropped during the pandemic but surged after flights resumed. Many offenders are first-time carriers, while some are habitual smugglers. With fewer flights, customs thoroughly checks passengers, making smuggling harder.

Smugglers constantly innovate concealment methods. Hiding gold in the rectum remains common, but gold is also found in trolley bags, mobile covers, chocolate boxes, milk powder, biscuit packets, and clothing layers. Electronic devices like car speaker magnets, LED bulbs, AirPods, wristwatches, and ballpoint pens have been used.

Unusual tactics include hiding gold in a woman’s hairband, a baby’s diaper, and even a kheer mix packet (347g). In one case, a passenger attempted to smuggle 100g in his mouth under a mask but was caught.

Officials note that while the UAE remains a key source, smugglers now bring gold from other Gulf countries, continuously adapting to evade detection.