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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 Israeli strikes have killed over a dozen people, including seven children, in the besieged territory as the regime is pressing ahead with its bloody military onslaught against Palestinians.

Gaza's civil defense agency said the bodies of 10 people, including seven children, were brought to the hospital following an Israeli airstrike that targeted the al-Farra family home in central Khan Younis.

Witnesses reported continuous and intensive Israeli tank fire in the city. 

Moreover, one Palestinian was killed and four others were wounded following an aerial attack on a group of civilians in Rafah.

In central Gaza, Israeli drones struck a group of civilians in Deir el-Balah, following which a number of casualties were transferred to the al-Aqsa Hospital.

Two more people killed in an Israeli strike that targeted a group of civilians in the al-Atatra area in the northern city of Beit Lahia.

On Friday morning, the Israeli military released an “urgent and serious” evacuation notice for residents living in various neighborhoods east of Gaza City.

The United Nations on Friday said its analysis of 36 recent Israeli strikes in Gaza showed only women and children were killed and decried the human cost of the war.

Spokeswoman Ravina Shamdasani cited an April 6 strike on a residential building of the Abu Issa family in Deir al-Balah, which reportedly killed one girl, four women, and one four-year-old boy.

Even the areas where Palestinians were being instructed to go in the expanding number of Israeli "evacuation orders" were also being subjected to attacks, she said.

Israel has said its troops are seizing "large areas" in Gaza and incorporating them into buffer zones cleared of their inhabitants.

The UN rights office warned that expanding Israeli evacuation orders are resulting in the "forcible transfer" of people into ever-shrinking spaces in the war-ravaged Palestinian territory.

"Let us be clear, these so-called evacuation orders are actually displacement orders, leading to displacement of the population of Gaza into ever shrinking spaces," Shamdasani said.

"The permanently displacing the civilian population within occupied territories amounts to forcible transfer, which is a grave breach of the Fourth Geneva Convention, and it is a crime against humanity."

Speaking to reporters in Geneva, Shamsadani said between March 18 and April 9, there were some 224 incidents of Israeli strikes on residential buildings and tents for internally displaced people.

"In some 36 strikes about which the UN Human Rights Office corroborated information, the fatalities recorded so far were only women and children," she said.

"Overall, a large percentage of fatalities are children and women, according to information recorded by our Office," she added.

New Delhi, Apr 6: President Droupadi Murmu on Saturday gave her assent to the Waqf (Amendment) Bill, 2025, which was passed by Parliament earlier this week.

Murmu also gave her assent to the Mussalman Wakf (Repeal) Bill, 2025.

"The following Act of Parliament received the assent of the president on April 5, 2025, and is hereby published for general information: The Waqf (Amendment) Act, 2025," the government said in a notification.

Parliament early on Friday approved the Bill after the Rajya Sabha gave its nod to the contentious legislation following an over 13-hour debate.

The discussion witnessed staunch objections from opposition parties, which termed the Bill "anti-Muslim" as well as "unconstitutional", while the government responded that the "historic reform" would benefit the minority community.

The Bill was passed in the Rajya Sabha with 128 members voting in favour and 95 opposing it.

It was passed in the Lok Sabha early on Thursday, with 288 members supporting it and 232 against it.

Parliament had also approved the Mussalman Wakf (Repeal) Bill, with the Rajya Sabha giving its nod. The Lok Sabha had already given its assent to the Bill.

After the president gave her assent, it has also become a law.

Congress MP Mohammad Jawed and All India Majlis-e-Ittehadul Muslimeen (AIMIM) president Asaduddin Owaisi on Friday challenged the validity of the Waqf (Amendment) Bill in the Supreme Court, saying it violated constitutional provisions. 

Jawed's plea alleged the Bill imposed "arbitrary restrictions" on Waqf properties and their management, undermining the religious autonomy of the Muslim community.
The petition, filed through advocate Anas Tanwir, said it discriminated against the Muslim community by "imposing restrictions that are not present in the governance of other religious endowments".

Jawed, the Lok Sabha MP from Kishanganj in Bihar, was a member of the Joint Parliamentary Committee on the Bill and alleged in his plea that it "introduces restrictions on the creation of Waqfs based on the duration of one's religious practice".

In his separate plea, Owaisi said the Bill took away from Waqfs various protections accorded to Waqfs and Hindu, Jain and Sikh religious and charitable endowments alike.

Owaisi's plea, filed by advocate Lzafeer Ahmad, said, "This diminishing of the protection given to Waqfs while retaining them for religious and charitable endowments of other religions constitutes hostile discrimination against Muslims and is violative of articles 14 and 15 of the Constitution, which prohibit discrimination on the grounds of religion."