As the new financial year dawns, India witnesses a series of pivotal rule changes aimed at bolstering economic security and streamlining financial operations.
From enhanced tax exemptions to updated UPI and banking norms, these developments promise to shape the financial fabric of the country. Here’s a look at the most significant changes:
- Higher Tax Exemption Limits: Annual incomes up to ₹12.75 lakh are now tax-free under the revised tax regime, including a ₹75,000 standard deduction.
- Unified Pension Scheme (UPS): Central government employees can now transition to the UPS, ensuring a steady pension equal to 50% of their average basic salary with over 25 years of service.
- UPI Deactivation for Inactive IDs: The National Payments Corporation of India (NPCI) will deactivate UPI IDs linked to inactive mobile numbers to enhance digital payment security.
- PAN-Aadhaar Linking Mandate: Failure to link PAN with Aadhaar by March 31, 2025, will result in higher TDS rates and loss of benefits in Form 26AS.
- Stricter KYC for Investments: KYC verification and nominee detail updates are now compulsory for mutual funds and demat accounts.
With these transformative changes, individuals and businesses alike must remain proactive in adapting to the evolving financial landscape.
