Big Changes from FY 2024-25 in Income Tax & Other Rules Applicable to You

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A new year of finance is about to begin  which as you know starts from 1st April. With that, some new rules  are to be enforced and in this article we will discuss on this.

We are going to discuss about some such changes that are going to be implemented from 1st April. Let’s start one by one. The first change is about Aadhaar PAN.

Link Aadhaar with PAN

The government has ordered the citizens to link Aadhaar with PAN since last year. Its deadline is also being increased. But still many have not done this work.  This time, the government has set the deadline to link Aadhaar PAN as 31 March. But if no one can do this work, then its PAN will be inactivated. And the result will be that that person will not be able to do any big transaction and will not be able to open an account in the bank.  If you have to activated the PAN card after 31 March, then you will have to pay Rs 1000 late fees.

One PF Account for One Person – Automatic transfer of account on change of job

The next change is about PF account. If you are working somewhere and your PF account is there, then whenever you change your job, your PF account will be automatically transferred to another company.  While earlier, the employee had to transfer the account manually. But EPFO, i.e. Employee Provided Fund Organization, has put it in auto mode and given a lot of relief to people in the job market. So this rule will also be implemented from 1st April.

New Regulation on NPS Account

Now let’s talk about NPS account. The organization that regulates the NPS, i.e. National Pension Scheme, PFRDA, i.e. Pension Fund Regulatory and Development Authority, has made some important changes to improve the safety of NPS account holders. Looking at the increasing cyber fraud now a days, PFRDA has made changes to the NPS login system.

That is, whenever someone logs into their NPS account, they have to go through two-factor authentication. And these changes have been made for both new and old users. NPS subscribers will have to do Aadhaar verification in the first step and complete the verification with the OTP on the mobile in the second step.  This process will be live from 1st April.

New Rules on PPF and Sukanya Account

The next change is for PPF and Sukanya account holders. In PPF, i.e. Public Provident Fund and Sukanya Samriddhi Yojana, a minimum investment has to be made in a financial year so that your account is not closed.  In PPF, the minimum investment is Rs. 500 and in Sukanya Samriddhi Yojana, Rs. 250 has to be invested.    But if you miss this minimum investment, your account will be inactivated and you will have to pay a penalty to activate it again. So if you own any of the two accounts, then pay attention to this.

Big change related to the credit card

The State Bank of India has announced that from 1st April, you will stop getting reward points if you pay rent with a specific credit card. These specific credit cards are AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimpliClick SBI Card. Apart from this, the gain of reward points on the rent payment of these specific credit cards will be completely stopped by 15th April.

On the other hand, Yes Bank has also made some changes for its credit card users. According to the report, from 1st April, Yes Bank credit card holders who spend more than Rs. 10,000 in a calendar quarter will be given complimentary domestic launch access.

On the other hand, ICICI Bank has also thought of making some changes in the rules of its credit card. From 1st April, Rs. 35,000 will be spent in a calendar quarter and customers will get complimentary airport launch access.

Changes in some Post Office savings bank Schemes

Now let’s talk about the changes in the post office scheme. In all post office schemes, interest rates change in every quarter. In PPF, MIS, Sukanya Samridhi, Senior Citizen Scheme, KVP, NSC, and Time Deposit, no changes have been made in the April-May-June quarter.  The same rates will remain in this as they were in the January-February-March quarter. The next change is related to Wallet. Ola Money is going to make changes to its wallet rules from 1st April, 2024.  The company has sent SMS to its customers to inform them that small PPI, i.e., Prepaid Payment Instrument, is increasing the limit of wallet service to Rs. 10,000.

The next change is related to Fastag.

If you have not yet updated the KYC of the Fastag of your car from the bank, then do it immediately. Because from 1st April, the bank will either deactivate or blacklist the Fastac without KYC. So before this change is implemented from 1st April, you should quickly finish your important work.

With this, must know that you should make an investment by 31st March to save tax. So if you have not yet made any investment to save tax, then do it soon.

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