look news india
Like every year, this time too the new financial year will start from April 1. There will be many changes with the beginning of the new financial year. With the beginning of the financial year 2024-25, many important changes related to money and savings will be seen in your life. From April 1, there will be many changes related to personal finance, investment schemes, FASTEG, PF and other finance. Know what important changes are going to happen from April 1.
1. Duration of PAN-Aadhaar link
The deadline for linking PAN with Aadhar card has been extended several times in the past. According to the latest update, the last date for linking PAN card with Aadhaar is 31 March 2024. If a person does not link his PAN with Aadhaar by this date, his PAN number will be cancelled. Cancellation of PAN card clearly means that you will neither be able to open a bank account nor do any major transaction. Apart from this, on activating PAN card, you may also have to pay a late payment penalty of Rs 1000.
, New rule regarding LPG gas cylinder
Like every month, the price of LPG cylinder will be fixed on April 1 also. However, since the code of conduct for Lok Sabha elections is in place, there is no scope for change in the price.
3. Amendments to the NPS system
There are going to be changes in NPS i.e. National Pension System in the new financial year. The new rule will come into effect from April 1, 2024. Under the new rule, two-factor authentication will be required to login to the NPS account. NPS subscribers will have to login through Aadhaar verification and OTP received on mobile.
4. SBI Credit Card
If you use SBI credit card, then State Bank of India is making a major change in the credit card rules from April 1, 2024. If the customer pays the fare after April 1, he will not get reward points. This change will be applicable on some credit cards from April 1 and on others from April 15.
5. New tax regime
Talking about the new tax system, it will become the default tax system from April 1, 2024. This means that if you have not yet chosen a tax filing method, you will have to file taxes automatically under the new tax regime. Let us tell you that there were changes in the income tax rules from April 1, 2023. Under the new tax system, people with salary up to Rs 7 lakh will not have to pay any income tax.
6. New rule of EPFO
There is going to be a big change in EPFO in the new financial year. Under the new rule, even if you change jobs, your old PF will be transferred in auto mode. This means that you will no longer need to request for transfer of PF amount when you change jobs.
7. New rule of Fastag
If you have not updated the KYC of your car's FASTag from the bank, then you may have to face problems from April 1. Do this soon because after March 31, Fastag without KYC will be deactivated or blacklisted by the bank. After this, payment will not be made even if there is balance in Fastag. NHAI has asked to complete the KYC process for Fastag as per RBI rules.