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What will change from 1 April 2025? Many changes are going to be implemented from 1 April 2025, which will directly affect your pocket. The major announcements made in the new budget will also be applicable from today itself. There have been many changes in this, including tax discounts, cheap and expensive of goods.
Changes in tax slab
There will now be no tax on income up to Rs 12 lakh in the new tax system. Also, this amount becomes Rs 12.75 lakh with a standard deduction of Rs 75 thousand. A new tax slab of 25 percent has been added on income ranging from Rs 20 lakh to Rs 24 lakh. Earlier, 30 percent tax was levied on income of more than Rs 15 lakh, which has now increased to Rs 24 lakh. Due to which the middle class is relieved.
TDS limit
Now the limit of TDS on rental income has been increased from Rs 2.4 lakh to Rs 6 lakh. This means that no tax will be levied on rental income of up to Rs 6 lakh. Apart from this, the limit of TDS on FD interest for senior citizens has been increased from Rs 50 thousand to Rs 1 lakh. The TDS limit on commercial services has been increased from Rs 30,000 to Rs 50,000. Thus small and big traders, middle class and senior citizens are relieved in TDS.
Relief on sending money abroad
Apart from this, if you send money abroad for the education of your children, then there will be no TCS on the amount of up to Rs 10 lakh, earlier this amount was up to Rs 7 lakh. And even if that money has been taken on a loan from the bank, then TCS has been exempted. Earlier, TCS ranging from 0.5% to 5% was deducted at an amount of more than Rs 7 lakh, due to which there was a problem in transfer.
It is necessary to have a PAN card and Aadhaar card link to get dividends in the stock market from 1 April.
It will be necessary to update the details of KYC and Nominee in demat and mutual fund accounts, otherwise the demat account will be closed.
It will be necessary to keep the minimum balance in the bank’s savings account, otherwise the bank will impose a fine.
Rules filing rules
People have also been given great relief in filing tax returns. From now on, the update returns can be filed for 48 months instead of 24 months of the year. But between 24 and 36 months, 60 percent additional tax will have to be paid and 70 percent additional tax will have to be paid between 36 and 48 months.
Capital gains tax on ULIP
The rules of ULIP i.e. Unit Linked Insurance Plan have been changed. If your annual premium is more than Rs 2.5 lakh, it will be considered a capital asset. If it is kept for more than 12 months, a long -term capital profit will be taxed at a rate of 12.5 percent, or if it is kept for less than 12 months, the rate of 20 percent will learn short -term capital gains.
From 1 April 2025, in UPI, the passive account in UPI will be deactivated and it will be necessary to link the old number.
FD and new interest rates on FD and savings accounts in banks like SBI, HDFC, IDBI will be applicable from today.
Gas cylinders become cheap
Today the price of commercial gas cylinders has been changed. In all metros, the price of commercial gas cylinders has been given a relief of Rs 40, although there has been no change in the price of domestic gas cylinders for the last 11 months.
Change in check rules
From now on, positive pay systems have been made mandatory for checks of more than Rs 50,000. Therefore, before issuing the check, its information will be given to the bank in an electronic way so that there is no fraud.