look news india
Union Finance Minister Nirmala Sitharaman announced a change in the new tax system during her budget 2025 speech. The revised Income Tax Rules will be applicable from 1 April. Under the new Income Tax Rules, individuals earning up to Rs 12 lakh annually will not need to pay income tax. Additional standard deduction of Rs 75,000 will also be available for salaried persons. Thus, a salary of Rs 12.75 lakh will be effectively taxed under the new tax system. Apart from this, changes have also been made in tax slabs under the new tax system.
Changes in UPI rules
The National Payment Corporation of India (NPCI) has announced several changes to increase the security of Unified Payments Interface (UPI). From April 1, UPI payment from passive numbers will not be possible. NPCI has issued guidelines to banks and third -party UPI providers (Phonepe, Googlepe) to remove inactive numbers related to UPI.
Changes in credit card rules
Credit card rules related to reward points for some card holders will also change. Those using SBI cards with Simpliclic and Air India SBI Platinum Credit Card will see a change in reward points. Axis Bank will improve the benefits of its Vistara Credit Card after the airline’s merger with Air India.
Integrated pension scheme (UPS)
The Integrated Pension Scheme (UPS) launched by the government in August 2024 will be applicable from 1 April. Around 23 lakh central government employees will be affected by the change in the rules of the new pension scheme. Under this, employees with at least 25 years of service will get a pension equal to 50 percent of the average basic salary of the last 12 months.
Minimum balance in bank
SBI, Punjab National Bank, Canara Bank and other lenders will change their minimum balance requirements with new minimum balance rules from April 1. Banks will impose a fine on the account holders who do not keep the minimum balance.