1 अप्रैल से Income Tax से लेकर Credit Card तक, ये 10 नियम बदलेंगे|Kharcha Pani Ep 1053

Summary

The video provides a detailed overview of the significant changes in the financial landscape starting from April 1, 2025. These changes include tax reforms, new banking and credit card policies, and updates to the Liberalized Remittance Scheme, which impact both individuals and businesses. Notable shifts include an increase in the basic exemption limit for income tax, changes to the minimum balance requirements for banks, and adjustments in reward programs for credit cards. It also covers updates on UPI security, FD interest tax exemptions for senior citizens, and changes in car prices, with expert insights aimed at helping viewers navigate these shifts.

Takeaways

• 😀 1st April 2025 marks the start of the new financial year, bringing significant changes in taxes, banking, and financial regulations.
• 😀 The basic income tax exemption limit is increased from ₹3 lakh to ₹4 lakh from 1st April 2025.
• 😀 People choosing the new tax regime will benefit from no taxes on earnings up to ₹12 lakh, and salaried individuals will get a standard deduction of ₹75,000.
• 😀 High earners (₹24 lakh+) will now pay 30% tax, reduced from the previous threshold of ₹15 lakh.
• 😀 Banks have introduced stricter minimum balance requirements, with penalties for failing to meet them, varying based on the region (urban, semi-urban, rural).
• 😀 Several banks, including SBI, PNB, and Canara, are altering their credit card reward programs, including cuts in reward points for purchases and changes to complimentary benefits.
• 😀 Senior citizens will benefit from an increased ₹1 lakh exemption on FD interest income for TDS purposes, up from ₹50,000.
• 😀 A new TDS exemption for dividends up to ₹10,000 from 1st April 2025, up from ₹5,000.
• 😀 New rules for UPI payment security will require regular updates of customer data by banks and UPI apps, ensuring fewer errors in transactions.
• 😀 Vehicle prices are expected to increase by 3% for various car models, including those from Mahindra, Tata, and Maruti Suzuki, from April 2025.

Q & A

What significant changes are set to take place on April 1, 2025, according to the script?

Several important changes are set to come into effect on April 1, 2025, including changes in income tax rules, banking minimum balance requirements, modifications to credit card reward programs, and new regulations for UPI transactions. The changes also include tax reliefs for senior citizens on fixed deposits and alterations to the limits for tax deductions at source (TDS) on dividend earnings and insurance commission.

How will the income tax rules change from April 1, 2025?

From April 1, 2025, the basic exemption limit for income tax will increase from ₹3 lakh to ₹4 lakh. Additionally, those who choose the new tax regime will not need to pay taxes on incomes up to ₹12 lakh. For salaried individuals, a standard deduction of ₹75,000 will be available, making the effective tax-free income limit ₹12.75 lakh.

What is the impact of the changes in the minimum balance requirements for bank accounts?

From April 1, 2025, several banks, including State Bank of India, Punjab National Bank, and Canara Bank, will implement stricter minimum balance rules. Customers will be required to maintain a minimum balance that varies by location (urban, semi-urban, and rural). Failing to meet the required balance could result in penalties, with amounts differing based on account category.

What changes are being made to credit card reward programs?

SBI has revised its credit card reward programs starting from April 1, 2025. Key changes include the removal of complimentary flight ticket vouchers and a reduction in reward points for certain purchases. Axis Bank has also made similar modifications to its credit card terms, including the waiving of annual renewal charges for those whose cards are renewed after April 18, 2025.

How are tax deductions on fixed deposit interest changing for senior citizens?

From April 1, 2025, senior citizens will enjoy a higher tax deduction limit on fixed deposit interest income. The threshold for TDS exemption has been increased to ₹1 lakh from the previous ₹50,000, benefiting those who rely on FD interest for their income.

What changes have been made to tax deductions for dividend income?

The TDS exemption limit for dividend income has been raised from ₹5,000 to ₹10,000, effective April 1, 2025. This change will apply to earnings from mutual funds and shares, reducing the tax burden for small investors.

What is the new rule related to sending money abroad for education and medical purposes?

Under the Liberalized Remittance Scheme (LRS), effective from April 1, 2025, remittances of up to ₹1 lakh for educational expenses or medical costs abroad will no longer be subject to TDS. This change is particularly beneficial for parents sending money to children studying overseas.

What new regulations are being implemented for UPI transactions?

Starting from April 1, 2025, new security measures for UPI transactions will require banks, UPI apps, and third-party service providers to update transaction data weekly. Additionally, users will need to provide consent for linking or verifying their UPI ID with a bank-verified mobile number, helping to prevent incorrect transactions.

What changes have been announced regarding the price of vehicles and fuel?

From April 1, 2025, car manufacturers like Mahindra & Mahindra, Tata Motors, and Maruti Suzuki are raising the prices of their vehicles by up to 3%. In addition, changes in LPG and CNG prices may occur as per monthly revisions, though no specific increases have been announced yet for domestic gas cylinders.

How are mobile phone number deactivations being handled starting April 1, 2025?

A new regulation will take effect from April 1, 2025, which requires telecom companies to deactivate mobile numbers that have been inactive for 90 days. If a customer doesn't use their mobile number for calls, texts, or internet data for three months, it may be reassigned to another user.