As the new financial year, 2024-25, approaches, significant changes are underway that will impact various aspects of financial transactions and regulations in India. These changes, set to take effect from april 1, are poised to reshape several key areas, prompting individuals and institutions to adapt to the evolving landscape.
One notable change pertains to the National Pension System (NPS), where users will now require both their User ID & Password and a mobile number linked to their Aadhaar for login. This additional security measure aims to enhance account security and prevent unauthorized access.
In the realm of employee benefits, the Employees Provident Fund Organization (EPFO) will implement an automatic transfer system for EPF accounts when individuals change jobs. This move seeks to streamline the account transfer process and ensure continuity of benefits for employees transitioning between employers.
From a taxation perspective, the new financial year will see the default adoption of the new tax regime for income tax filing if individuals do not explicitly choose between the old and new regimes. Under the new tax system, individuals earning up to Rs. 7 lakhs annually will be exempt from paying any income tax.
In the realm of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payments, users of FASTag are advised to update their KYC by march 31 to avoid deactivation of their accounts starting april 1. Failure to comply may result in the inability to make payments at toll gates, even if sufficient funds are available in the account.
On the banking front, customers of the bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>state bank of india (SBI) will face increased annual handling charges for various debit cards, along with the discontinuation of reward points for rent payments made with credit cards, both effective april 1. These changes reflect adjustments in banking policies aimed at managing operational costs and enhancing profitability.
Additionally, the Drug Price Control Authority of india has announced a marginal increase in the prices of essential medicines, including pain killers, antibiotics, and anti-infection medicines, under the National List of Essential Medicines.
Overall, the onset of the new financial year brings forth a wave of changes across multiple sectors, necessitating awareness and adaptation among stakeholders to navigate the evolving financial landscape effectively.
