May 2025 has kicked off with numerous money-related updates that would at once affect your everyday life, whether it is how much you spend, how you travel, or how you manage your taxes.
From a hike in ATM prices and main adjustments in railway ticket booking rules to viable relief on domestic mortgage EMIs and the rollout of up-to-date income tax go back (ITR) paperwork
There is pretty a bit to keep an eye fixed on this month.
Let's have a brief study of the key financial updates you need to understand in May.
ATM WITHDRAWALS NOW value extra starting May 1,
Taking coins out from an ATM after your free monthly restriction will cost you Rs 23, according to the transaction, up from the present-day Rs 21.
You still get 3 unfastened ATM transactions in metro cities and five in non-metro areas. This consists of both cash and non-coin activities like stability exams. The hike is supposed to help banks cover ATM protection charges.
Educate: price tag rules HAVE changed.
Big adjustments in education ticket bookings have kicked in from May 1. In case you're on the waiting list, you may not travel in sleeper or AC coaches; the best popular coaches are allowed. The advance booking window has been shortened to 60 days rather than 120.
Additionally, refunds on cancelled tickets have to be claimed within two days.
Business LPG prices reduce
Beginning in May, 1, the rate of business LPG cylinders (19 kg) has been reduced by means of approximately Rs 17. The brand new expenses are Rs 1,747.50 in Delhi, Rs 1,699 in Mumbai, Rs 1,851.50 in Kolkata, and Rs 1,906 in Chennai.
This flow will benefit eateries and other business customers. Domestic LPG quotes stay the same for now, although more regular charge changes may additionally appear soon.
Home mortgage EMIs may additionally DROP.
There may be good news for homebuyers. In April, the RBI cut the repo charge to 6%. Due to the fact that this is the second reduction in 2025, banks may additionally decrease their mortgage interest prices too. Therefore, if your loan is repo-linked, anticipate a lower EMI this May.
ITR submitting for AY 2025-26 has commenced.
The income tax department has launched ITR-1 (Sahaj) and ITR-4 forms. So, in case your profits are as much as Rs 50 lakh, you may start submitting now. One key update is that in case your long-term capital gains are as much as Rs 1.25 lakh, you can nevertheless use the simpler ITR-1 instead of switching to ITR-2. Other kinds will be out soon.
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