Financial New Year: From Pension Bonanza To GST Tweaks, Check Major Changes

Producer: Bhaswati Sengupta April 1, 2025

The new financial year on April 1 brings several major changes that will impact taxpayers, salaried individuals, and consumers across the country. From a revised income tax slab to changes in UPI regulations, take a look at the major changes in the financial year 2025-26.

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New Income Tax Rules

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TDS Relief

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Less Taxing On Remittances

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Pension Bonanza

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Highways Toll

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Cost On Medicines

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Gas Prices

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UPI Rule Change

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GST Tweaks

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Loans

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Financial New Year: From Pension Bonanza To GST Tweaks, Check Major Changes

The new financial year on April 1 brings several major changes that will impact taxpayers, salaried individuals, and consumers across the country. From a revised income tax slab to changes in UPI regulations, take a look at the major changes in the financial year 2025-26.

New Income Tax Rules

As per the new income tax rules, individuals earning up to Rs 12 lakh per year will be exempt from income tax. The updated tax structure includes a standard deduction of Rs 75,000 that will apply to salaried individuals, effectively making a Rs 12.75 lakh salary tax-free.

TDS Relief

The limit on interest earned by senior citizens will be doubled to 1 lakh a year. Furthermore, the annual limit on rent increased from 2.4 lakh to 6 lakh.

Less Taxing On Remittances

Reportedly, threshold for tax collected at source (TCS) will be raised from 7 lakh to 10 lakh. Also, there will be no TCS on remittances for education funded through loans from banks, and selected financial institutions.

Pension Bonanza

Central government employees, who joined from 2004, will get the option to shift to the Unified Pension Scheme. This scheme offers an assured pension of 50% of the last pay drawn, inflation adjustment and 10,000 monthly payout after serving for 10 years.

Highways Toll

Tolls on the national highways will surge by 3% as the government allows annual hike to cover rising prices.

Cost On Medicines

According to reports, prices of nearly 800 medicines will increase marginally as drug price regulator allows for inflation adjustment.

Gas Prices

Piped natural gas, CNG to cost more as the government allows for price hike on domestically produced gas from legacy fields.

UPI Rule Change

The National Payments Corporation of India (NPCI) has implemented new security measures for UPI transactions, including the deactivation of UPI linked to inactive numbers. Banks and third-party UPI providers will implement measures to phase out inactive numbers to prevent security risks.

GST Tweaks

From this financial year, generation of e-way bills and e-invoices will require multi factor authentication. Furthermore, a new Input Service Distributor mechanism will also be implemented.

Loans

In another major development, banks can extend home loans up to 50 lakh in metro cities under priority sector lending norms.

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