As the curtains draw on the monetary yr 2023–24, the daybreak of the brand new fiscal yr heralds a slew of economic alterations set to come into impact from April 1. Here’s a complete have a look at the important thing changes that may reshape private finance in FY 2024–25:
Enhanced safety measures for NPS
The Pension Fund Regulatory and Development Authority (PFRDA) is about to revamp the login course of for the National Pension System (NPS), introducing stringent safety protocols. Effective April 1, NPS account holders will need to bear two-factor authentication, bolstering system safety. Authentication could be accomplished by way of the receipt of One-Time Passwords (OTPs) on registered cell numbers, making certain enhanced safety in opposition to unauthorised entry.
EPFO simplifies job transitions
In a bid to streamline job transitions, the Employees’ Provident Fund Organisation (EPFO) will automate the switch of subscriber balances to their new employers. Effective April 1, EPFO account holders will not need to provoke switch requests, simplifying the method of managing Provident Fund (PF) balances throughout job changes.
Default transition to new earnings tax regime
From April 1 onwards, the brand new earnings tax regime will transition into the default tax construction. Taxpayers who don’t explicitly go for the outdated tax regime will mechanically fall underneath the purview of the brand new tax framework. Notably, people incomes up to Rs. 7 lakh every year will likely be exempt from tax liabilities underneath the brand new regime.
KYC replace obligatory for FASTag
Starting April 1, people who haven’t up to date their automobile’s KYC data with their respective banks might encounter disruptions in FASTag providers. Banks will deactivate FASTags for non-compliant customers, probably leading to double toll tax funds at toll plazas. The National Highways Authority of India (NHAI) has urged FASTag customers to guarantee compliance with Reserve Bank of India (RBI) rules by promptly finishing the KYC course of.
SBI bank card coverage overhaul
The State Bank of India (SBI) is about to implement important revisions to its bank card insurance policies. Notably, SBI credit score cardholders will not accrue reward factors for hire funds effective April 1. However, these changes will apply to particular bank cards initially, with broader implementation slated for April 15.
Restructuring of Ola cash pockets
Ola Money has introduced plans to transition its pockets providers to smaller Prepaid Payment Instrument (PPI) classes, imposing a month-to-month pockets load restrict of Rs. 10,000. Effective April 1, customers will likely be topic to the revised pockets load restrictions, marking a strategic overhaul of Ola Money’s operational framework.
Also learn | New Tax regime guidelines to come into impact from at this time: Check deductions, rebates, changes in tax slab
