1. Higher Income Tax Exemption Limit
Good news for salaried individuals! Under the new tax regime, no income tax is payable if your annual income is up to ₹12 lakh. A standard deduction of ₹75,000 applies, making income up to ₹12.75 lakh effectively tax-free.
2. UPI Deactivation for Inactive Mobile Numbers
The National Payments Corporation of India (NPCI) will deactivate UPI IDs linked to phone numbers that haven’t been used for an extended period. Action required: If you have UPI accounts tied to old or inactive numbers, update them to avoid losing access.
3. Unified Pension Scheme (UPS) for Government Employees
A new Unified Pension Scheme (UPS) is being launched for central government employees under the National Pension System (NPS). Employees with at least 25 years of service will get 50% of their average last 12-month basic salary as monthly pension.
4. PAN-Aadhaar Linking Deadline
If you fail to link your PAN with Aadhaar by March 31, 2025, you will face consequences like non-receipt of dividends, higher TDS (Tax Deducted at Source), and no credit in Form 26AS.
Prepare for these changes and ensure compliance to make the most of the new financial year in India.
