New Tax Rates UPI and GST these things will change starting April 1 2025

The new financial year is going to start from 1 April. With the introduction of the new financial year, there is going to be a change in income tax rules. The Central Government had announced a major change in the new regimen of income tax in Budget 2024. These changes are now going to be implemented from 1 April. The biggest impact of these changes will be on the employed class, as it will affect both their monthly salary and tax liability. Therefore, it is important for you to know this rule.

Tax will not have to be paid on income up to Rs 12 lakh
Finance Minister Nirmala Sitharaman had clarified in the budget 2024 that no tax will be charged on income up to Rs 12 lakh annually under the new tax regimen. But this exemption will only be applicable under the new regimen. Therefore, the tax filling will have to be assessed by itself that there is an advantage in the new regimen for him, or it will be right to pay tax from the old regimen itself. For this, you can also take help of a tax consultant. Since now the government has made the income up to Rs 12 lakh tax free, then those people will benefit more who do not invest any kind to save tax.

The benefits of deduction still in the old regimen
Even though the tax rates are low in the new tax regimen, it does not provide most deduction facilities. Investment under section 80C, interest rebate on home loan or relief under 80D on health insurance premium, all these benefits come only in the old tax regimen. So if you have a home loan, or claim HRA, the old regimen can still be said to be more beneficial for them.

Which of the new or olds choose
If you do not invest in tax saving schemes, and only want simple tax calculation, then the new regimen is better. But for those who invest to save tax, the old regimen is still beneficial.

Changes in TDS with new financial year
If you work, then from April your salary will start taxing tax. For this, the company will ask you in the beginning which regimen of tax you want to choose. Based on your answer, tax (TDS) will be deducted from your salary. Therefore, know both types of tax structures in advance.

Unified Pension Scheme (UPS)
The Unified Pension Scheme (UPS) was launched by the government in August 2024. It is now going to be implemented from 1 April 2025. This will benefit 23 lakh center employees. This scheme ensures financial security after retirement to at least 25 years of service under the scheme. In which the employee will be given pension equal to 50% of the average basic salary of the last 12 months.

New instructions for UPI
To increase the safety and capacity of UPI, the government has given new instructions which will be implemented from April 1. According to the instructions, banks and third party UPI providers will have to remove the inactive mobile numbers from the platform in a phased manner. UPI -linked inactive mobile numbers pose risk for safety. When users change their number or neutralize, their UPI accounts are often active, causing them to misuse them.