April 1 deadline looms: From tax slabs, new pension rules to UPI shutdowns, here’s what changes for your money

Starting April 1, a wave of new financial and tax regulations will kick in — impacting everything from your paycheck to how you use your credit card or receive dividends. Unveiled during the Union Budget 2025 by Finance Minister Nirmala Sitharaman and followed by a series of announcements, these changes are set to reshape your financial landscape in ways both big and small.

No income tax up to ₹12 lakh

The new tax regime comes with revised slabs — income up to ₹12 lakh will be tax-free. A standard deduction of ₹75,000 means salaried individuals earning up to ₹12.75 lakh annually will pay zero tax under the new system.

Dormant UPI numbers to be deactivated

The NPCI has mandated the deactivation of UPI accounts linked to mobile numbers unused for an extended period. To avoid disruption, ensure your number is active and updated before April 1.

Credit card reward points restructured

SBI SimplyCLICK, Air India SBI Platinum, and Axis Bank Vistara cardholders will see a shift in reward structures. The changes are tied to the ongoing merger of Air India and Vistara.

Unified Pension Scheme goes live

The UPS, replacing the old pension system, will benefit about 23 lakh central government employees. Those with over 25 years of service will receive 50% of their average basic salary from the past 12 months as pension.

Tighter GST norms

Multi-factor authentication becomes mandatory on the GST portal. Additionally, e-way bills can only be generated using documents not older than 180 days.

Higher GST on premium hotel stays

Hotels charging more than ₹7,500 per night will be treated as ‘Specified Premises’, and restaurant services in these hotels will attract 18% GST — but with input tax credit benefits.

Stricter minimum balance norms

Major banks like SBI, PNB, and Canara Bank will enforce revised minimum balance rules. Non-compliance from April 1 may result in penalties.

No dividend without PAN-Aadhaar link

Investors who fail to link PAN with Aadhaar by March 31 will stop receiving dividend payouts. They’ll also face higher TDS and lose credit in Form 26AS.

KYC compulsory for MFs and demat accounts

Starting April, re-verification of nominee details will be mandatory to keep mutual fund and demat accounts compliant.

Positive pay system for cheques above ₹50,000

To curb fraud, banks will verify cheque details electronically before clearing payments above ₹50,000 under the new Positive Pay system.

Expanded home loan limits under priority lending

Homebuyers can now access loans up to ₹50 lakh in metro cities, ₹45 lakh in mid-tier towns, and ₹35 lakh in smaller cities under the Priority Sector Lending scheme.

TCS threshold revised

The TCS limit on foreign travel, investments, and high-value transactions has been raised from ₹7 lakh to ₹10 lakh per year.

These updates demand prompt action — missing out could mean lost benefits or financial penalties.