Rules Change From 1 April 2024: Many changes related to Fastag, personal finance, investment schemes, and other money-related matters are coming into effect from 1 April. These changes are going to have a direct impact on your pocket. Let us know what important changes will take place from April 1, which will impact every middle class of the country.
Rules Changes from 1st April: The new financial year will start from 1st April. A lot will change with the beginning of the new financial year. There will be changes in the rules related to your money. With the beginning of FY2024-25, many important changes related to money and savings will be seen in your life. Many changes related to Fastag, personal finance, investment schemes and other money-related matters are coming into effect from April 1. These changes are going to have a direct impact on your pocket. Let us know what important changes will take place from April 1, which will impact every middle class of the country.
New rule of FASTag
First of all let’s talk about Fastag. There is going to be a big change related to Fastag from April 1. If you have not updated the KYC of your car’s Fastag from the bank, then you may face problems from April 1. If you have not got your Fastag KYC done then get it done today itself, because after March 31, banks will deactivate or blacklist Fastags without KYC. After this, payment will not be made despite having balance in Fastag. You will have to pay double toll tax on toll. Let us tell you that NHAI has asked Fastag customers to complete the KYC process for Fastag as per RBI rules.
Changes in NPS system
There is going to be a change in NPS i.e. National Pension System in the new financial year. From the month of April, the pension fund regulator i.e. PFRDA has decided to make changes in the existing login process of the National Pension System. The new rule will come into effect from April 1, 2024. Under the new rule, two verifications i.e. two-factor authentication will be required to login to the NPS account. NPS subscribers will have to login through Aadhaar verification and OTP received on mobile. This has been done to make the system more secure.
Deadline to link PAN with Aadhaar
The deadline for linking PAN with Aadhaar has been extended several times. The last date for linking PAN card with Aadhar card is 31 March 2024. Even after this, if someone does not follow the rules i.e. does not link PAN with Aadhaar, then his PAN number will be cancelled. Cancellation of PAN card means that you will neither be able to open a bank account nor do any major transaction. You may also have to pay a fine of Rs 1000 as late payment for activating PAN.
EPFO’s new rule
There is going to be a big change in EPFO in the new financial year. Employees Provident Fund Organization is going to implement new rules from April 1. Under the new rule, even if you change job, your old PF will be transferred in auto mode. That is, you will not need to request for transfer of PF amount on changing jobs. Till now, even after having Universal Account Number i.e. UAN, you have to request for transfer of PF amount. This hassle will end from the new financial year.
SBI Credit Card
If you have an SBI credit card then this news is for you. SBI is making many major changes in credit card rules from April 1, 2024. If you make rent payment from April 1, you will not be given any reward point. This rule will be applicable on some credit cards from April 1 and on some credit cards this rule will be applicable from April 15.
New rule of LPG gas
The prices of LPG cylinders are fixed on the first of every month across the country. Like every month, the prices of LPG cylinders will also be revised on 1st April. Although the code of conduct for Lok Sabha elections is in force, there is no scope for any changes. There are still 7 days left for the financial calendar to end. It is better to settle it before the end of the financial calendar.
New Tax Regime
From April 1, 2024, the new tax regime will become the default tax regime. That is, if you have not yet chosen the method of filing tax, then you will have to automatically pay tax under the new tax system. Let us tell you that changes were made in the income tax rules from April 1, 2023. Let us tell you that under the new tax system, people with taxable income up to Rs 7 lakh will not have to pay any income tax.
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