A host of financial and daily-life changes have come into effect from today (April 1), marking the beginning of the new financial year. From costlier commercial LPG cylinders to revised railway refund rules and tax changes, as many as 15 key updates are set to impact households and businesses.
Costlier LPG, Travel Rules Tightened
Commercial LPG cylinders have become more expensive by up to ₹218. In Delhi, a 19-kg cylinder now costs ₹2,078.50, while in Chennai, prices have climbed to ₹2,246.50. However, domestic LPG prices remain unchanged.
The hike is expected to increase operating costs for restaurants and catering services, which may lead to higher prices for food items and event services.
Railway passengers will now need to cancel tickets at least 8 hours before departure to be eligible for a refund, compared to the earlier 4-hour window. However, passengers can still change their boarding station up to 30 minutes before departure. While stricter rules may lead to some inconvenience, they could improve ticket availability.
FASTag, Toll and Vehicle Costs Revised
The annual FASTag pass has become costlier by 2.5%, with users now required to pay ₹3,075 instead of ₹3,000. Additionally, all toll plazas have gone fully cashless, allowing payments only via FASTag or digital modes like UPI.
Vehicle prices have also increased by 2–3% from April 1, as earlier discounts on old stock ended on March 31. Buyers who did not complete billing before the deadline may now have to pay higher prices.
Tax, Banking And Market Changes
A new Income Tax framework has come into force, replacing the concept of “assessment year” with a simpler “tax year.” Revised tax slabs under the new regime will apply to filings this year, with tax rebates available for incomes up to ₹12–12.75 lakh under Section 87A.
The format of Form 16 has been updated and replaced with new forms (130 and 131), offering more detailed tax information to reduce errors while filing returns.
Rules for claiming HRA exemptions have been tightened. Rent receipts are now mandatory, and PAN details of landlords must be submitted for annual rents above ₹1 lakh. More cities, including Bengaluru and Hyderabad, have been added to the higher exemption category.
Punjab National Bank has revised ATM withdrawal limits, capping daily withdrawals at ₹25,000 for classic debit cards and ₹50,000 for platinum cards.
In the stock market, the government has increased the Securities Transaction Tax (STT) on Futures & Options trades, raising costs for traders and potentially reducing net gains.
Tax rules for Sovereign Gold Bonds (SGBs) have also changed. Tax exemption on maturity will now apply only to bonds purchased directly from the RBI, while those bought from the secondary market will attract capital gains tax.
Salary, Jobs And PAN Rules
Under the new labour codes, the basic salary component must now be at least 50% of the total CTC. This may reduce take-home salary but will increase contributions to the provident fund and gratuity, boosting retirement savings.
The timeline for full and final settlement after leaving a job has been reduced significantly. Employers must now clear dues within two working days, instead of up to 90 days earlier.
Additionally, Aadhaar is no longer accepted as a valid proof of date of birth for PAN applications. Applicants will now need to submit alternative documents, such as a birth certificate or Class 10 mark sheet.
