Daijiworld Media Network – New Delhi

New Delhi, Mar 30: As the new financial year begins on April 1, several rule changes across taxation, banking and travel are set to come into force, potentially impacting day-to-day finances and planning.

A major reform is the rollout of the Income Tax Act, 2025, which replaces the decades-old Income Tax Act, 1961. The new framework simplifies terminology by introducing a single term — “Tax Year” — in place of ‘Assessment Year’ and ‘Previous Year’, making compliance easier for taxpayers.

To improve transparency in tax deductions, a new document — Form 130 — will be introduced for tracking Tax Deducted at Source (TDS). Employers will issue it to salaried individuals, while certain banks will provide it to eligible senior citizens, helping them monitor deductions more efficiently.

Changes in banking rules are also set to affect customers. HDFC Bank will charge Rs 23 per transaction on UPI-based ATM withdrawals after five free transactions. Meanwhile, Punjab National Bank has revised withdrawal limits for select debit cards, reducing them to a range of Rs 50,000 to Rs 75,000.

For rail passengers, Indian Railways has tightened ticket cancellation rules. No refund will be provided if tickets are cancelled within eight hours of departure, while cancellations made between eight and 24 hours will attract a 50% deduction. Refunds will reduce further depending on how close the cancellation is to the travel time.

PAN card application norms have also been revised. Applicants will now need to provide specific proof of date of birth, such as a Class 10 certificate or passport, as Aadhaar alone will no longer suffice.

While each of these changes may appear minor individually, collectively they are expected to influence financial decisions and everyday transactions in the coming year.