FY 2024-25: Key Changes Effective from April 1st You Must Know

India Financial Updates FY 2024-25
April 1st marks the beginning of the next fiscal year (FY 2024–25). Whatever the Ministry of Finance announces will take effect on April 1st. The following list includes the top modifications made by the Indian government.

New EPFO rule

Previously, individuals had to manually request the transfer of their PF account when changing jobs. But now, in the current financial year (FY 2024-25), switching jobs is easier for your finances. The Employees' Provident Fund Organisation (EPFO) has introduced an automatic transfer system for your provident fund balance, making the process smoother.

Improved security measures for NPS

The Pension Fund Regulatory and Development Authority (PFRDA) has implemented a new security layer for NPS. Starting April 1, 2024, all password-based users of the CRA system will be required to adopt two-factor Aadhaar authentication.

New Tax Regime

The New Tax Regime will become the default tax regime on April 1. Your taxes will be computed automatically in accordance with the new regulations unless you specifically want to use the old tax system.

New FasTag Rules

Updating your FASTag KYC becomes required as of April 1. To prevent payment problems, make sure your FASTag KYC is finished by March 31st. If not, there will be double costs for cash transactions.

No reward points in SBI credit card

Starting April 1, 2024, SBI Card will stop earning reward points on rent payment transactions for certain credit cards, including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.

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