April 1 Brings New Tax Rules, Bank Charges & Railway Refunds

The Income Tax Act 2025 will replace the Income Tax Act 1961, simplifying terminology by using the word "Tax Year" instead of erstwhile confusing words 'Assessment Year' (AY) and 'Previous Year' (PY).

Under the new tax regime individuals earning up to Rs 12 lakh annually will pay zero tax due to the increased rebate under Section 87A.

Form 16 and Form 16A will be replaced by Form 130 and Form 131 from April 1. The issuance timelines will be amended to facilitate smoother compliance and provide clarity in tax filings.

Income Tax Department will no longer accept Aadhaar alone as the proof of date of birth for PAN applications, with documents such as a Class 10 certificate and passport being required.

The Indian Railways will now allow refunds if tickets are cancelled within 8 hours of departure, revised from earlier deadline of 4 hours before departure. If tickets are cancelled between 8 and 24 hours before departure, a 50 per cent refund will be allowed.

Domestic LPG cylinder prices might be revised to reflect geopolitical pressures on costs of oil marketing companies as the Middle East conflict has pressed their margins.

Fuel costs, including PNG, CNG and aviation turbine fuel, might be revised, likely impacting airfares and day-to-day logistics fares in the country.

HDFC Bank has announced inclusion of UPI ATM withdrawals within the free limit. If a customer exceeds five transactions, a charge of Rs 23 per transaction will be levied thereafter.

Bandhan Bank announced three free transactions for customers in metro cities and five for those in non-metro cities. Thereafter, Rs 23 will be charged for additional transactions and Rs 25 for any failed transactions due to insufficient balance.

Punjab National Bank announced reduction in the debit card withdrawal limit to Rs 50,000 to 75,000 for select cards.

- IANS