The month of April has started and many major changes have also been implemented in the country from the very first day. While oil marketing companies have given relief by cutting the prices of LPG Cylinder, new income tax slabs have also been implemented from the first date. Under this, people who earn up to Rs 12 lakh annually will be exempted from paying tax. Apart from this, salaried employees will be eligible for standard Didlation of Rs 75,000. Let’s know in detail about the big changes that have been implemented in the country from today …
LPG prices reduced
The month of April has started from today and there is a big relief on LPG cylinder on the very first day. On 1 April 2025, the oil and gas marketing companies have cut the LPG Cylinder price by amending. After this, the prices of cylinders from Delhi to Mumbai have come down. According to the IOCL website, the prices of 19 kg commercial gas cylinders have been reduced and in Delhi it has become cheaper by Rs 41, while Kolkala has become cheaper by Rs 44.50. However, this time also there has been no change in the prices of 14 kg domestic gas cylinders.
Tax free income up to Rs 12 lakh
With the introduction of the new tax year, new tax slabs have also been implemented from 1 April 2025. In the budget 2025, the government made several major announcements, giving relief to middle class, which included changes in tax slab to Tidis, tax rebate and other things. At the same time, the new Income Tax Act was proposed on the place of old Income Tax Act 1961. All these changes have become effective from 1 April 2025. People who earn up to Rs 12 lakh annually under the new tax slab will be exempted from paying tax. Apart from this, salaried employees will be eligible for standard Didlation of Rs 75,000. This means that salary income up to Rs 12.75 lakh will now be free from tax. However, this discount only applies to those who choose a new tax option.
Changes in TDS rules
Apart from the New Tax Slab, TDS regulations have also been updated, which has been increased in different classes to reduce unnecessary cuts and improve cash flow for taxpayers. For example, TDS limit on interest income for senior citizens has been doubled to Rs 1 lakh, which has increased financial security for the elderly. Similarly, the exemption limit on rental income has been increased to Rs 6 lakh annually, which has reduced the burden for landlords and can promote the rental market in urban areas.
Ups start
With the introduction of the new tax year, the Unified Pension Scheme that gives guaranteed pension to central employees is going to be started from April 1. Today, central government employees will be able to apply on the portal i.e. from April 1, 2025. If the employee wants to get pension under UPS, then they will have to fill the claim form to select the option of UPS. If they do not want to select UPS, then they can choose the option of NPS. Under this, 23 lakh central employees will have to choose one of the UPS and NPS. The central government will also provide an estimated 8.5% contribution of all employees who choose UPS options (Basic Salary + Dearness Allowance). The minimum pension under UPS will be Rs 10,000 per month, which will be given by UPS to complete the minimum ten -year service.
This big change related to bank account
From the first date of April, many banks including State Bank of India (SBI) and Punjab National Bank (PNB) have revised the minimum balance related rules in the savings account of customers. For the minimum balance of the account holder by the bank, a new limit will be fixed on the sector wise basis and in case of lack of minimum balance account, fine can be imposed.
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