April 1st marks the beginning of the new fiscal year in addition to the new month. Many long-standing laws have also been modified as a result. Your income tax, credit card, pension, and retirement plan regulations have all been altered. Your wallet will feel the effects of these regulations. Tell us about the six modifications that happened as of tonight at midnight.
Regulations about insurance
The insurance industry’s regulations underwent a modification on April 1st. The number of years in which you relinquished the policy will determine the surrender value, according to the new regulations. Insurance companies will only offer electronic insurance policies as of April 1, according to a decision made by insurance regulator IRDAI.
A new income tax regulation
Regarding income tax, there has also been a significant alteration. The new tax regime will take effect as the default tax regime at the start of the new fiscal year. The new tax regime will be the sole one under which the ITR is filed if you have not chosen a tax regime. On the other hand, the deadline for submitting the revised return (ITR-U) for the assessment year 2021–2022 was March 31, 2024.
Fastag KYC is required.
The National Highways Authority of India (NHAI) states that your Fastag would be useless if the KYC is not updated by March 31, 2024. After midnight today, Fastags lacking KYC were either blocked or canceled. Without KYC, Fastag will be disabled on April 1 and you might have to pay double toll tax.
The Pension Fund Regulatory and Development Authority (EPFO)
has announced that, as of April 1, significant changes will take place. The new rule states that an employee’s PF account will be automatically transferred to their new company in the event of a job change. Let us inform you that in the past, employees who are PF subscribers were required to request this.
NPS account’s new regulation
The new NPS regulation went into force at midnight today. The new regulation would include two-factor Aadhaar authentication as an additional security layer. As of April 1, Aadhaar-based authentication is required for NPS accounts. That is to say, after midnight today, to access your NPS account, you will need to provide both your ID and password & the OTP received on the mobile number linked to your Aadhaar. PFRDA has taken this step to make NPS accounts more secure.
New credit card regulations
The terms about credit cards have changed as of this morning at midnight. SBI Card is implementing a significant modification to the credit card policies, which will take effect at midnight today. The new restriction states that cardholders will no longer receive reward points when using any SBI credit card to pay for travel.
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