Income up to Rs 12 lakh tax-free, banking, PAN card and railway rules; Many things are going to change from tomorrow, know everything

Income Tax Act 2025: There is going to be a big change on the economic front in India from April 1, 2026, which will mark the departure of the six decade old Income Tax law and the ‘Income Tax Act, 2025’ Will come into effect. After this step of the government and the announcements made under GST 2.0, the financial structure of the country is moving towards a complete change. These changes are sure to have a direct impact on the common man’s salary, his savings, LPG prices and daily expenses.

From the assessment year 2026-27, the government has announced to completely exempt net annual income up to Rs 12 lakh under the new tax regime. Along with this, standard deduction of Rs 75,000 will also continue for salaried people. There is also good news for those adopting the old tax system; Children’s education allowance has been increased from Rs 100 to Rs 3,000 per month and hostel allowance has been increased from Rs 300 to Rs 9,000.

What is the matter of GST 2.0?

Under GST 2.0, health and life insurance, 33 life-saving medicines and unpacked dairy products have been made 0% tax-free. It is also a matter of relief for the general public that small cars, ACs and TVs will now fall in the 18% GST slab instead of 28%, which may reduce their prices. However, tobacco, luxury vehicles and online gaming will now attract the highest GST of 40%.

Prices of cooking gas and medicines increased

Along with relief, the public will also have to face inflation. The price of domestic gas cylinder has increased in Delhi amid tension in West Asia. Commercial cylinder has become worth Rs 1,883. The burden on the health front will also increase as prices of over 900 essential medicines, such as paracetamol and antibiotics, have been approved to increase by up to 1.74%.

Strictness in the rules of banking, PAN card and railways

On the banking front, HDFC Bank will now also count UPI-based cardless withdrawals from ATMs towards your limit of 5 free transactions, and a charge of Rs 23 will be levied once the limit is crossed. Now Aadhar card will not be valid as proof of age for making new PAN card; For this, it will be mandatory to provide 10th class certificate or birth certificate. Indian Railways has also made the refund rules stricter; Now no refund will be given if the ticket is not canceled 8 hours before the departure of the train.

Major changes in local rules and taxes in Uttar Pradesh

Many important changes are also coming into effect for the residents of Uttar Pradesh from tonight. Toll rates on all the national highways passing through the state have been increased from Rs 5 to Rs 45 and now cash payment will be completely stopped there and payment will be made only through Fastag or UPI. Those registering property in Uttar Pradesh will now have to pay 2% additional development fee in the municipal limits and now only one hour slot will be allotted for registration.

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It is a matter of relief for the farmers that the Uttar Pradesh government has increased the MSP of wheat by Rs 160 to Rs 2585 per quintal, and along with the expenses of unloading and sieving, farmers will be paid a total of Rs 2605. Apart from this, registration has been made mandatory for cab companies like Ola-Uber in the state and on cancellation of booking, both the passenger and the driver will now have to pay a penalty of 10% of the fare.