Many changes will be implemented from April 1: From new Income Tax Act to train ticket refund.

New Delhi, 27 March. Only a few days are left for the new financial year to start. With every new financial year there are some changes and it directly impacts your pocket. Among the important changes that are going to happen this time, the new Income Tax Act, 2025 will replace the old Income Tax Act, 1961 from April 1. Through this, the government is trying to simplify the laws and terminology related to income tax.

In the new income tax, words like assessment year have been removed and now the word tax year will be used in its place. With the new financial year, under the new tax regime, income up to Rs 12 lakh will come under the ambit of tax exemption. In such a situation, if your income is up to Rs 12 lakh, then your entire income will be tax free under Section 87A.

Form 16 and Form 16A will be replaced by Form 130 and Form 131 from April 1. The timeline for issuing these may be amended to ensure smooth compliance with tax related rules and to bring clarity in tax filing. The Income Tax Department will no longer accept Aadhaar card alone as proof of date of birth for PAN application, but will require documents like Class 10 certificate and passport.

Indian Railways has changed the rules related to ticket cancellation. These new rules will come into effect from April 1. One of the main rules is that refunds will no longer be available on confirmed tickets canceled less than eight hours before the departure of the train. If the railway ticket is canceled between eight to 24 hours before the departure of the train, then 50 percent of the total ticket price will be given as refund.

If the ticket is canceled between 24 to 72 hours of train departure, 25 percent of the total ticket price will be refunded. If the ticket is canceled more than 72 hours before the train departure, maximum cancellation charges will be applicable, however, full tax refund will not be given. Refunds in such cases are subject to Indian Railways terms and conditions, which are subject to change.