Rules Change From 1st April: The first day of the new business year is April 1, 2024. Several financial regulations will alter in the first quarter of 2024 and with the start of the new business year.
Introduction to Financial Regulations Changes
Let us inform you that a number of financial regulations alter at the start of each month. The public is directly impacted by these banking regulations. We’ll let you know today which financial regulations will alter as of April 2024.
The Fastag regulations will be altered as of April 1, 2024. If you don’t update your Fastag KYC by March 31, 2024, you can start having issues the following month. Actually, in the absence of KYC, the bank will deactivate Fastag. This implies that payments will not be made using Fastag, even if there is a balance there. The NHAI has mandated Fastag KYC.
Mandatory Linking of PAN and Aadhaar
Linking a PAN card to an Aadhar card is now required. The Pan-Aadhaar Link (PAN-Aadhaar Link) must be completed by March 31, 2024. The PAN number would be revoked if it is not connected to the Aadhar card.
PAN will therefore not be utilised as a document. The user would be charged Rs 1,000 if they link their PAN to Aadhaar after April 1. By March 31, 2024, the user must link his PAN card with Aadhaar in order to avoid penalties.
EPFO Rule Changes
The rules governing EPFO will likewise alter as of April 1, 2024. Actually, the new rule will be put into effect by the Employees Provident Fund Organisation starting next month. This rule states that the PF account will henceforth be transferred automatically after a change of employment. This implies that in order to transfer the account, the user will no longer need to submit a request. The users’ issues will be somewhat lessened after this rule is put into effect.
SBI Credit Card Restrictions Update
Let us inform that individuals who possess SBI credit cards that from April 1, 2024, credit card restrictions will be changing. We would like to inform you that starting on April 1, you will not receive any reward points for paying your rent with an SBI credit card. This regulation will take effect on certain credit cards on April 1st, and on other credit cards on April 15th, 2024.
Monthly LPG Cylinder Price Revision
Monthly LPG Cylinder Prices are updated nationwide on the first of each month. On April 1, 2024, LPG prices will also be revised. Nonetheless, there is extremely little chance that their values would alter before the Loksabha Election of 2024.
Deadline for Tax Regime Choice
There are not many days left for the taxpayer to choose the tax regime if he hasn’t already. Actually, the new tax system will take effect as the default tax system on April 1, 2024. This implies that the taxpayer will be obligated by law to pay taxes in accordance with the new tax laws.
