Mumbai: From April 1, 2026, a new financial year begins with several important rule changes across India. These changes cover income tax, PAN card rules, ATM withdrawals, fuel prices, and train ticket cancellations. Overall, around 10 key rules will directly affect the daily lives of common people.
New Income Tax Law
A new Income Tax Act, 2025 will replace the old 1961 law. The system will now follow a single 'tax year' instead of separate assessment and previous years. This aims to make the tax system simpler and easier to understand for taxpayers.
Higher Tax Relief
Under the new tax regime, individuals earning up to Rs 12 lakh annually will not have to pay any income tax. This benefit comes from an increased rebate under Section 87A, giving relief to middle-income earners.
Changes In TDS Forms
From April 1, Form 16 and Form 16A will be replaced by new Form 130 and Form 131. The timeline for issuing these forms will also change, making the process smoother and more organised.
PAN Card Rules Become Strict
The Income Tax Department has tightened PAN card rules. Aadhaar alone will no longer be accepted as proof of date of birth. Applicants must now provide additional documents such as a Class 10 certificate or passport.
LPG And Fuel Price Updates
LPG cylinder prices may change from April 1, as prices are reviewed at the start of every month. Prices of CNG, PNG, and aviation turbine fuel (ATF) may also be revised, which can affect travel and daily transport costs.
ATM Withdrawal Charges
Banks have updated ATM rules. HDFC Bank will include UPI ATM withdrawals in the free limit, but after five transactions, a charge of Rs 23 will apply per transaction. Bandhan Bank will allow 3 free transactions in metro cities and 5 in non-metro cities, after which charges will apply.
Daily Withdrawal Limit Changes
Punjab National Bank has reduced debit card withdrawal limits for some cards. The limit will now range between Rs 50,000 and Rs 75,000, down from the earlier Rs 1 lakh, affecting large cash withdrawals.
Train Ticket Cancellation Rules
Indian Railways has made cancellation rules stricter. If a ticket is cancelled within 8 hours after the train departs, no refund will be given. Earlier, this window was shorter.
Refund Policy Changes
If tickets are cancelled 8 to 24 hours before departure, only 50% refund will be given. For cancellations 24 to 72 hours before, 25 percent will be deducted. If cancelled more than 72 hours before, standard charges will apply.
