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The real impact of the tax reform announced in the budget of 2024 is going to be visible in 2025. Therefore, you will have to start preparing for filing income tax return in July 2025 and look at the documents related to it from now on. To avail maximum benefit of tax deduction and exemption facilities, you will have to make arrangements from now on. You will have to collect the documents related to the update of the new regulation from now on.
Make these preparations for fixed deposit
Reserve Bank has tightened many rules related to fixed deposits. You will have to prepare accordingly also. It has been made mandatory to declare the nominee in the document submitted by you. It is applicable from January 1, 2025. You will have to prepare for this also. Many rules have been simplified for customers to withdraw money from fixed deposits. You will also get their facilities.
You can withdraw pension from any bank branch in the country
On the basis of modernization of EPFO, you are going to get many new facilities from January 1. These include the facility of withdrawing pension from ATM card as well as the facility of withdrawing pension from any bank branch of the country You will get the facility of. That means the pension system has been made completely independent from banks.
If you spend with credit card, you will get facility in airport lounge
If you spend more than the prescribed limit through RuPay Credit Card, you will also get special facilities in the airport lounge. National Payment Corporation of India is going to arrange this from 2025. Similarly, UPI payment interface will now support third party apps i.e. agencies other than banks.
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