Financial Year Updates: Key Changes Starting April 1

As the new financial year begins on April 1, significant changes will impact personal finances. Here’s a breakdown of the key updates:

1. Credit Cards: Reward points now have expiry dates. Be sure to redeem points on time to avoid losing benefits. Check your card’s terms for details.
2. Mutual Funds: Regulatory shifts may alter fund categories and investment strategies. These changes aim to bring transparency but could affect returns. Stay updated with your fund manager’s plans.
3. Income Tax Compliance: Enhanced measures require greater accuracy in tax filings. Pay attention to new rules regarding deductions and exemptions to avoid penalties.
4. UPI Payments: Unified Payments Interface transactions above ₹2,000, linked to prepaid wallets like Paytm or PhonePe, may attract a small fee. These fees aim to balance operational costs for banks and wallet providers.
5. EPF Contributions: EPFO subscribers now have an option for higher pensions. Eligible individuals can opt for increased contributions to maximize retirement benefits.

These changes will play a significant role in shaping your financial decisions for the year ahead. Take proactive steps to review these updates, adjust your plans, and make informed choices to manage your finances effectively!