Big Changes Coming from March 1, 2025 – What You Need to Know
Big Changes Coming from March 1, 2025 – What You Need to Know
Starting March 1, 2025, several new rules will take effect, impacting taxes, payments, investments, and daily expenses. Here’s a simple breakdown of the key changes:
1. LPG Cylinder Prices May Change
- LPG prices are revised at the start of each month, and the new rates will be announced on March 1 at 6:00 AM.
- Prices for CNG, PNG, and air turbine fuel may also change, so keep an eye on updates.
2. GST Portal Gets a Security Upgrade
- The GST portal will now require multi-factor authentication for extra security.
- Businesses must update their systems to comply with the new security rules and avoid disruptions.
3. New UPI Payment Rule for Insurance Premiums
- A new system called “Bima-ASBA” will be introduced.
- Under this system, your insurance payment will be blocked in your account until your policy is approved.
- If your policy is rejected, the money will be returned to you immediately.
4. Tax Changes – Possible Tax Relief
- Income tax slabs and deductions may be updated, potentially offering some tax relief to taxpayers.
- The new tax rates and exemptions will be applicable from March 1, 2025.
5. UAN Activation Deadline Extended to March 15
- The EPFO has extended the deadline for UAN activation and Aadhaar linking until March 15, 2025.
- This is important for employees who want to benefit from the EPFO’s ELI scheme.
6. Fixed Deposit (FD) Interest Rates Could Change
- Some banks may revise their FD interest rates in March.
- If you have money in fixed deposits, keep an eye on your bank’s announcements to plan your investments wisely.
7. New Rules for Mutual Fund & Demat Account Nominations
- Nomination is now mandatory for single-holder accounts to prevent assets from becoming unclaimed.
- You can now add up to 10 nominees for your mutual fund and demat accounts.
- If you have a joint account, the surviving holder will automatically take ownership if needed.
These updates will impact how we invest, pay bills, and manage taxes. Stay informed and plan accordingly!
