Several important changes will take effect with the start of the new financial year on April 1. The Income Tax Act 2025 will come into effect, replacing Form 16 with Form 130. HDFC Bank ...read more

The new financial year 2026-27 begins on April 1. This will bring with it a number of new rules related to financial and regulatory changes.

These changes are intended to make life easier and more convenient for the common man. However, many financial changes will also increase the burden on the common man's pocket. Let's take a look at the major changes:

Form 130 will replace Form 16.

The Income Tax Act, 2025, will replace the Income Tax Act, 1961, effective April 1. This will bring new income tax rules into effect. The new income tax laws will replace confusing terms like "assessment year" and "previous year" with simpler terms like "tax year."

Under the new tax regime, individuals earning up to ₹12 lakh annually will not have to pay any tax due to the increased exemption under Section 87A. Form 130 and Form 131 will replace Form 16 and Form 16A from April 1. The deadlines for issuing these forms will be revised to simplify tax compliance and bring clarity to tax filing.

HDFC Bank changes rules for UPI ATM withdrawals

Private sector HDFC Bank has changed its ATM rules. Unified Payments Interface (UPI)-based cash withdrawals from ATMs will now count towards customers' monthly free ATM transaction limits.

Customers who exceed the limit will be subject to ATM withdrawal fees. The UPI-enabled ATM withdrawal feature allows users to withdraw cash without a debit card. Customers simply need to scan the QR code displayed on the ATM.

New PAN will be generated only through Aadhaar verification

Starting today, new PANs will be generated solely through Aadhaar. This will eliminate the need for individuals to provide separate identification or proof of address to obtain a PAN. The government believes this will simplify, speed up, and make the PAN application process more secure. This change aims to make the PAN system more transparent and secure.

Verification through Aadhaar will reduce the likelihood of fraudulent PANs being issued and eliminate the problem of multiple PANs being issued in the same person's name. However, for date of birth verification, documents such as a Class 10 certificate or passport will need to be submitted along with Aadhaar.

NHAI's annual FASTag becomes costlier by Rs 75

The National Highways Authority of India (NHAI) annual FASTag will become costlier by ₹75 from today. The FASTag will now cost ₹3,075 instead of ₹3,000.

The NHAI has increased the price as part of the toll revision formula. The FASTag allows private car, jeep and van drivers to cross national highways 200 times per year without stopping at toll plazas.

Free ATM withdrawal limit reduced

Many major banks have revised their rules regarding ATMs and cash withdrawals, effective April 1, 2026. HDFC Bank has capped the number of free transactions at three in metro cities and five in non-metro cities.

Punjab National Bank has reduced the daily cash withdrawal limit on some debit cards from ₹100,000 to ₹50,000. Bandhan Bank has also limited the number of free financial transactions to five per month. Customers will incur additional fees for transactions beyond this limit.

Refund will be given only if the ticket is cancelled eight hours in advance.

New rules regarding train ticket cancellations will come into effect on April 1. Passengers canceling their confirmed tickets up to eight hours before the train's departure will no longer receive a refund. Currently, the limit is four hours.

Railways has also extended the time for preparing reservation charts from four hours to eight hours. Passengers canceling their tickets 72 hours before a train departure will receive a nearly full refund. Only a small fixed fee will be deducted. Cancellations made 8-24 hours before a train departure will result in a 50 percent refund.

PC: Jagran