Financial Rules: New month new rules. Some restrictions are amended at the start of every tax year in the country,and this year will be no exception. The rules of certain systems relating to income tax,take-home salary,railway tickets,Fastag,and credit score will change beginning today April 1,2026,affecting the general public.
New Tax Rules
First,let’s talk about income tax. There will be changes in the rules for filing ITR. The new Income Tax Act,2025 is going to be implemented from April 1,which will replace the old Income Tax Act of 1961. From today the date for filing ITR 3 and ITR 4 for non-audit taxpayers has been extended to August 31.
Till now,the old tax system in India had two different years. One was the financial year (the year the income was earned) and the other was the assessment year (the year the return was filed),which created a lot of confusion. Now in the new Income Tax Act,both of these have been abolished and only tax year has been kept. That is,the period from 1 April 2026 to 31 March 2027 will be called tax year 2026-27.
Fastag annual pass will be expensive
National Highway Authority of India i.e. NHAI has decided to increase the price of Fastag annual pass. Till now its annual fee was Rs 3,000,which will increase to Rs 3,075 from April 1. This annual pass is for non-commercial vehicles and can be used at around 1,150 toll plazas. Once this fee is paid,it can be used for one year or up to 200 toll plaza crossings.
Decrease in take home salary
Four new labor codes may also come into effect from April 1. Companies are now mandated to allocate at least 50 percent of their total salary as basic pay. If your basic salary is less than 50% of your total salary,this will increase your provident fund contribution and reduce your monthly salary. Until now,many companies used to set a low basic salary component when setting salaries,typically ranging from 20 to 40 percent of the total salary. Due to this,less amount was deposited in the provident fund and gratuity of the employees.
Gratuity amount will increase
Four new labor laws from the central government are expected to come into effect on April 1st. Although no official announcement has been made yet,if the new labor laws are implemented,the gratuity system in the country will also change. Now the share of basic pay and DA (dearness allowance) will increase in the salary structure,due to which the benefit of gratuity will increase. Employees will get HRA (House Rent Allowance),but for this the employees will have to provide PAN card of their landlord and proof of rent payment.
Changes in PAN rules
Applying for a PAN using only an Aadhaar card is no longer valid. Applicants will now be required to fill out different categories of forms: Form 93 for individuals,Form 94 for companies,Form 95 for foreign individuals,and Form 96 for foreign entities. Now it will be mandatory to provide PAN for big transactions.
