With the commencement of the new financial year from April 1, 2026, several important changes have come into effect, impacting various aspects of daily life, particularly for the general public. These changes, effective from today, will have a direct impact on the financial well-being of individuals and businesses. People need to stay informed about these updates to manage their finances effectively in the new fiscal year.
Here are the 8 major changes that have been introduced:
1. Changes in ATM withdrawal rules
From Wednesday, the free transaction limits at ATMs have changed for various banks. HDFC Bank customers can now make only five free transactions per month. After the fifth transaction, a charge of ₹23 will be levied per transaction. Similarly, Punjab National Bank has reduced the daily withdrawal limit for certain cards to ₹50,000, from the earlier limit of ₹1 lakh.
2. New Income Tax Rules
The new Income Tax rules, under the Income Tax Act 1961, have come into effect today. Changes include revisions in the House Rent Allowance (HRA), allowances, and tax systems. A significant change also applies to the share market, where tax rates on securities transactions (STT) for F&O trading have increased. Additionally, the annual fee for FASTag has been revised; previously ₹3,000 for 20 trips, it will now be ₹3,075.
3. PAN Card Rules
Major changes have also been implemented regarding the use of PAN cards. Starting this year, you will need to show your PAN card if you make cash deposits over ₹10 lakh in a year, purchase vehicles worth over ₹5 lakh, pay bills worth ₹1 lakh at hotels or restaurants, or buy immovable property worth ₹20 lakh.
4. New Labor Code Comes into Effect
The new labor code is now in force. This could result in higher Provident Fund (PF) contributions, and individuals may see changes in their home salary structures as a result.
5. Increase in LPG Prices
LPG cylinder prices have risen as of April 1, 2026. This increase is part of the ongoing adjustments in fuel pricing across the country, affecting household expenses.
6. Railway Ticket Cancellation Changes
Significant changes have been made to railway ticket cancellation policies. If you cancel your ticket 72 hours before departure, you will receive a 75% refund. If canceled 8 hours before, a 50% refund will be processed. Previously, the rule allowed cancellations up to 4 hours before departure.
7. Changes in Security Transaction Tax
For those engaged in F&O (Futures and Options) trading, a higher Securities Transaction Tax (STT) will now be applicable starting from April 1, 2026. This will increase the tax burden on individuals involved in the stock market.
8. Increase in LPG Cylinder Costs
As mentioned, LPG cylinder prices have increased, reflecting global energy price trends. This change is set to impact households across India, adding to the financial pressures of daily living.
