New EPFO & Tax Rules You Should Know

New Delhi: April 1 heralds the beginning of a new financial year and with it come changes related to personal finance, which will be effective from today (Monday).

The Pension Fund Regulatory and Development Authority (PFRDA), the apex body, that manages the NPS, has changed the current login process of the NPS.

NPS accounts will need two-factor authentication for logging in from April 1, which can be authenticated using OTP received on mobile phones. PFDRA has taken measures to increase the security of the system.

Employees’ Provident Fund Organisation (EPFO)

The Employees’ Provident Fund Organisation will now transfer a subscriber’s balance automatically to their new organisation when they change jobs. An EPFO account holder does not require a request to transfer the PF amount.

Income Tax 

The new tax regime will become the default tax regime from April 1. If you don’t opt for the old tax regime, you will automatically pay tax under the new tax regime. Those with income up to Rs 7 lakh per annum are excluded from paying tax under the new tax regime.

FASTag

Banks will deactivate FASTags of people who have not updated their KYC information. It’s crucial to update the KYC process for FASTag.

If the KYC is not up to date, the payments will not be processed, requiring a person to pay double toll tax at toll plazas. NHAI has urged FASTags customers to ensure compliance with the RBI rules by completing the KYC procedure.

SBI Credit Card 

Those who pay rent using an SBI credit card will not earn reward points. However, these changes will apply to only some credit cards. For others, it will come into effect from April 15.

Ola Money Wallet

Ola Money will transition to smaller prepaid payment instrument (PPI) wallet services, with a maximum wallet load limit of Rs 10,000 per month.