HYDERABAD: As the new financial year begins on April 1, 2025, Telangana, along with the rest of the country, is witnessing a wide range of regulatory and financial changes impacting taxpayers, banking customers, digital payment users, and farmers.
Revised Income Tax Slabs Effective April 1
With the Union Budget 2025 coming into force, new income tax slabs are now applicable under the revised regime. Individuals earning up to ₹12 lakh annually are exempt from tax, while a standard deduction of ₹75,000 for salaried employees effectively raises the tax-free threshold to ₹12.75 lakh. The updated slab rates are:
• Income up to ₹4 lakh: Nil
• ₹4 lakh to ₹8 lakh: 5%
• ₹8 lakh to ₹12 lakh: 10%
• ₹12 lakh to ₹16 lakh: 15%
• ₹16 lakh to ₹20 lakh: 20%
• ₹20 lakh to ₹24 lakh: 25%
• Above ₹24 lakh: 30%
Unified Pension Scheme Comes into Effect
The Unified Pension Scheme (UPS), introduced by the central government in August 2024, is now operational. It provides central government employees with a minimum of 25 years of service a pension equivalent to 50% of the average basic salary from the last 12 months, offering enhanced post-retirement financial security.
Banking Rule Revisions
Significant changes have been introduced in banking operations:
• ATM Withdrawals: Customers may make three free withdrawals per month from other banks’ ATMs. Additional transactions will attract charges between ₹20 and ₹25.
• Minimum Balance: Updated minimum average balance requirements have been introduced, with amounts varying by branch location and account type. Non-compliance may lead to penalties.
• Positive Pay System (PPS): PPS is now mandatory for cheques above ₹50,000. Customers must share cheque details with their bank in advance for authentication before clearance.
UPI and Mobile Number Verification
To enhance digital payment security, the National Payments Corporation of India (NPCI) has mandated the deactivation of UPI accounts linked to long-inactive mobile numbers. Users are urged to update their mobile numbers with their respective banks to avoid disruptions in UPI services.
GST Framework Updates
The GST portal now requires multi-factor authentication (MFA) for secure taxpayer access. Other updates include:
• E-Way Bill (EWB) Validity: EWBs can now only be generated for documents issued within the last 180 days.
• GSTR-7 Compliance: Sequential monthly filing is now mandatory for those submitting GSTR-7, preventing the skipping of months.
Bhubharati Act Rolled Out in Telangana
The Telangana government has implemented the Bhubharati Act, aimed at alleviating long-standing land-related issues faced by farmers. The act seeks to digitise and streamline land records, improve transparency, and ensure fair resolution of ownership disputes, bringing long-awaited relief to the agricultural community.
Residents, businesses, and institutions in Telangana are advised to stay informed and adapt to these new measures to ensure full compliance and optimise financial planning for the 2025–26 fiscal year.
