New Rules From January 1: The centre has announced that several key changes related to banking and other sectors will come into effect from January 1. In its advisory, the government stated that the changes will be implemented in income tax return filing, form modifications, PAN-Aadhaar linking rules, and the banking sector. The authorities stated that the changes are likely to provide conveniences to the residents due to the promotion of digitalisation. The government has advised the residents to follow all the guidelines and stay updated to avoid inconveniences.
Rules To Change From January 1:
1. Revised ITRs Cannot Be Filed
Taxpayers will not be able to file revised income tax returns for the financial year 2025-26 from tomorrow onwards. The Income Tax Department has asked the taxpayers to file revised ITRs by December 31. It further stated that the taxpayers will have to file an updated return or ITR-U from January 1 onwards.
ALSO READ: Delhi To Launch Shared Taxi Services, Integrate Private EVs To Curb Pollution
2. Credit Score Update Timeline
In one of the biggest changes, an individual's credit score will be updated weekly instead of the current 15-day cycle. This will ensure a quicker reflection of credit behaviour, including repayments or prepayments.
3. PAN-Aadhaar Linking
The deadline for linking PAN and Aadhaar will also end on December 31. PAN-Aadhaar linking will become mandatory from January 1.
4. LPG Prices Likely To Change
The prices of LPG, including domestic and commercial gas cylinders, are usually revised on the first day of every month. The residents are likely to witness a change in both domestic and commercial LPG prices from January 1.
5. Improved Digital Payment Security
The authorities stated that stricter rules will be implemented for UPI transactions from January 1 to improve digital payment security and prevent bank fraud.
ALSO READ: Lucknow-Based Shankh Air To Launch Domestic Flights From March, Boost Competition At CCS Airport
6. Rail Ticket Booking Rules
The Railway Board has decided to gradually expand the exclusive Aadhaar-authenticated booking window on the first day of the Advance Reservation Period (ARP). Aadhaar-verified users will be able to book general reserved train tickets online between 8 AM and 4 PM from January 5.