New Delhi: As the new financial year begins on April 1, 2026, several important rule changes are set to come into effect across taxation, banking and travel. From a revamped tax system to stricter train ticket refunds, these updates could directly impact your daily finances.

Here’s a simple breakdown of the key changes you should know.

New Income Tax law comes into effect

One of the biggest changes is the rollout of the Income Tax Act, 2025, replacing the decades-old 1961 law.

The new system aims to simplify tax compliance. A major shift is the introduction of a single term—“Tax Year”—instead of the earlier “Assessment Year” and “Previous Year”, making the filing process easier to understand for taxpayers.

Form 130 for TDS tracking

A new document, Form 130, will now be used to track Tax Deducted at Source (TDS).

Employers will issue this form to salaried individuals, while banks will provide it to eligible senior citizens. It will serve as a clear record once TDS is deducted and deposited, helping taxpayers monitor their deductions more efficiently.

ATM withdrawals and banking changes

Some banks are revising everyday transaction rules:

  • HDFC Bank will charge ₹23 per transaction on UPI-based ATM withdrawals after five free transactions
  • Punjab National Bank is reducing withdrawal limits for select debit cards to ₹50,000–₹75,000

These changes may affect those who frequently depend on cash withdrawals.

Stricter train ticket cancellation rules

Indian Railways is tightening ticket cancellation policies:

  • No refund if cancelled within 8 hours of departure
  • 50% refund for cancellations between 8–24 hours
  • 25% deduction for cancellations between 24–72 hours
  • Partial refunds even beyond 72 hours, as per rules

This makes advance planning more important for frequent travellers.

PAN application rules tightened

Applying for a PAN card will now require stronger proof of date of birth.

Income Tax Department has clarified that Aadhaar alone will no longer be sufficient. Applicants must submit additional documents such as a Class 10 certificate or passport.

This move is aimed at improving data accuracy in official records.

Conclusion

While each change may seem minor individually, together they can influence how you manage money, travel and taxes in the coming year. Staying informed now can help you avoid last-minute surprises and plan your finances better in FY 2026–27.