The real impact of the tax reform announced in the budget of 2024 is going to be seen in 2025. Therefore, you have to start preparing for filing income tax return in July 2025 and look at the documents related to it from now onwards. To take maximum advantage of the facilities of tax deduction and exemption, you have to make arrangements from now onwards. You have to collect the documents related to the update of the new regulation from now onwards.

Make these preparations for fixed deposit 

The Reserve Bank has tightened many rules related to fixed deposits. You will also have to prepare accordingly. Declaration of nominee has been made mandatory in the document submitted by you. This is applicable from January 1, 2025. You will also have to prepare for this. Many rules have been made easier for customers to withdraw money in fixed deposits. You will also get their facility.

You can withdraw pension from any bank branch in the country

On the basis of modernization of EPFO, you are going to get many new facilities from January 1. Along with the facility of withdrawing pension from ATM card, you will also get the facility of withdrawing pension from any bank branch in the country. That is, the pension system has been completely made independent from banks.

You will get facility in airport lounge if you spend through credit card

If you spend more than the prescribed limit through RuPay credit card, you will also get special facilities in the airport lounge. National Payment Corporation of India is going to make arrangements for this from 2025. Similarly, UPI payment interface will now also support third party apps i.e. agencies other than banks.