EPFO has introduced a groundbreaking automatic transfer system for provident fund balances, streamlining the process for employees switching jobs. No longer will individuals need to manually request transfers; instead, EPFO will seamlessly transfer the PF balance to the new employer's account, ensuring uninterrupted retirement savings.
In taxation, the new tax system becomes the default option starting today. Unless specifically opting for the old tax system, taxes will be automatically calculated under the new rules. Good news for taxpayers: tax brackets remain unchanged for the financial year 2024-25, and those earning ₹ 7 lakh or less annually won't pay any income tax under the new system.
Security measures are also being enhanced, with NPS implementing a two-factor Aadhaar-based authentication system to safeguard transactions and mitigate spoofing attempts.
FASTag users are reminded to complete KYC by March 31st to avoid deactivation and potential double toll charges. NHAI guidelines should be followed to ensure seamless transactions at toll plazas.
Furthermore, the leave encashment tax exemption limit for non-government employees has been raised from ₹ 3 lakh to ₹ 25 lakh, providing significant relief for individuals in this category.
(With inputs from IANS)
