Rail tickets, LPG, UPI, PPF: Key changes from today and what they mean for you

From today, a series of major changes affecting everyday expenses have come into effect across India. From rail ticket bookings and LPG prices to UPI transactions and PPF rules, these updates are set to impact households’ wallets and financial planning.

LPG Cylinder Prices Increase

Oil marketing companies have raised the price of 19 kg commercial LPG cylinders. In Delhi, the cost has risen by Rs 15 to Rs 1,595, while in Kolkata it has increased to Rs 1,700, in Mumbai to Rs 1,547, and in Chennai to Rs 1,754. The price of 14 kg domestic cylinders, however, remains unchanged.

Aviation Fuel Costs Rise

The cost of aviation turbine fuel (ATF) has climbed amid higher jet fuel prices during the festive season. In Delhi, ATF prices have increased from Rs 90,713.52 per kilolitre to Rs 93,766.02 per kilolitre, potentially impacting air travel costs.

Indian Railways Tightens Online Booking Rules

Indian Railways has introduced a new rule to curb ticket booking fraud. Only passengers with verified Aadhaar numbers will be able to book tickets online during the first 15 minutes after reservations open on the IRCTC website and app. Counter bookings remain unaffected.

Aadhaar Usage for Tax Filing

Taxpayers will now be required to use their Aadhaar enrolment number instead of the Aadhaar number while filing income tax returns, a move aimed at reducing misuse of PAN cards.

Updates to Public Provident Fund (PPF) Accounts

New regulations for PPF accounts include interest being credited to accounts opened for minors only until they turn 18. Individuals holding multiple PPF accounts will earn interest on only one account, with the others not accruing any interest.

National Pension System (NPS) Changes

Several modifications have been introduced to the NPS:

• Minimum monthly contributions have risen from Rs 500 to Rs 1,000.

• Tier-1 accounts continue to offer tax benefits, while Tier-2 accounts provide more flexibility without tax advantages.

• A new PRAN kit is now priced at Rs 18.

• NPS Lite customers can opt for 100 per cent equity investments.

• Multiple CRA schemes can now be managed under a single PRAN.

Tax Deducted at Source (TDS) on Government Bonds

Individuals earning over Rs 10,000 annually from central or state government bonds will be subject to a 10 per cent TDS.

Securities Transaction Tax (STT) Revision

STT rates have also been revised: options trading premiums will attract a 0.1 per cent STT, up from 0.0625 per cent, while futures trading rates have risen to 0.02 per cent from 0.0125 per cent.

These changes are expected to influence household finances and financial planning. Experts advise individuals to stay informed and adjust their budgets accordingly.