The Union Budget 2025 announced various modifications in the Income Tax Act which are going to be effective from April 1, 2025, for the financial year 2025-26. On the other hand, these updates will also include simplified tax filing, Elizabeth compliance by digital means and increased transparency at the same time. The customers of major banks like SBI, HDFC, and ICICI would be able to witness changes in the processes and the benefits associated with PAN, Aadhaar, and digital transactions as well.
What’s New for Taxpayers in 2025?
The government has made it a rule that for each PAN application and tax filing, the Aadhaar number should be provided. This has been also supported by HDFC, and ICICI who have streamlined their banking systems accordingly. Customers must ensure that their PAN is linked to their Aadhaar to avoid delays in processing refunds or interest income reporting.
Moreover, the presumptive taxation scheme under Section 115BAC has undergone changes resulting in the issuance of simplified slab rates. The taxpayers can still choose the old regime, however, the new structure is created to ease the process of documentation and foster savings.
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Latest Tax Slabs Under New Regime
| Income Range (₹) | Tax Rate (FY 2025–26) |
|---|---|
| Up to 3,00,000 | Nil |
| 3,00,001 – 6,00,000 | 5% |
| 6,00,001 – 9,00,000 | 10% |
| 9,00,001 – 12,00,000 | 15% |
| 12,00,001 – 15,00,000 | 20% |
| Above 15,00,000 | 30% |
These rates are applicable to the new tax regime and exclude deductions such as HRA, 80C, and home loan interest. The banks will be changing their TDS (Tax Deducted at Source) system to include these new rates especially for fixed deposit interest and salary accounts.
Impact on SBI, HDFC, and ICICI Customers
All the three banks have notified their customers to update KYC details and verify the linkage of PAN-Aadhaar. The banks have also upgraded their online platforms to enable taxpayers to monitor their investments that can reduce tax burden and obtain interest certificates for the tax return filing process.
It is suggested that senior citizens and salaried individuals continuously check their bank statements and Form 26AS to ensure the accuracy of reporting.
Final Thoughts
The new rules regarding income tax for 2025 have been made simple and have also motivated digital compliance. Thus, with the newly imposed slab rates and the mandatory linking of Aadhaar and PAN, taxpayers need to be constantly updated and proactive. Moreover, banks like SBI, HDFC, and ICICI are also making sure of their customers’ seamless adaptation by playing a major role.
Disclaimer: This article is written for the general public to be informed. Please consult a tax expert or check the official website of the Income Tax Department for specific advice.
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