Tomorrow i.e. from April 1, not only the month is changing, but the new financial year 2023-24 is also going to start. Every new business year brings some new changes. Some of these were announced in the budget, but the date of their implementation is April 1. Apart from this, some changes related to medicine, gold and tax have also been made by the central government, the date of implementation of which is also tomorrow i.e. 1st April. Let us know about 10 such changes. We will also know how much these changes will affect your health.
1. Changes to the new tax regime
April 1 is bringing many major changes for crores of taxpayers of the country. The announcements made by the Finance Minister regarding the new tax regime in the budget will be implemented. Under this, the rebate limit will increase from Rs 5 lakh to Rs 7 lakh. Apart from this, people adopting the new tax regime will also get the benefit of standard deduction of Rs 50,000. That is, salary up to Rs 7.5 lakh will now be tax free. Under the new tax regime, the tax slab is zero on 0 to 3 lakh, 5 percent on 3-6 lakh, 10 percent on 6 to 9 lakh, 15 percent on 9 to 12 lakh and 30 percent on above 15 lakh.
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2. Changes to Hallmark Rules
If you are going to buy gold then you also need to know the rules in lieu of hallmarking from 1st April. This month, the government has changed the rules which will be applicable from April 1. Under the new rule, now 6 digit alphanumeric hallmarking will be mandatory for all gold jewellery. This is called Hallmark Unique Identification Number. related to Click here to read the news…
3. Mahila Samman Scheme will be started
In the budget, the Finance Minister had launched a special savings scheme for women. This scheme is ‘Mahila Samman Saving Certificate’, in which women get
Will get 7.5 percent interest. Women will be able to deposit a maximum of Rs 2 lakh for 2 years. 2 lakh rupees scheme will benefit 32 thousand rupees in two years.
4. No tax benefits on debt mutual funds
If you are investing in debt mutual funds for tax benefits, then from April you will not get this benefit. The long term benefits available on debt funds will end from April 1, 2023. Now the return received on this will be considered as short term gain. And according to your tax slab you will have to pay tax. While these rules will be applicable only for debt mutual funds that are purchased on or after April 1, there will be no impact on funds already purchased. Read the full news here…
5. Pradhan Mantri Vaya Vandana Yojana will be closed
Pradhan Mantri Vaya Vandana Yojana, a major scheme related to old age pension, is also ending from 1st April. The government is discontinuing this flagship scheme to increase the attraction towards other means of NPS. In this scheme, the benefit of pension was available by depositing a lump sum amount.
6. BS-6 Phase 2 will be applicable
BS6 Phase 2 for vehicles is starting to take the pollution related norms to the next level. For this, companies will have to make some special changes, the cost of which will be borne by the customers. Due to this, almost all the cars will become costlier by 20 to 30 thousand rupees. At the same time, its effect will also be on two-wheelers. MotoCorp has increased the prices of its bikes and scooters by 2 percent. The increased prices will be applicable on different models in the company’s line-up depending on the variant.
7. Now less tax on withdrawing PF without PAN
If you want to withdraw money from your provident fund, you will now have to pay less tax. From April 1, if PAN is not linked to PF account, 20 percent tax will have to be paid instead of 30 percent during withdrawal.
8. More investment in senior citizens savings and schemes
Now senior citizens can invest more in savings schemes than before. Now the limit of this investment has been increased to Rs 30 lakh, which till now was a maximum of Rs 15 lakh. 8 percent interest is being given annually in this scheme.
9. Medicines will be expensive
The news of costlier medicines had come this week. This change will also come into effect from 1 April. Under this, painkillers, anti-infectives, antibiotics and heart medicines are going to become expensive. The government has allowed drug companies to increase prices. The prices will increase based on the changes in the Wholesale Price Index.
Will the price of 10. gas cylinders change?
By the way, this change has nothing to do with the financial year. Actually government oil marketing companies review the prices of gas cylinders on the first of every month. Last month, the price of 14.2 kg domestic LPG cylinder was increased by Rs 50. After this, its price in Delhi became Rs.1103.