Income Tax Rule Changes: New rules will be applicable from tax to debt fund, know what else will change from April 1 – new income tax regime to debt funds what changes kick in from April 1st 2023
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Debt mutual funds will be taxed
From April 1, investments made in debt mutual funds will be taxed under short term capital gains. Due to this, investors will not get the benefit of LTCG here. Due to this advantage, these mutual funds became popular.
Senior citizens will get more interest
The maximum deposit limit for Senior Citizen Savings Scheme will be increased from Rs 15 lakh to Rs 30 lakh. The maximum deposit limit for Monthly Income Scheme will increase from Rs 4.5 lakh to Rs 9 lakh for a single account. At the same time, for joint accounts, it will increase from Rs 7.5 lakh to Rs 15 lakh.
Mutual Fund: Mutual Fund or FD, in which of these you will get excellent returns, understand in which to invest
new tax regime
The new income tax regime will be the default option. People will have the option to choose the old system. Here the benefit of the special FD scheme of SBI, HDFC Bank and IDBI Bank will not be available.
online gaming
According to the Finance Bill 2023 amendment, TDS at source levied on online gaming applications will now be effective from April 1, 2023. On the one hand, with the implementation of the rule, where now the details of the income from it will have to be given to the taxpayer. On the other hand, failing to do so will result in tax being deducted by the Income Tax Department on online gaming.
Income Tax: Do not make these mistakes in a hurry to avoid tax, you may have to give and take, understand the whole thing
tax exemption limit
From April 1, the tax exemption limit will increase from Rs 5 lakh to Rs 7 lakh. With this, those earning less than Rs 7 lakh will not need to invest anywhere to claim tax exemption. On the other hand, from the new financial year, income from life insurance premiums exceeding Rs 5 lakh per annum will be taxable.
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