Income tax, savings, pension, gold… many rules related to your pocket have changed from today

New Delhi (Best Hindu News): Today i.e. from April 1, the new financial year 2023-24 has started. Along with this, many such decisions have been implemented, which will affect your life. Let us tell you about these decisions:-

1 – The new tax regime has come into effect from April 1. Under this arrangement, if the annual income of a taxpayer is Rs 7 lakh, then he will not have to pay any tax. However, there has been no change in the old tax regime with exemptions like investment and housing allowance. For the first time, the benefit of standard deduction of Rs 50,000 has also been proposed under the new tax regime.

2 – The Finance Minister has proposed to make the new tax regime i.e. the tax regime with no exemptions a ‘default’. This means that if you have not exercised your option in the income tax return, you will automatically move to the new tax regime. Apart from this, the rate of tax on royalty and fees for technical services will be increased from 10 percent to 20 percent.

3 – In the case of a policy of more than five lakh rupees annual premium, the limit of tax exemption will end on the amount received. Under this, the maturity amount of all life insurance policies (other than unit linked insurance policies or ULIPs) issued after April 1, 2023, whose annual premium is more than Rs 5 lakh, will be taxed.

4 – The government has increased interest rates on most small savings schemes for the April-June quarter. However, interest rates on popular deposit scheme PPF and savings deposits with banks have been kept unchanged at 7.1 per cent and 4 per cent, respectively, for the April-June quarter. In other savings schemes, interest rates have been increased from 0.1 percent to 0.7 percent.

5 – A new small savings scheme for women ‘Mahila Samman Bachat Patra’ will be started. In this, up to two lakh rupees can be invested in the name of a woman or girl at one time. Under this scheme, interest will be given at a fixed rate of 7.5 percent. Along with this, the option of partial withdrawal will also be available.

6 – The deposit limit under the Senior Citizen Savings Scheme will be increased from Rs 15 lakh to Rs 30 lakh. At the same time, the deposit limit under the monthly income scheme will be increased to Rs 9 lakh.

7- The government has increased the interest rates on most small savings schemes for the April-June quarter of the financial year 2023-24. However, interest rates on popular deposit scheme PPF and savings deposits in banks have been kept unchanged at 7.1 per cent and 4 per cent, respectively, for the April-June quarter. In other savings schemes, interest rates have been increased from 0.1 percent to 0.7 percent.

8 – From April 1, short-term capital gains will be charged on mutual funds investing in bonds or fixed income products. Till now investors used to get long term capital gain on it and hence this investment was popular. Currently, investors investing in mutual funds linked to bonds or fixed income products pay income tax on capital gains for three years.

9 – Vehicle companies like Maruti Suzuki, Tata Motors are increasing the prices of their various models after the implementation of stricter emission norms from April 1.

10 – The National Stock Exchange (NSE) has decided to roll back the six per cent increase in transaction charges in the cash equity and futures and options segments with effect from April 1. The additional fee came into effect on January 1, 2021.

11 – Credit card payments for foreign travel will be brought under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India (RBI). The objective is to ensure that such expenses are covered by the Tax Collection at Source (TCS).

12 – A revised credit guarantee scheme for the country’s micro and small scale industries will come into effect from April 1. In this, the annual guarantee fee is being reduced from a maximum of two percent to 0.37 percent for loans up to one crore rupees. This will reduce the overall cost of credit for small businesses. The guarantee limit has been increased from Rs 2 crore to Rs 5 crore.

13- The new Foreign Trade Policy (FTP) will also come into effect from April 1. It aims to increase the country’s exports to $2 trillion by 2030, make the Indian rupee a global currency, and promote e-commerce exports. FTP 2023 will also give a boost to e-commerce exports, which are expected to reach $200-300 billion by 2030. In addition, the value limit for exports through courier services is being raised from Rs 5 lakh per consignment to Rs 10 lakh.

14- From April 1, the rules of National Pension System (NPS) are also changing. Now it has been made mandatory for subscribers desirous of getting annual pension or exiting it, to upload documents related to Know Your Customer (KYC) or withdrawal.