The financial year 2023-24 has started from 1 April 2023. This month is very important for every sector. Along with this, some rules have also changed. Due to the change in the rules, some people are going to benefit, while due to some rules, there is going to be a huge impact on the pockets of the people. With the first date, the Modi government made 20 major changes in the country. There have been many changes ranging from retirement, mutual funds, income tax, insurance policy to toll and online gaming, essential medicines, sale of gold jewelery to tobacco products etc.
What are the changes, let’s know about them…
>> In the new tax regime, no tax will have to be paid up to Rs 7 lakh annually.
>> The new tax regime became the default option.
>> Exemption under 87A increased to Rs 25,000.
>> No LTCG benefit on debt mutual funds.
>> The limit of Leave Encashment on retirement has been increased from Rs 3 lakh to Rs 25 lakh.
>> Insurance policies with an annual premium of Rs 5 lakh will be taxed.
>> EPFO contribution above Rs 2.5 lakh will be taxed.
>> Capital gains tax will be levied on property transactions above Rs 10 crore.
>> Standard deduction will be available in the new tax regime.
>> TDS will be applicable on online gaming prize.
>> NSE will roll back the 6% increase in transaction fee.
>> Commission of insurance companies will be under EOM.
>> Hallmarked gold jewelery should have 6 digit HUID.
>> Import of X-ray machine will be 15 percent costlier.
>> Essential medicines will be 12 percent costlier.
>> Cigarettes, Pan Masala and other tobacco products will be costlier.
>> 18% more toll will have to be paid on Mumbai-Pune Expressway.
>> All UPI transactions above Rs 2,000 will now attract an interoperability charge of 1.1% from the merchant. No additional charges will be applicable on UPI payments.
>> Commercial LPG cylinder prices reduced.
>> The maximum deposit limit in the Senior Citizen Savings Scheme has been increased from Rs 15 lakh to Rs 30 lakh. For the monthly income scheme, the amount has been increased from Rs 4.5 lakh to Rs 9 lakh in single account and from Rs 7.5 lakh to Rs 15 lakh for joint accounts.
