Edit:From April 1, 11 rules will be changed, including income tax and banking, see here what these rules are
The new financial year has started from April 1. With the start of the new year, many rules related to income tax and banking will change. It will have a direct effect on you too. We are telling you about 11 such changes.
1. Tax on interest received from EPF Tax on interest
received from Employees Provident Fund (EPF) was announced in Budget 2021-22. Now investing up to Rs 2.5 lakh in EPF in a financial year will be tax free. If you invest more than that, you will be taxed on the income earned on interest on the extra amount, i.e. if you have deposited Rs 3 lakh per annum, you will have to pay tax at the rate of tax slab on the income earned from interest on Rs 50,000.
2. Exemption of Super Senior Citizen from filing ITR
From April 1, 2021, citizens above 75 years of age will not have to file ITR. This exemption is dependent on the pension paid to the senior citizen or the interest earned on the fixed deposit.
3. Post office account transactions will be charged.
If your account is with India Post Payment Bank (IPPB), you will have to charge Aadhaar based Payment System (AEPS) from 1st April 2021, except for depositing or withdrawing money. This charge will be levied after the free transaction limit is met, i.e. if your transaction limit has been met, this charge will have to be paid.
4. Pre-Field ITR Form For the
convenience of the employee and to facilitate the process of filing income tax returns, the Pre-Field ITR Form will now be made available to individual taxpayers from 1 April 2021. This will make it easier to file an ITR.
5. Double the TDS
for not filing ITR The government has tightened the rules for those who do not file ITR. For this, the government has added section 206AB in the Income Tax Act. Under this, if you do not file ITR now, you will have to pay double TDS from April 1, 2021. Under the new rules, those who have not filed an income tax return will also be charged higher tax collection at source (TCS). According to the new rules, from July 1, 2021, the penal TDS and TCL rates will be 10-20%, which is usually 5-10%.
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6. Car must have dual airbags
Safety standards in passenger cars have been changing since April 1. Airbags are now mandatory for the driver as well as the side seat.
7. People over the age of 45 will get the corona vaccine. From
April 1, all people aged 45 and above will be covered by the corona vaccine . All he has to do is register on the Covin portal. They will then be able to go to a government or private center to get vaccinated.
8. Oriental and United Bank's checkbook and IFSC will be replaced
According to Punjab National Bank, Oriental Bank of Course and United Bank of India's old checkbook and IFSC / MICR code will only work till March 31. Then you have to get a new code and checkbook from the bank. Customers can also call the toll free number 18001802222/18001032222 for more information. On April 1, 2020, the government merged Punjab National Bank, Oriental Bank of Course and United Bank of India.
6. Car must have dual airbags
Safety standards in passenger cars have been changing since April 1. Airbags are now mandatory for the driver as well as the side seat.
7. People over the age of 45 will get the corona vaccine. From
April 1, all people aged 45 and above will be covered by the corona vaccine . All he has to do is register on the Covin portal. They will then be able to go to a government or private center to get vaccinated.
8. Oriental and United Bank's checkbook and IFSC will be replaced
According to Punjab National Bank, Oriental Bank of Course and United Bank of India's old checkbook and IFSC / MICR code will only work till March 31. Then you have to get a new code and checkbook from the bank. Customers can also call the toll free number 18001802222/18001032222 for more information. On April 1, 2020, the government merged Punjab National Bank, Oriental Bank of Course and United Bank of India.
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9. Non-salaried class will have to pay extra TDS
From April 1, non-salaried class people like freelancers, technical supporters etc. will have to pay extra tax on their pockets. At present such people had to pay 7.5% of their income as TDS, but now they have to pay 10% TDS.
10. Buying mobiles and cars will be expensive
From April 1, many things are going to be expensive. Before the heat, electronics companies will increase the price of products like AC, cooler, fridge. Also, if you are planning to buy a smartphone, car or bike, you will have to pay more for it from April 1. Apart from that the flight fare will go up.
11. The new online payment rule will apply
if you have linked your mobile or electricity bill payment to a debit card or credit card and there is no extra authentication, then your auto debit payment will not be completed from April 1 and your payment will be affected. According to the Reserve Bank's guidelines, banks, card service providers, online vendors are to be subject to additional factor authentication rules.
9. Non-salaried class will have to pay extra TDS
From April 1, non-salaried class people like freelancers, technical supporters etc. will have to pay extra tax on their pockets. At present such people had to pay 7.5% of their income as TDS, but now they have to pay 10% TDS.
10. Buying mobiles and cars will be expensive
From April 1, many things are going to be expensive. Before the heat, electronics companies will increase the price of products like AC, cooler, fridge. Also, if you are planning to buy a smartphone, car or bike, you will have to pay more for it from April 1. Apart from that the flight fare will go up.
11. The new online payment rule will apply
if you have linked your mobile or electricity bill payment to a debit card or credit card and there is no extra authentication, then your auto debit payment will not be completed from April 1 and your payment will be affected. According to the Reserve Bank's guidelines, banks, card service providers, online vendors are to be subject to additional factor authentication rules.
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