The financial year 2021-22 is beginning from 1 April 2021. With this, many such rules are being changed, which are going to have a direct impact on the life of the common man. In such a situation, it is important that you know about them beforehand.
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You have celebrated the new year three months ago, but now you should also be ready for the beginning of the new financial year. Well, there is information about many such changes at the beginning of every month. But from April 1, many such changes are going to happen, which will have a direct impact on your life. The financial year 2021–22 is beginning on the 1st. There will be many such important changes in this way, which will have an effect throughout the year. Let’s know about these changes …
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The government revises the rate of LPG cylinders on the first of every month. In March 2021, the price of LPG cylinders in the capital Delhi increased from Rs 769 to Rs 819. Since the international market is seeing a boom in crude oil, now it is expected that from April 1, the price of LPG cylinders may increase once again.
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If your bank account is in Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank, then from April 01 your passbook and checkbook will not work. In fact, these banks have been merged, which will be fully effective from April 1. Dena Bank and Vijaya Bank merged with Bank of Baroda. Similarly, Oriental Bank of India and United Bank have been merged with Punjab National Bank. Corporation Bank and Andhra Bank have merged with Union Bank of India.
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The central government implemented the new wedge code last year. This will have an impact on private companies and people working in contracts. According to the new law, the amount deposited under the provident fund and gratuity will be increased, which can reduce the salary. This new code is going to come into effect from 1 April. According to the new wage code, the allowance given to an employee cannot exceed 50% of the total salary. Companies will have to increase the basic salary to improve it, which will increase the amount of provident fund and gratuity.
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From April 1, the rule of income tax will change with respect to TDS. In the budget speech, the Finance Minister had announced that if a person does not file income tax return, then the TDS rate on his bank deposit will be doubled. This means that if a person does not fall under the income tax slab, then they may have to pay more TDS.
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From April 1, the government will also start a big surveillance against tax evasion. During the budget session, the Finance Minister had directed that tax stealers, fake bill makers, and those using fake methods to save tax should be cautious as the government is now increasing surveillance through artificial intelligence and data analysis. The new tax rule is going to come into force from April 1, so tax evaders have to be careful. Every activity of such people will be kept vigilant.
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The Pension Fund Regulatory and Development Authority ie PFRDA has approved pension fund managers to collect charges from customers. It is also being implemented from 1 April to 2021. PFRDA has taken this decision so that foreign direct investment can come in the pension sector.
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The Central Government has announced Leave Travel Concession or LTC Cash Voucher Scheme. Under this scheme, any employee can claim exemption under LTC allowance. This fixed goods and services will be available only on purchase. This scheme is applicable till 31 March 2021 only. This means that this scheme will end now.
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The central government implemented the new wedge code last year. This will have an impact on private companies and people working in contracts. According to the new law, the amount deposited under the provident fund and gratuity will be increased, which can reduce the salary. This new code is going to come into effect from 1 April. According to the new wage code, the allowance given to an employee cannot exceed 50% of the total salary. Companies will have to increase the basic salary to improve it, which will increase the amount of provident fund and gratuity.
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There may be some significant changes in GST from 1 April 2021. The government is going to introduce electronic invoicing (e-invoicing) system from April 1, which will be necessary for all business to business transactions. This work will be done under GST. Now invoices will not be filled by hand, instead this work will now have to be done online. According to the announcement in the recent budget, there will also be a big change in the EPF. It was announced in the budget that PF is tax free up to 2.5 lakh rupees in a year. Later, with a condition, the government has reduced this limit to Rs 5 lakh. The condition is that if the company does not contribute more than the fixed 12 per cent in your PF, then you will not pay any tax on the contribution up to Rs 5 lakh. After this, whatever interest will be made on the PF will be taxed.
