The new financial year is starting from 1 April. From this day, the announcements made in the budget are implemented, which directly affect your earnings and savings.
From April 01, many rules related to tax, PF, ITR and banks are changing.
The new financial year is starting from 1 April. From this day, the announcements made in the budget are implemented, which directly affect your earnings and savings. In such a situation, it is important to know that what will be the effect of the change in the rules related to the bank, PF and income tax from April 1? With this, what measures will you have to take to balance your spending and savings?
ITR filling will be easy
Almost every job occupation and business people file income tax returns. It will be easy to file income tax returns from April 1. The government has made such a arrangement that apart from salary income, income from other sources, such as dividend income, capital gains income, bank deposit interest income, post office interest income, will be filled in the form in advance. Till now taxpayers had to calculate it separately. This will help the taxpayers to fill the ITR quite a lot.
Check books of these banks will become useless
From April 1, check books of some banks will become like junk paper for you. That is, you will not be able to use them. The checks of Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce and Allahabad Bank will now become useless. The merger of these banks was announced in the budget, which will be effective from April 1. Dena and Vijaya Bank have merged with Bank of Baroda. While Oriental Bank of Commerce and United Bank of India have been merged with PNB, Corporation Bank and Andhra Bank have been merged with Union Bank of India.
Those over 75 years of age will not have to fill ITR
While presenting the budget, Finance Minister Nirmala Sitharaman had said that the elderly above 75 years will no longer need to file ITR. This rule is also coming into effect from April 1. Its benefits will be available only to the elderly who depend on pension and interest on deposits.
Changes in income tax rules for TDS
There has been a change in the income tax rules regarding TDS, which will come into effect from April 1. According to the announcement made in the budget, if a person does not file an ITR, then the rate of TDS on bank deposits will be doubled. This means that if you do not file ITR despite not coming under income tax, then the government will deduct more TDS from you.
Pension fund managers will be able to charge
The Pension Fund Regulatory and Development Authority has allowed the pension fund manager to charge higher fees to its customers from 1 April. This has been done so as to attract foreign investment in this sector.
Changes in tax rules on PF
The government has also changed the tax rules on PF. However, this will only affect the high income people. Nevertheless, it is important for you to know this. If you invest more than 2.5 lakh rupees in PM in a financial year, then you will have to pay tax on the interest received on the investment of more than 2.5 lakh rupees. If you invest in Voluntary Provident Fund (VPF) and Public Provident Fund (PPF), then you will not have to pay tax on the interest received on investments up to five lakh rupees.