April 1, the new financial year starts from today. Many rules will change from the new year related to income tax and banking. It will also have a direct effect on you. We are telling you about 11 such changes.
1. Tax on interest from EPF:
In the Budget 2021-22, tax on interest received from Employee Provident Fund (EPF) was announced. Now up to 2.5 Lakhs investment in EPF will be tax-free in a financial year. Investing more than that will be taxed on the interest earned on the additional amount. Meaning if you have deposited 3 lakh rupees annually, then the income earned by interest on 50 thousand rupees will be taxed at the rate of your tax slab.
2. Exemption of Super Senior Citizens to file ITR:
With effect from April 1, 2021, citizens above 75 years of age will not have to file ITR. This exemption has been given to senior citizens who are dependent on pension or interest on fixed deposits.
3. Post office account will be charged on the transaction.
If your account is in India Post Payment Bank (IPPB), then from April 1, 2021, apart from depositing or withdrawing money, you have to pay a charge on Aadhaar Based Payment System (AEPS) This charge will be taken after the end of the free transaction limit. That is, if the free limit of your transaction is over, then only this charge will have to be paid.
4. Pre-filled ITR form
Individual employees will now be provided with a pre-filled ITR form from April 1, 2021, for the convenience of employees and to make the process of filing income tax returns easier. This will make it easier to file ITR.
5. Double TDS
The government has tightened the rules for those who do not file income tax return (ITR). Under this, TDS will have to be doubled from April 1, 2021, if ITR is not filed now. According to the new rules, tax collection at source (TCS-TCS) will be higher on those who have not filed ITR. According to the new rules, the Penal TDS and TCL rates will be 10-20% from July 1, 2021, which is usually 5-10%.
6. The car will have a dual airbag
Safety standards are changing in passenger cars from 1 April next month. It is now mandatory to install airbags for the driver as well as the side seat.
7. People above 45 years of age will get the corona vaccine from April 1, all those above 45 years and above will come under the purview of corona vaccination. All they have to do is register themselves on the Kovin portal. After this, they will be able to get vaccinated by visiting government or private centers.
8. Oriental and United Bank’s checkbook and IFSC code will be changed. Punjab National Bank has said that the old checkbook and IFSC / MICR code of Oriental Bank of Commerce and United Bank of India will work only till 31 March. After this, you will have to get a new code and checkbook from the bank. On 1 April 2020, the government merged Punjab National Bank, Oriental Bank of Commerce, and United Bank of India.
9. Non-salaried class will have to pay more TDS from April 1. Non-salaried class people like freelancers, technical support, etc. will have to pay extra tax on the pocket. Till now such people had to pay 7.5% of their earnings as TDS but now they will have to pay 10% TDS.
10. Buying a mobile and car will become expensive from April 1, many more things are going to be expensive. Electronic companies will increase the prices of products like AC, cooler, fridge before summer. Apart from this, if you are planning to buy a smartphone, car, or bike, then from April 1, you will have to pay more for it. Apart from this, airfare is also going to increase.
11. New rules of online payment will be applicable if you have linked your mobile or electricity bill payment to a debit card or credit card and there is no extra authentication in it, 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 have to apply the rules of additional factor autonomy.