See major changes coming from April 1st
Interest rates on small savings schemes to be reduced
The Treasury lowered interest rates on small savings schemes in the first quarter of the 2021-22 fiscal year. For the April-June quarter, the Public Provident Fund will acquire an interest rate of 6.4%. Interest in the national savings certificate system fell to 5.9%. The interest rate on the five-year senior citizen savings program has been reduced to 6.5%. Similarly, Kisan Vikas Patra, interest rates on postal savings deposits have been reduced.
The price of LPG cylinder becomes cheaper
Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation Price for Home Cooking Gas (LPG) ￡10 cylinders from april
In Delhi and Mumbai, the cost of a 14.2 kg unsubsidized LPG cylinder is about ￡809. LPG cylinders will be available at ￡835.50 in Kolkata.In Chennai, the price of LPG cylinders is ￡825.
Air travel becomes more expensive
From this month, air travel will be higher. The Directorate General of Civil Aviation (DGCA) of the Airline Regulatory Authority has raised the Airline Security Fee (ASF).The rise in ASF for domestic passengers ￡40, for international passengers, the rise is ￡114.38.
Salal pension policy
India’s Department of Insurance Regulatory Development (IRDAI) has called on all life insurers to force the provision of standard personal immediate annuity products from April.This plan, called the Salal Pension, offers a minimum pension ￡1,000 per month, ￡3,000 quarterly, ￡6,000 per six months, and ￡1,2000 a year. The minimum admission age to purchase this plan is 40 and the maximum is 80. This will be a single premium, unlinked, non-participating immediate pension plan.
Standard accident insurance policy
From April 1st, insurance regulators have instructed all general and health insurance companies to offer standard accident insurance products. The one named Saral Suraksha Bima offers a minimum insurance amount ￡25,000 rupees. Under this policy, the maximum amount of insurance is: ￡1 roll. The total number of insured persons provided is ￡50,000, IRDAI said adding insurance companies can be offered on their own beyond the scope mentioned. Anyone over the age of 18 can purchase this policy. The maximum age at admission is set at 70 years.
Tax incentives for unit-linked insurance products (ULIP)
With a budget of 2021, the Treasury has an annual premium ￡Over 25,000 rupees. Maturity is taxed at a 10% tax rate for long-term profits and a 15% tax rate for short-term profits. Previously, the maturity income of the ULIP scheme was tax exempt. This only affects ULIP policies purchased after February 1, 2021.For those who pay the following annual premiums ￡Rs 25,000, they will still benefit from tax exemption.
A shortened period for submitting a late ITR or for correcting your submitted ITR
Previously, if you did not submit your ITR by the 31st July deadline, you could still submit it by 31st March with a late fee. Similarly, after submitting an ITR, if you notice any omissions or mistakes, you can revise them by March 31 of the same year. However, the 2021 to 2022 financial bill proposes to shorten this deadline by three months, so it is time to submit a delayed ITR or revise the ITR until December 31 of the same fiscal year. there is.
New tax law on fund
In the 2021 budget, Finance Minister Nirmala Sitharaman has interest on employee contributions ￡An annual tax of Rs 25,000 is levied.The center then raised the deposit threshold to ￡Rs 50,000 per year for a provisioning fund that will continue to be tax exempt if there is no contribution from the employer. This restriction shall only apply to donations made after April 1st. Finance Minister Nirmala Sitharaman announced earlier.
This move affects high-income earners and the wealthy (HNI).Those who earn more ￡20.83 Rakı a year will attract his or her interest in taxable EPF contributions. Salarymen who use the Voluntary Provident Fund to invest more than the mandatory 12% of their base salary will also be affected. This new rule will come into effect in April.
HSN code is required for companies exceeding ￡Sales of 500 million rupees
In terms of Goods and Services Tax (GST), the generation of electronic invoices by companies with excess sales ￡From April, 50 chlores will be required.
According to the Treasury, the HSN code or HSN code will also be required on the invoice from April.The one with the highest sales ￡For the previous fiscal year 500 million rupees, you need to provide a 4-digit HSN code for your B2B invoice. Previously, the requirements were 4 and 2 digits, respectively. Rajat Mohan, Senior Partner at AMRG & Associates, said:
Elderly people over the age of 75 are exempt from filing income tax returns
Elderly people aged 75 and over who earn only pensions and interest will be exempt from filing income tax returns from April 1. Archit Gupta, founder and CEO of ClearTax, confirmed that income tax exemptions are only available if interest income is earned at the same bank where the pension is deposited.
It should be noted that seniors over the age of 75 are not exempt from paying taxes, but are exempt from filing an income tax return (ITR) only if certain conditions are met.
From PF to income tax to air travel, 10 ways to change your life from April
Source link From PF to income tax to air travel, 10 ways to change your life from April