Zoom News : Apr 01, 2023, 08:14 AM
Rule Change: The financial year 2023-24 has started in the country. Along with this, some rules have also changed. From 1 April 2023 many rules have changed in the country. Some of these rules are going to benefit people, while some rules are going to affect people's pockets as well. These rules are going to leave a lot of impact on the people of the country. There have been many changes from income tax to toll and sale of gold jewellery. Let's know about them...These changes have happened from April 1, 2023---The new tax regime became the default option.– Exemption under 87A increased to Rs 25,000.- In the new tax system, no tax will have to be paid up to Rs 7 lakh annually.- The limit of Leave Encashment on retirement has been increased from Rs 3 lakh to Rs 25 lakh.- No LTCG benefit on debt mutual funds.NSE to roll back 6% increase in transaction fee.Insurance policies with an annual premium of Rs 5 lakh will be taxed.EPFO contribution above Rs 2.5 lakh will be taxed.- Capital gains tax will be levied on property transactions above Rs 10 crore.TDS will be applicable on online gaming prize.- Commission of insurance companies will be under EOM.Hallmarked gold jewelery should have a 6-digit HUID.Import of X-ray machine will be 15 percent costlier.Essential medicines will be 12 percent costlier.- Cigarettes, pan masala and other tobacco products will be costlier.18% more toll will have to be paid on the Mumbai-Pune Expressway.All UPI transactions above Rs 2,000 will now attract an interoperability charge of 1.1% from the merchant. No additional charges will be applicable on UPI payments.- The price of commercial LPG cylinder decreased.Standard deduction will be available in the new tax regime.The maximum deposit limit in Senior Citizen Savings Scheme has been increased from Rs 15 lakh to Rs 30 lakh. For the monthly income scheme, the amount has been increased from Rs 4.5 lakh to Rs 9 lakh in single account and from Rs 7.5 lakh to Rs 15 lakh for joint accounts.