Many big changes are going to happen from April 2022, which will affect your pocket. These changes will be for bank customers, from taxation to senior citizens. For example, Axis Bank has made some changes in the charges related to its salary and savings account.
For customers who have salary and savings accounts in Axis Bank, the new rules are applicable from April 1, 2022. The bank has increased the limit of minimum balance in savings account from 10 thousand to 12 thousand rupees. According to the information given on the website of AXIC Bank, the savings account limit has been changed in Metro/Urban City. The bank has changed the existing limit of free cash transaction to 4 free transactions or Rs 1.5 lakh.
Tax on PF account
CBDT has decided to implement Income-tax (25th Amendment) Rule 2021 with effect from 1st April 2022. That is, a cap of tax free contribution up to Rs 2.5 lakh is being imposed in the Employee Provident Fund (EPF) account. If the contribution is made above this, then the interest income will be taxed. At the same time, the limit of tax free contribution to GPF of government employees is Rs 5 lakh per annum.
Savings Account for MIS Interest
The rules related to investing in Post Office Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS) or Post Office Term Deposit (TD) have also changed. The interest amount in these schemes will not be available in cash from April 1. For this, you have to open a savings account. According to the Department of Posts, many customers have not linked their post office savings account or bank account with their MIS, SCSS, TD and in such cases interest is not being paid. So they link it.
Singapore loosens covid rules
Singapore has simplified the Kovid rules for foreigners coming here from April 1. Those who have taken the full dose of Kovid vaccine will not be tested on their arrival. Transit via Singapore will also resume from next month.
GST rules simplified
CBIC (Central Board of Indirect Taxes and Customs) has reduced the turnover limit for issuance of e-challans (electronic challans) under Goods and Services Tax (GST) to Rs 20 crore from the earlier fixed limit of Rs 50 crore.