The new financial year 2023-24 is going to start from 1st April. The new year will bring many changes with it.
- New tax regime will be available
Income taxpayers will get a new tax regime. For those opting for the new tax system, the rebate limit has been increased to Rs 7 lakh. Earlier it was Rs 5 lakh. Another relief has been given to the salaried class in the budget. Standard deduction of Rs 50,000 has also been included in the new tax regime. That is, there will be no tax on salary up to Rs 7.5 lakh. The tax rates in the old tax regime will remain the same as before.
- Only six digit hallmarked gold jewelery will be sold
Under the new rule, gold will not be sold without six-digit alphanumeric hallmarking from April 1. Just like the Aadhaar card has a 12 digit code, similarly gold will have a 6 digit hallmark code. This is called Hallmark Unique Identification Number ie HUID. This number can be alphanumeric i.e. something like this- AZ4524. Through this number it will be possible to find out how many carats a gold is. 940 centers have been set up to give trade mark on gold across the country. Now the four digit hallmarking will be completely stopped.
- Pradhan Mantri Vaya Vandana Yojana will be closed
By investing in Pradhan Mantri Vaya Vandana Yojana (PMVVY), you can easily arrange pension for yourself. This scheme is closing from April 1, so you have only time till March 31, 2023 to take advantage of this scheme. PMVVY is a pension scheme for citizens of 60 years and above. You can arrange pension for yourself by depositing a lump sum amount in this scheme. Click here to read full news
- Hero MotoCorp’s vehicle prices to increase by 2%
MotoCorp has increased the prices of its bikes and scooters by 2%. The increased prices will be applicable on different models in the company’s line-up depending on the variant. Due to this, the prices of the best mileage Splendor and HF Deluxe have increased by about Rs 1500.
- Now less tax on withdrawing PF without PAN
There has been a change in the tax rules regarding withdrawal from Provident Fund (PF). From April 1, if PAN is not linked to PF account, if you withdraw money, now TDS will be 20% instead of 30%. The changed rule will benefit those PF holders, whose PAN is not yet updated.
- More investment in senior citizens savings and schemes
Senior Citizens will be able to invest a maximum of Rs 30 lakh in the Savings Scheme. Till now only a maximum of Rs 15 lakh could be invested in this scheme. 8% interest is being given annually in this scheme. Apart from this, senior citizens will now be able to invest a maximum of Rs 9 lakh in the monthly income scheme. Spouse can also deposit the same amount and deposit 15 lakhs in a joint account. This scheme is getting 7.1% annual interest.
- Mahila Samman Scheme wipl start
The ‘Mahila Samman Savings Certificate’ has been launched in the budget with an interest rate of 7.5%. Women will be able to deposit a maximum of Rs 2 lakh for 2 years. At present, even 78% working women in the country do not even save 20% according to the Golden Rule of Saving. 2 lakh rupees scheme will benefit 32 thousand rupees in two years.
- Buying a car will become expensive
BS6 Phase-2 emission norms are coming into force from 1st April. Due to this, other companies including Maruti, Honda, Hyundai and Tata have announced to increase the prices of vehicles. Tata Motors has announced to increase the prices of all commercial vehicles by 5%. The company has given the reason behind this as the change in BS6 Phase-2 emission norms and the rising cost. Let us tell you that from April 1, only BS6-II vehicles will be sold.
- Painkillers, antibiotics and heart medicines are expensive
Painkillers, anti-infectives, antibiotics and heart medicines are going to get costlier. The government has allowed drug companies to increase prices. Prices will increase based on changes in the Wholesale Price Index (WPI). Its prices can increase up to 10%. Prices will increase based on changes in the Wholesale Price Index (WPI).
- New Interest Rates of Small Savings Scheme
The government reviews the interest on the Small Savings Scheme every three months. In such a situation, this time their interest rates may increase for the January-March quarter. After increasing the interest rate of RBI, most of the banks have increased the interest on FD. In such a situation, the government can also increase the interest received on the Small Savings Scheme.
- Buying gold will become expensive
The budget had announced an increase in customs duty on gold and imitation jewelery from 20% to 25%, on silver from 7.5% to 15%. This new tax system will be applicable from 1 April. This may increase the prices of gold and silver. Further, conversion of physical gold into e-gold or e-gold into physical gold shall not be considered as transfer. That is, there will be no capital gains tax on it. If you sell it after conversion, you will be liable to pay tax under Long-Term Capital Gains (LTCG) rules.
- LTCG tax benefit on debt mutual funds abolished
The long term benefit on debt mutual funds will cease from April 1, 2023, the gains from these will be treated as short term gains, and will be taxed as per the tax slab. Currently, long term capital gains are taxed at 20% with indexation. While these rules will be applicable only for debt mutual funds that are purchased on or after April 1, there will be no impact on funds already purchased.
- There may be a change in the prices of gas cylinders
Government oil marketing companies review the prices of gas cylinders on the first of every month. After this, they decide to increase or decrease the price or keep it constant. Last month, the price of 14.2 kg domestic LPG cylinder was increased by Rs 50. After this, its price in Delhi became Rs.1103. At the same time, the price of 19 kg commercial cylinder increased by Rs 350.50. It is now available for Rs 2119.50 in Delhi.
