In fact, domestic gas prices are revised on the first of every month. LPG prices have already reached Rs 819 in Delhi. In such a situation, people are now eyeing gas prices.
Rule Changes from 1st April
Only 1 day is left for the month of March to end. As soon as the new financial year starts from April 1, there are not one, but two whole rules related to your life and pocket, which are going to change completely. These rules include all the rules ranging from your cooking gas to tax. Let’s know what these rules are and how it will affect you.
First of all, let’s start with LPG and domestic gas prices are actually revised on the first of every month. LPG prices have already reached Rs 819 in Delhi. In such a situation, people are now eyeing gas prices.
Impact on customers of 8 banks
The second biggest change that is going to happen from April 1 is the merger of eight government banks. After the merger of eight banks like Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank, these bank’s customers will change their important things including checkbook passbook. If your account is also in these banks, then this is important news for you.
Changes in the rules of PF
According to Finance Minister Nirmala Sitharaman’s K announcement, investing up to Rs 5 lakh in a financial year will not attract any tax on the interest. If you have invested more than that, then the income from the interest of the additional amount will come under the tax net. Currently the interest rate on PF is 8 percent and the interest income is completely tax free. This rule will come into force from 1 April 2021.
Changes in income tax rules
For this, more and more people file income tax returns, for this, Finance Minister Nirmala Sitharaman has provided many strict rules related to ITR. This time the government has made preparations to crack down on those who do not file ITR to save TDS. If you do this too, be careful. In order to motivate taxpayers to pay tax, it has been announced to add section 206AB in the Income Tax Act 1961.
New wedge code will be applicable
The government is going to implement the new wedge code from 1 April. This rule will have an impact on private companies and people doing contract work. According to the new law, the amount deposited under the provident fund and gratuity will be increased, which can reduce the salary. According to the new wage code, the allowance given to an employee cannot be more than 50% of the total salary. Companies will have to increase the basic salary to improve it, which will increase the amount of provident fund and gratuity.
TDS rules also change
TDS i.e. tax deduction at source from 1st April. Now in addition to salary income, income from other sources, such as dividend income, capital gains income, bank deposit interest income, post office interest income will be pre-filled. Till now taxpayers had to calculate it separately. Due to forgetting this many times, he used to have trouble. Now all this information will come pre-loaded.
E-invoices at more than 50 crore turnover
The government has made it mandatory for companies with a turnover of more than Rs 50 crore to e-invoice B2B (between companies) transactions from April 1. The Central Board of Indirect Taxes and Customs (CBIC) said in the notification that e-invoicing will be mandatory from April 1 for companies with a turnover of more than Rs 50 crore.
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