New Modified Financial Rules: The new fiscal year starts from April. In such a situation, many changes are going to happen from today, which will directly affect your monthly budget. As of April 1, there will be 17 important changes from the income tax to the price of LPG. Let us know what will change starting today.

new tax slab

The tax slab was revised in the 2023 Budget. This change has been made under the new Tax Regime. Now tax free up to 3 lakhs, 5% on income from 3 to 5 lakhs, 10% on income from 6 to 9 lakhs, 15% on income from 9 to 12 lakhs, 20% on income from 12 to 15 lakhs and 30% on more than 15 lakhs has to Paying taxes. This tax slab will come into effect as of today.

no tax over 7 lakh

If your income is Rs 7 lakhs or less, then you will not have to pay any tax under the new tax Regime. Previously, this limit was Rs 5 lakh, which was increased by the government in the 2023 budget.

Basic exemption limit increased in new tax regime

It has been increased by 50 thousand and now it has been increased to 3 lakh. Previously, this limit was 2.5 lakh rupees.

Benefits of the standard deduction under the new tax regime

The standard deduction will be available under this tax scheme and will be up to Rs 50,000, which will benefit individual employees and pensioners.

Default option of new tax regime

The 2023 budget has made the new tax regime the default option. This means that if you do not opt ​​for the old tax regime, then income tax on your income will be calculated under the new tax regime.

Lower surcharge under the new tax regime

The government has reduced the surcharge under the new tax regime. Under the new law, for a person with taxable income above Rs 5 crore and who opts for the new tax regime, the surcharge will be applied at 25 per cent instead of 37 per cent.

No tax benefit on debt mutual funds

In Budget 2023, the indexation benefits available in Debt Mutual Funds were eliminated. Starting April 1, investments in debt mutual funds will be subject to short-term capital gains tax.

Marginal Tax Relief for Small Taxpayers

Under the new tax regime, the government has granted the benefit of lower tax relief to small taxpayers. As per the Income Tax Act, a person who opts for the new tax regime in the 2023-24 tax year will be eligible for a smaller rebate, provided that the taxable income exceeds Rs 7 lakh.

TDS in online games

As of April 1, the government removed the previous limit available for the tax deduction of online gaming winnings. Until March 31, 2023, the TDS applied to winnings from online games if the winnings exceeded Rs 10,000. However, from April 1, 2023, every rupee earned by playing online games will be under TDS. There will be a 30 percent reduction on this.

Life insurance policy tax

If you pay a premium charge of Rs 5 lakh annually for life insurance, then you will have to pay taxes.

Capital gain on the sale of a property worth Rs 10 crore

The maximum deduction that the government can claim for capital gains arising from the sale of residential property under section 54 and section 54F.

tax exemption limit

The government has increased the tax exemption limit on leave charges for non-government employees. Previously, the maximum tax exemption amount was Rs 3 lakhs, which was fixed in 2002, and now it has been increased to Rs 25 lakhs.

Reduced TDS deduction on EPF withdrawal

In some cases, the TDS on EPF withdrawal has been reduced from 30% to 20%. As announced in the 2023 Budget, the tax on EPF withdrawals where PAN is not available has been reduced to 20 percent.

Mahila Samman Savings Plan

Women can invest in Samman Bachat Patra Yojana from today. According to this, you will be given 7.5 percent interest and you will be able to invest for 2 years.

increased post office scheme limit

As of today, the limit of the Senior Savings Plan and the Post Office Monthly Income Plan has been increased and now citizens can invest more money to earn regular income.

nps withdrawal

If you are going to withdraw money from NPS, it will be mandatory to provide KYC documents. Without updating these documents, you will not be able to withdraw money.

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