FY 2023-24: From New Income Tax Regime To LPG Cylinder Price - 6 Major Changes From Today Will Impact Your Pockets Directly
Financial Year 2023-24 kicks in from April 1, bringing a slew of major changes that will directly impact your pockets. From LPG cylinder price reduced, revised interest on small savings scheme to new income tax regime - here are some major changes starting from April 1, 2023.
Revised Rates On Small Savings Scheme
Finance Ministry announced on Friday the rates of interest on various small savings schemes for the first quarter (Q1) of financial year 2023-24 starting from April 1, 2023. There is marginal increase for low maturing savings scheme, however, the hike is higher for long-term maturity savings scheme. 5 year time deposit scheme will give an interest of 7.5%.
LPG Cylinder Prices Reduced By Rs 92
Giving a big relief, the Government has revised the prices of LPG gas cylinders. The prices of commercial gas cylinder have been reduced by Rs 92 from April 1, 2023. There’s no reduction in the rates of 14.2 kg or domestic cylinders.
New Tax Regime Becomes Default Option
The new income tax regime starting from April 1, 2023 will be the default option for taxpayers. So, TDS will be deducted based on tax rates under the new tax regime. However, they will have the option to pick up the old tax regime if they want.
New Rule Kicks In For Gold Sale From April 1
Starting from April 1, 2023, only gold jewellery and artefacts having a six digit alphanumeric HUID (Hallmark unique identification) number will be permitted. 4-digit hallmark number will be disallowed from today.
Tax Rebate Increased to Rs 7 Lakh
Finance Minister announced in the budget 2023-24 on February 1, the tax rebate for salaries people will increase from Rs 5 lakh to Rs 7 lakh under the new income tax regime.
Tax on Life Insurance Policies
The centre government has brought some life insurance policies under taxable from this financial year 2023-24. But only those life insurance policies will be taxed whose aggregate premium exceed above Rs 5 lakh. It is noted that insurance policies issued till March 31, 2023 will not be affected by this new rule.