Diabytes
THESE changes will happen from April 1, 2021
From April 1, the following changes that are set to happen include, LPG cylinder price, banking rules due to merger of banks, income tax rule changes in terms of EPF investment, TDS/TCS deduction, etc. This could potentially suggest that inflation is set to happen as the prices go soaring from the new financial year.
LPG Cylinder Price
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The rise in LPG prices might happen as the government announces a change in LPG cylinder prices every month. In March 2021, the LPG price in New Delhi was increased from Rs 769 per LPG cylinder to Rs 819 per LPG cylinder price.
Bank merger
If a customer has a bank account in these seven public sector banks — Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank — then their passbook and cheque book will become useless as these banks have merged with other banks.
EPF Investments
Meanwhile, from now onwards the investments in EPF accounts will also come under the ambit of income tax as Rs 2.5 lakh and above will be taxable in a financial year.
TDS
The income tax rule for TDS (Tax Deducted at Source) will also be changed from April 1, 2021, and if a person doesn't file an income tax return (ITR), then the TDS rate on bank deposits would double.
Leave Travel concession
Also, there will be a Leave Travel concession or LTC cash voucher scheme's exemption as against a leave travel concession (LTC). This scheme allows an employee to claim an exemption under LTC allowance against the purchase of specified goods or services.
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