With new fiscal, here are things to change from April 1
New Delhi : With April 1, the new rules which can pinch your pocket. The changes range from higher insurance premiums, lower savings scheme interest rates, penalties on late income tax returns filing, and many more. Let’s see the big changes which will come from today:
Bank charges on non-maintainance of minimum balance, deposits, ATM transactions
HDFC Bank, ICICI Bank, and Axis Bank will charge a minimum of Rs 150 on bank deposits after four free monthly transactions. SBI will charge for not maintaining minimum balance.
Cash transactions above Rs 2 lakh banned
From today, you will not be allowed to make any cash transactions above Rs 2 lakh.
Car and health insurance to get expensive
Car and health insurance will go up by about 5 pc as the insurance regulator Irdai gave a go-ahead to the insurers to revise the commission of its agents.
Income tax rates
If you earn an income between Rs 2.5 lakh and Rs 5 lakh, income tax levied on the slab will be cut to 5 pc from the 10 pc, reducing the tax liability to half.
Changes to income tax return form
The government has introduced a one-page form to let taxpayers file their returns easily and without taking much time.
Lower returns on small savings schemes
The government has cut the interest rates of nine small savings schemes by 0.1 pc. This includes interest rates on Public Provident Fund (PPF).
Disclose bank deposits over Rs 2 lakh
If you deposited over Rs 2 lakh between November 9 and December 31 (demonetization), you will have to declare that in the income tax returns form.
Ban on sale of BS - III compliant cars
India has made the switch to BS IV emission norms in line with the stringent Euro IV norms. The Supreme Court has ordered a ban on the sale of BS III compliant vehicles
No tagging, stamping of hand baggage at 7 airports
Any hand baggage carried by you while flying from seven domestic airports on domestic routes will need not need stamping from today. The civil aviation ministry has done away with the need to tag and stamp bags while flying out from New Delhi, Mumbai, Kolkata, Ahmedabad, Bengaluru, and Cochin.
No refund on Delhi Metro smart cards
Delhi Metro's smart cards will become non-refundable from April 1. All the smart cards sold from today and those already in circulation will become non-refundable.
No liquor shops of Highways
The Supreme court has banned all liquor shops on national and state highways from today.