New Delhi: With the whence of the new financial year from April 1, many major changes are going to be implemented which will impact the pockets of worldwide people and their everyday financial processes. From income tax to banking, gold loans and digital transactions, many rules have been amended, which will have a uncontrived impact on employees, pensioners and investors. The government says the purpose of these changes is to increase transparency and make the system increasingly streamlined.
Will Form 130 now be workable in place of Form 16?
The biggest transpiration from the new financial year will be seen in the documents related to income tax. Form 16, which was given to employees till now, will be discontinued and Form 130 will be issued in its place. This form will moreover be in three parts—Part A, B and C—in which the employee's income, TDS and other important information will be recorded.
Will pensioners moreover get the new form?
Now banks will moreover issue Form 130 every year for pensioners. However, Part C will be included in this only if their pension income is subject to tax. This form will be made misogynist by June 15 every year so that the process of filing returns can be easy.
Will there be increased strictness on crypto transactions now?
The government has moreover tightened the rules related to cryptocurrency. Now the mart selling crypto will have to deduct TDS on the transaction. This will enable the government to get well-constructed information well-nigh investors and will help in curbing tax evasion.
Will it be easy to take gold loan now?
The rules related to gold loans have moreover been changed. Now the loan-to-value ratio on loans up to Rs 2.5 lakh has been increased from 75 per cent to 85 per cent. This ways that customers will now be worldly-wise to take out increasingly loan versus the same gold than before.
Has the TDS limit on interest income changed?
If a person's interest income on wall or post office deposits exceeds Rs 50 thousand in a financial year, then TDS will be deducted on it. For senior citizens, this limit has been stock-still at Rs 1 lakh, which gives them some relief.
Will there be changes in financial and ATM rules also?
Now withdrawals from ATM through UPI will moreover be counted towards the self-ruling transaction limit. Self-ruling withdrawal facility will be misogynist three times in metro cities and five times in non-metro cities, without which a fee will have to be paid. Some banks have moreover set daily withdrawal limits.
Have there been changes in FASTag and train ticket rules also?
National Highway Authority's yearly Fastag has now wilt a bit expensive. At the same time, the rules for train ticket receipt have moreover been made strict – now refund will be misogynist on receipt only up to eight hours surpassing the journey.
