The new financial year is starting from Thursday i.e. 1 April. Many rules will change from today. There are many such rules including airfare, standard insurance policies, which are changing from today. Interest earned on an employee’s contribution above Rs 2.5 lakhs will be taxable from this month. Apart from this, it will be easy to buy pension cover. Let us know what are changes will affect your pocket.
LPG cylinder is getting cheaper
Domestic LPG cylinder prices are going to come down from April 1. LPG cylinders will be cheaper by 1 April i.e. Thursday. Indian Oil Corporation Limited (IOCL) gave this information on Wednesday evening.
Air travel expensive
Air travel in the country is going to be expensive from April 1. The Directorate General of Civil Aviation (DGCA) has increased the Airport Security Fee (ASF) in air tickets. This has extended to both domestic and international services. The increase in ASF for domestic air passengers is Rs 40, while for international air passengers it is Rs 114.38. Now Rs 200 will be charged as an Airport Security Fee instead of Rs 160 from Domestic Passengers. At the same time, it has been increased from $ 5.2 to $ 12 for international travelers.
Tax on Provident Fund
There is a provision of tax under Income Tax on PF contribution of more than 2.5 lakh rupees in the new financial year 2021-22. Income taxpayers who earn more than two lakh rupees per month will normally come under this radius.
Launch of Saral Pension Scheme
The Insurance Regulatory and Development Authority (IRDAI) has asked life insurance companies to introduce the Saral Pension Scheme from April 1 this year. Saral Pension will offer only two annuity options in the name of the insurer.
Relief from filling the ITR for the elderly
Elderly pensioners over the age of 75 are exempted from filing Income Tax Return (ITR). This facility will be available only to those whose income source is pension and interest on it.
LTC Encashment
The exemption period granted to employees under the Leave Travel Concession (LTC) voucher is up to 31 March 2021. That is, it will not be taken advantage of from next month.
