Breaking news

Meghalaya Governor Satya Pal Malik’s stand has not softened even after moreAll You Need to Know About Cryptocurrency in India: Trends, Legality and more The Champaran Foundation, in collaboration with InFeed, organised an online more In one of the biggest leaks ever of offshore financial records, the more The Champaran Foundation, in collaboration with InFeed, is inviting entries more The recently concluded German elections on September 26, 2021 have given a more According to latest news reports, China has been on a defense infrastructure more A new line of argument has already come to dominate the public sphere: it’ more The government has gone one step further to detect community spread of the more The government has issued an order to abolish the six allowances, including more Aarogya Setu application launched by NIC is aimed to track COVID-19 affected more SEOUL| South Korea’s unemployment rate was unchanged in April as the more Amid the outbreak of Corona pandemic in the country, Indian government has more Prime Minister Narendra Modi in his address to the nation on Tuesday indicated more Corona infection in the country is taking a macabre form. So far, more than 74 more Congress General Secretary Priyanka Gandhi Vadra has written a letter to UP more On Tuesday, Prime Minister Narendra Modi announced a package of Rs 20 lakh more

New financial year starts today. Know the 5 changes that will affect you

India’s new financial year starts today. From April 1st several changes that were brought by the government will come into effect. Changes range from the merger of banks to an increase in taxes. Know the five major government regulations and new rules which may affect your life.

  •  Foreign travel becomes costly From April 1, new TCS norms for foreign travel come into effect which will increase the cost of foreign travel, including study tours, by at least 5 percent. This also makes sending money abroad costlier as any amount greater than  ₹ 700,000 if sent abroad will attract tax deducted from source (TCS) at the rate of 5 percent or 10 percent, if PAN/Aadhar is not available.
  •  BS-VI pollution norm comes in to effect From April 1, only BS-VI standard vehicles can be sold to the retailers. However, there is a huge pile-up of BS-IV vehicles with dealers that includes 7 lakh units of two-wheelers, 12,000 units of commercial vehicles and 15,000 units of passenger vehicles, according to data submitted by the Federation of Automobile Dealers’ Association (FADA) to the Supreme Court.
  • New Rules regarding medicines Union Government of India has declared that from April 1, 2020, all medical devices will be treated as drugs under Section 3 of the Drugs and Cosmetics Act. As such all medical devices will be regulated by the government as drugs for quality control and price monitoring.
  • The merger of PSU banks The 10 PSU banks that were merged to become four big banks will be effective from the new financial year 2020-21. The four anchor banks will PNB, Canara Bank, Union Bank, and Indian Bank. However, the anchor banks are postponing some part of the implementation and processes due to the lockdown. It is expected that this mega-merger will result in synergy benefits of worth more than ₹ 2,500 crores in the next three years.
  • New Income Tax Rules New income tax slabs announced in this year’s budget will be effective from 1 April 2020. However, the old tax slabs will remain in effect, giving a choice to the individual to opt between the two. While the new rules significantly lower the tax rates but also takes away a lot of the deductions that are available in the old system. So which tax regime to choose will vary as per individual needs and situation.

Tags: , , , , ,

Story Page