The financial year 2023-24 also ended with the month of March. New financial year has started from today. This new dawn will not only bring with it a new date but also many changes, which will have a direct impact on the pockets of the general public. In which there will be changes in the rules related to credit card money, terms and tax rules. Let's take a look at the changes, which are going to be implemented from April 1.
If till now you have been paying income tax as per the old tax system then you should keep in mind that the new tax system has been defaulted in the country. In such a case you have to select your tax system after 1st April every year, otherwise it will automatically shift to the new tax system.
You will get an additional discount of Rs 50,000
If you move to the new tax regime in FY 2024-25, you will now get the benefit of a standard deduction of Rs 50,000, which was earlier only possible under the old tax regime. Although this rule came into effect on April 1, 2023, you have an opportunity to change it on April 1, 2024. By doing this, your income up to 7.5 lakh rupees will be tax free.
Tax exemption limit changed
In the new tax regime, the limit of tax exemption has been increased from April 1, 2023. Now in the new tax regime, tax on income up to Rs 3 lakh has been nil instead of Rs 2.5 lakh, while the tax rebate given under Section 87A has been increased to Rs 7 lakh instead of Rs 5 lakh. However in the old tax system the zero tax threshold still Rs. 2.5 lakhs and the tax exemption is up to Rs.5 lakhs.
To log into NPS account, two factor verification has to be done
The Pension Fund Regulatory and Development Authority (PFRDA) has modified its login system to protect NPS subscribers from cyber fraud. Now to log into NPS account, NPS account holders will need user ID and password as well as mobile number linked with Aadhaar. PFRDA is going to introduce Aadhaar-based login authentication in NPS. This rule will be applicable from 1 April 2024.
SBI Credit Card Rules
Bad news for SBI credit card holders. Now reward points on rent payment will stop from 1st April. Under this, this facility is being discontinued in SBI's AURUM, SBI Card Elite, SBI Card Pulse, SBI Card Elite Advantage and SimplyCLICK credit cards.
Yes Bank Credit Card
Yes Bank has decided to gift its credit card holders in the new financial year. Customers will now get free access to domestic airport lounges on a minimum spend of Rs 10,000 in a quarter of the current financial year. The new rules will come into effect from April 1, 2024.
ICICI Bank Credit Card
ICICI Bank is also going to change its credit card rules. From April 1, 2024, customers will get free airport lounge access if they spend more than Rs 35,000 in a quarter.
LPG Gas Prices
LPG gas prices change on the 1st of every month. Sometimes the prices remain stable and then rise for several months. Likewise, a change can be seen on April 1 as well. If the price increases, it will affect the public's pocket.
OLA Money Wallet
OLA Money is going to change its wallet rules from April 1, 2024. The company has informed its customers via SMS that it is going to increase the limit of small PPI (Prepaid Payment Instrument) wallet service to Rs 10,000.