From vehicle prices to cheque books of merged banks, 5 Major things changing from April 1

New Delhi: Come April and you will note a number of modifications ranging from vehicle prices to private funds as you’ll be coming into a brand new fiscal yr (2021-22) and therefore new provisions will govern you. Apart from that the federal government had made a number of bulletins and different modifications which might have an effect on you positively or negatively.

Here are the 5 main modifications listed under:

Car and bike prices

Car and bike producers throughout the nation will roll out the revised worth of their respective auto fashions from April 1. Maruti Suzuki, Nissan, Renault, Datsun, Toyota, Hero MotoCorp are among the many main auto makers which have introduced to hike worth of automobiles to offset the affect of rising enter prices.

Cheque books of merged banks

From April 1, the cheque books and passbooks of 7 banks can be invalid on account of their merger. Banks like Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank and Allahabad Bank which have gone for merger have requested their clients to get new cheque guide and IFSC code. The older cheque books will stop to work from April 1.

ITR for Senior residents

Announcing the Budget 2021, Finance Minister Nirmala Sitharaman stated that the Budget seeks to scale back compliance burden on senior residents who’re of 75 years of age and above.  Such senior residents having solely pension and curiosity earnings can be exempted from submitting their earnings tax return.  The paying Bank will deduct the mandatory tax on their earnings. 

Term Insurance

From April 1, the premium on time period insurance coverage is predicted to get greater owing to COVID-19 and better comorbidities. Although the premium will fluctuate from firm to firm, components corresponding to age, gender and earnings are some components for figuring out premium.

Tax on annual provident fund

FM had additionally proposed to tax curiosity earned on annual provident fund contribution of over Rs 2.5 lakh efficient from April 1, 2021. This restriction shall be relevant just for the contribution made on or after April 1, 2021. However, on March 24, FM introduced to elevate the restrict for tax exemption on curiosity earned on provident fund contribution by workers to Rs 5 lakh each year in specified instances (the place there is no such thing as a employer contribution to EPF).

Live TV

#mute