Today not only the month of March, but also the financial year 2023-24 has ended. The new financial year will start from tomorrow. This new morning will not only bring with it a new date but will also bring 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 money, conditions and tax rules related to credit cards. Let’s take a look at those changes, which are going to be implemented from April 1.
New tax regime defaulted
If till now you have been paying income tax according to the old tax regime, then you should keep in mind that the new tax regime has been defaulted in the country. In such a situation, you will have to choose your tax regime after April 1 every year, otherwise it will automatically shift to the new tax regime.
You will get extra discount of Rs 50,000
If you move to the new tax regime in the next financial year 2024-25, then you will now get the benefit of standard deduction of Rs 50,000, which was earlier possible only in the old tax regime. Although this rule has already come into effect from April 1, 2023, you have a chance to change it on April 1, 2024. By doing this your income up to Rs 7.5 lakh will become tax free.
Tax exemption limit changed
In the new tax regime, the tax exemption limit has been increased from April 1, 2023. Now in the new tax regime, tax on income up to Rs 3 lakh instead of Rs 2.5 lakh remains Nil, 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 regime, Nil Tax limit is still up to Rs 2.5 lakh and tax rebate is up to Rs 5 lakh.
To log into NPS account, two factor verification will have to be done.
Pension Fund Regulatory and Development Authority (PFRDA) has made changes in its login system to protect NPS subscribers from cyber fraud. Now to log in to the NPS account, NPS account holders will need the user ID and password as well as the mobile number linked to Aadhaar. PFRDA is going to introduce Aadhaar-based login authentication in NPS. This rule will come into effect from April 1, 2024.
SBI Credit Card Rules
There is bad news for SBI credit card holders. Now the reward points received on rent payment will be stopped 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 give a gift to its credit card holders in the new financial year. Now customers will get free access to domestic airport lounge on spending at least 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 the rules of its credit card. From April 1, 2024, customers will get complimentary airport lounge access if they spend more than Rs 35,000 in a quarter.
LPG gas prices
LPG gas prices change on the first of every month. Sometimes the prices remain stable and then for some months an increase is seen. Similarly, changes may be seen on April 1 also. If prices increase, it will affect the public’s pockets.
ola money wallet
OLA Money is going to change its wallet rules from April 1, 2024. The company has informed its customers by sending SMS that it is going to increase the limit of small PPI (Prepaid Payment Instrument) wallet service to Rs 10,000.
