From April 1st, Indians are going to face a complete change in the financial laws. This change will have both direct and indirect impacts on people’s lives, and it may be particularly detrimental for certain individuals. The Indian government has made numerous changes to rules and regulations for the upcoming year and some procedures will have to be updated till 31st March.
With this, the deadline for linking Aadhaar card with PAN has been postponed by the government to 30th June, 2023, giving an additional three month window. Now, Taxpayers will have to link their Aadhaar with PAN. The government also extended a deadline for Aadhaar-Voter ID linking.
Identity Card for individuals with disabilities
There are approximately 15-20 government schemes in place that provide significant assistance to disabled individuals; but it will be mandatory to avail these schemes from 1st April.
Helpful link: www.swavlambancard.gov.in
Tax deduction in Life Insurance Policy
Starting now, the government will exempt life insurance policies with premiums over 5 lakh from taxation following the discontinuation of the ULIP scheme.
Starting from 1st April,2023, non-equity funds that have less than 35% of their investments in equities will no longer be eligible for the long-term capital gains tax rate of 20% with indexation, as per new tax regulation.
Gold, without Hallmark is prohibited
The Ministry of Consumer Affairs has issued a ban on the buying and selling of gold that does not bear a Hallmark. Starting from 31st March, the use of four digit Unique Identification Hallmark will no longer be deemed valid under the new regulations, and it will be mandatory for gold to have a six-digit alphanumeric hallmark.
Car price will surge
From now on, cars will be required to be equipped with OBD-2 machines, leading to an increase in car prices.
SEBI ordered all demat and trading account holders and mutual fund investors to add nominees to their accounts else, accounts will get frizzed. The government is set to raise the prices of approximately 900 different medications, including those essential for heart patients and emergency medical treatment.
RBI also released a report on the change in new tax slab through which a live encashment for private sector employees has been increased from 3 lakhs to 25 lakhs.
In conclusion, every new financial year brings with it new rules and regulations that individuals and businesses need to be aware of. By staying up-to-date and making necessary adjustments, we can better navigate the changing financial landscape.