FY 2023-24: From New Income Tax Regime To LPG Cylinder Price - 6 Major Changes From Today Will Impact Your Pockets Directly
Financial Year 2023-24 kicks in from April 1, bringing a slew of major changes that will directly impact your pockets. From LPG cylinder price reduced, revised interest on small savings scheme to new income tax regime - here are some major changes starting from April 1, 2023.
Revised Rates On Small Savings Scheme
Finance Ministry announced on Friday the rates of interest on various small savings schemes for the first quarter (Q1) of financial year 2023-24 starting from April 1, 2023. There is marginal increase for low maturing savings scheme, however, the hike is higher for long-term maturity savings scheme. 5 year time deposit scheme will give an interest of 7.5%.
LPG Cylinder Prices Reduced By Rs 92
New Tax Regime Becomes Default Option
New Rule Kicks In For Gold Sale From April 1
Tax Rebate Increased to Rs 7 Lakh
Tax on Life Insurance Policies
The centre government has brought some life insurance policies under taxable from this financial year 2023-24. But only those life insurance policies will be taxed whose aggregate premium exceed above Rs 5 lakh. It is noted that insurance policies issued till March 31, 2023 will not be affected by this new rule.