From EPFO To Tax Regime: New Financial Changes From Today
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The new financial year brings several changes related to personal finance.
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New tax rules announced in the budget by Finance Minister Nirmala Sitharaman come into effect from today.
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EPFO An automatic transfer system for provident fund balance makes seamless continuation of retirement savings
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This means your PF balance will be automatically credited to your new employer's account
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Tax Regime The new tax system becomes the default option unless you specifically choose the old tax regime.
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FasTag Banks will deactivate FASTags of people who have not updated their KYC information.
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This means one may end up paying double toll tax at toll plazas.
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National Pension System A two-factor Aadhaar-based authentication for accessing the CRA (Central Record Keeping Agency) system via password, aiming to provide an additional layer of security.
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Leave Encashment The leave encashment tax exemption limit for non-government employees has now increased to Rs 25 lakh from Rs 3 lakh.
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Life insurance policies Under the new tax regime, the amount obtained from life insurance policies will be taxable if the yearly premium paid is more than Rs 5 lakh a year.
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Mutual Funds The investors are required to undergo Know Your Customer (KYC) procedures again, or they will not be allowed to make mutual funds transactions.