Changing the world isn’t about a single, grandiose act, it’s about the unglamorous, day-to-day stuff. From cheaper online fund transfers to GST getting make over ,there are several change which are going to change from today.
he world of work is being struck by waves of change. Some are vast and visible – leaps in machine learning and artificial intelligence or the rise of ‘do anything from anywhere’ technologies.
Here are the things You need to know about:
Change in Tax:
Information about your shares, mutual funds, dividend income as well as interest from deposits in post offices or non-banking financial companies (NBFC) will now be known to the Income Tax Department as these will be pre-filled in Form 26AS. Moreover, those who don’t file their returns will pay twice the TDS rate on interest income from bank deposits, even if they don’t fall in the tax slab. For senior citizens above 75, the requirement to file income tax returns has been waived off.
According to the new rules, senior citizens of the age 75 and above with income from pension and interest from fixed deposit in the same bank would be exempted from filing ITR from April 1. The new financial year begins on 1 April.
Want to know which Change in Chequemate?
Cheque books of eight public sector banks — Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India, Syndicate Bank and Allahabad Bank — which were merged into Bank of Baroda (Dena & Vijaya), Union Bank of India (Corporation and Andhra), Punjab National Bank (Oriental & United), Canara Bank (Syndicate) and Indian Bank (Allahabad), will become redundant won’t be valid.
From April 1, 2021, the cheque books and passbooks of several bank account holders will be invalid as several banks went through a merger.
PF and gratuity:
Any employee whose annual contribution to the provident fund (PF) account exceeds Rs 2.5 lakh will now be paying tax on the interest income earned. As for gratuity, it will now be applicable for all employees who complete one year of continuous service in the same company, as against the earlier minimum five years of continuous service in the same company.
When the basic salary becomes 50 per cent of the CTC, the contribution to the PF will also increase. For example, for a person with a monthly CTC of Rs 20,000, Rs 10,000 will be the basic salary and Rs 1,200 will go to the PF account. New rules of gratuity have been made in the new labor laws.