New Tax Rules 2024
The new fiscal year (FY2024–25) will begin on April 1, 2024, and with it, a number of revised tax regulations that were previously detailed in the national budget. This date marks the implementation of the changes that Finance Minister Nirmala Sitharaman outlined in the interim budget for February. It is anticipated that the National Pension System (NPS), Employees’ Provident Fund Organization (EPFO), tax laws, and mutual fund and insurance regulations will all change.
Benefits Of The New Tax Rules 2024
- Travel and rental receipt records are not required to be kept up to date.
- The 2.5 lakh rupee threshold for the basic exemption has been raised to 3 lakh rupees.
- The 5 lakh rupee ceiling was raised to 7 lakh rupees as the taxable limit.
- The rates of surcharge have been lowered from 37% to 25%. Those taxpayers whose income exceeds five crore rupees are subject to these reduced rates.
E-Insurance
Prior to April 1, 2024, the Insurance Regulatory and Development Authority of India (IRDAI) declared that insurance policies would have to be digitalized. All insurance types, including health, life, and general insurance, will be subject to this order, which will require the electronic issue of policies
National Pension System (NPS)
For increased security, the Pension Fund Regulatory and Development Authority (PFRDA) has implemented two-factor authentication. Dual-factor Aadhaar-based authentication will be required for all password-Aadhaar connected logins in the Central Recordkeeping Agency (CRA) system.
EPFO
When a customer changes jobs, the Employees’ Provident Fund Organization (EPFO) will now immediately transfer the leftover balance to their new organization. It is not necessary for owners of EPFO accounts to request a transfer of EPF money.
The Fastag will be canceled.
The National Highways Authority of India (NHAI) states that your Fastag would be deleted if you haven’t renewed your KYC by March 31, 2024. Fastags that do not have KYC will be banned or deactivated starting at midnight today. Without KYC, Fastags will be disabled on April 1st, and you can be required to pay double toll tax.
The new rule of income tax.
At midnight tonight, there will be a big change in income tax. An administration of default taxes will begin with the next fiscal year. The Income Tax Department will automatically file your taxes under the new tax rules 2024 if you haven’t chosen one. Furthermore, March 31, 2024 is the last day to file revised returns (ITR-U) for the assessment year 2021–2022.
