Changes from 1 April for employees and businesses will be the most: In the new financial year starting April 1, many rules and regulations will change that will affect the pockets of the common man.
These 5 big changes will come from April 1st
Employees and executives will be impressed
Know what big changes will come
The biggest changes coming from April 1 will have the biggest impact on employees and executives, as well as pensioners. According to government sources, the existing slab of tax has remained unchanged and the pay slab has also been changed with the new labor law from April 1. This will result in a higher contribution to the PF of the employees as compared to earlier. According to labor law, the basic salary will be increased to at least 50 percent of the salary. This will benefit employees in less than 50 percent participation. Increasing the basic salary will benefit the contribution of PF. At the same time, employee savings will also increase.
Changes from 1 April for employees and businesses will be the most
Graduation time will decrease
The time limit for graduation has been reduced due to the new labor law. Graduation benefits from working in a company for 5 consecutive years.
Tax on paying excess PF
In the new financial year 2021-22, the tax rule has been applied on PF contributions of more than Rs 2.5 lakh. In addition, the rule will have tax payers earning more than Rs 2 lakh per month.
The elderly will be allowed to file ITR
Elderly pensioners above the age of 75 are allowed to file ITR. This facility will be available only to those whose source of income is pension and the interest earned from it.
LTC encashment time also expires
According to the new rule, voucher employees will also be allowed to travel on flights till March 31, 2021. It will not be available from April 1.
From April 1, e-invoices will be mandatory for businesses whose taxable turnover is more than Rs 50 crore, depending on the business-to-business.
Today there is big news for those who invest in PPF or VPF. The government has raised the tax exemption limit for special categories of people to Rs 5 lakh. The government has passed an amendment bill in Parliament. About 1 percent of those who invest in a provident fund will benefit from this research. Those who invest more than Rs 2.5 lakh in PF will get benefits. Nirmala Sitharaman said most people contribute less than Rs 2.5 lakh to their PF.