The first date of every month brings changes in many rules. But every year the date of April 1 is special, because the financial year also changes from this day in India. In such a situation, let us know what is going to change after 7 days.
As such, many rules change in the country from the first of every month. But April 1, 2023 is special in this case, because the new financial year also starts from this day. That’s why not only the general rules but many rules related to many taxes etc. also change from this day. Let’s know about them…
When Finance Minister Nirmala Sitharaman read her budget speech in February this year. Then a comprehensive change in the rules related to income tax was announced. All these rules will come into force from 1 April 2023.
1. Income of 7.5 lakh will be tax free
According to the budget proposal of the Finance Minister, from now on, income up to Rs 7 lakh will be tax free under the new tax regime in the country. At the same time, in the new tax regime, the benefit of standard deduction of Rs 50,000 will be available. In this way, the income of the common man up to Rs 7.5 lakh will be income tax free.
2. New tax regime will be default
The Finance Minister had said one more thing in the budget speech that from now on the new income tax system will be a default system. This means that when you go to file income tax return on the Income Tax Department’s site, you will already get the new tax regime selected. However, you can still opt for the old tax system.
3. Rules related to hallmarking of gold will change
To remove the confusion in the rules related to hallmarking of gold, the government has now made a plan to bring uniformity in them. This new rule will come into effect from 1 April 2023. Now jewelery with 4 digit Hallmark Unique Identification (HUID) will not be available in the country. Rather, now only jewelry with 6 digit HUID can be bought and sold.
4. Aadhaar-PAN must be linked
If you have not linked your Aadhaar and PAN card by 31 March 2023. Then your PAN number is going to be invalid. That is, from April 1, 2023, it is necessary to have your Aadhaar and PAN link.
5. LPG prices may increase
Generally, the prices of LPG gas cylinders increase on the first date of every month in the country. Sometimes the government does not even do this, as it did in February this year. However, in March, the price of 14.2 kg domestic cooking gas cylinder was increased by Rs 50 and that of commercial gas cylinder by Rs 350.
6. Rules related to emission will change
The government is going to start the second phase of BS-6 emission standards from April 1, 2023 in the country. Due to this, there can be many changes in the vehicles. As the second phase of on-board diagnostic (OBD-2) for two-wheelers is about to begin. At the same time, standards like Real Driving Emission (RDE) and Corporate Average Fuel Economy (CAFE-2) will be applicable for four wheelers.
7. Vehicles will become expensive
The first date of the next month can also bring inflation. The reason is that due to the new emission standards, the cost of companies will increase, after which they can increase the price of their vehicles. Hero MotoCorp has also announced to increase the price of its 2-wheeler models by 2 percent.
