FY 2023-24: From New Income Tax Regime To LPG Cylinder Price - 6 Major Changes From Today Will Impact Your Pockets Directly
Financial Year 2023-24 kicks in from April 1, bringing a slew of major changes that will directly impact your pockets. From LPG cylinder price reduced, revised interest on small savings scheme to new income tax regime - here are some major changes starting from April 1, 2023.
Revised Rates On Small Savings Scheme
![Revised Rates On Small Savings Scheme Revised Rates On Small Savings Scheme](https://english.cdn.zeenews.com/sites/default/files/2023/04/01/1176784-tax-4.jpg)
Finance Ministry announced on Friday the rates of interest on various small savings schemes for the first quarter (Q1) of financial year 2023-24 starting from April 1, 2023. There is marginal increase for low maturing savings scheme, however, the hike is higher for long-term maturity savings scheme. 5 year time deposit scheme will give an interest of 7.5%.
LPG Cylinder Prices Reduced By Rs 92
![LPG Cylinder Prices Reduced By Rs 92 LPG Cylinder Prices Reduced By Rs 92](https://english.cdn.zeenews.com/sites/default/files/2023/04/01/1176783-fake-6.jpg)
New Tax Regime Becomes Default Option
![New Tax Regime Becomes Default Option New Tax Regime Becomes Default Option](https://english.cdn.zeenews.com/sites/default/files/2023/04/01/1176782-gold-2.jpg)
New Rule Kicks In For Gold Sale From April 1
![New Rule Kicks In For Gold Sale From April 1 New Rule Kicks In For Gold Sale From April 1](https://english.cdn.zeenews.com/sites/default/files/2023/04/01/1176781-gold-1.jpg)
Tax Rebate Increased to Rs 7 Lakh
![Tax Rebate Increased to Rs 7 Lakh Tax Rebate Increased to Rs 7 Lakh](https://english.cdn.zeenews.com/sites/default/files/2023/04/01/1176780-tax-3.jpg)
Tax on Life Insurance Policies
![Tax on Life Insurance Policies Tax on Life Insurance Policies](https://english.cdn.zeenews.com/sites/default/files/2023/04/01/1176779-lic-5.jpg)
The centre government has brought some life insurance policies under taxable from this financial year 2023-24. But only those life insurance policies will be taxed whose aggregate premium exceed above Rs 5 lakh. It is noted that insurance policies issued till March 31, 2023 will not be affected by this new rule.