There will be significant changes in the rules relating to cooking gas, PF, income tax, insurance and pension from April 1. In fact, in the General Budget 2021, there was an opportunity to set a tax-exemption limit on interest on the Employees Provident Fund (EPF) and the Voluntary Futures Fund (VPF), which will come into effect from April 1. In addition, there may be significant changes in the prices of the census, simple pension plan.

There will be a change in PF rules from April 1

In the budget, interest on future fund contributions of over Rs 2.5 lakh per annum is now taxed at normal rates. This applies only to employee contributions, not employee (company) contributions. This rule will apply from April 1. In fact, employees must save the tax by depositing more money in the PF because the interest of the PF is outside the scope of the tax. Under the existing provisions, the interest of the Employees Provident Fund, the Voluntary Futures Fund and the Exempt Futures Fund Trusts, however much the PF contribution is exempt, is tax-free. This new provision of the budget has a direct impact on people with higher income salaries who use the voluntary futures fund for tax-free interest.

Exemption for filing income tax return for super citizens

People older than 75 are no longer required to file income tax returns. This was announced by Finance Minister Nirmala Sitharaman in his budget speech this time. But this exemption is left only to those who have no income other than a pension.

LTC

The LTC has been announced in this year’s Budget. The last time employees were unable to take advantage of the LTC was because of corona. Now the government does not pay them, it is not taxed.

The simple pension scheme will start from April 1st

Insurance regulator IRDA has asked life insurance companies to introduce the Saral pension scheme from April 1 this year. Under the Saral Pension Scheme, insurance companies have the option of issuing only two annuities (annuities). According to guidelines issued by the IRDA, it does not receive termination benefits under the Saral Pension Scheme. However, it does have the option to refund 100% of the purchase price.

LPG prices vary from April 1

On the first date of each month, oil companies make changes to the prices of LPG cylinders. The cylinder price was also increased last month. It remains to be seen whether companies will increase the price of cylinders this month.

Many of the rules for income tax are changing from April 1, you have a direct effect