From tax rules to price hikes: Important changes from April 1

Under the New Tax Regime, there will be no tax on income up to ₹12 lakh. With a standard deduction of ₹75,000 for the salaried class, this exemption will be up to ₹12.75 lakh.

In the New Tax Regime, a new tax slab of 25% has now been added for income from 20 to 24 lakh. This change will also be effective from April 1st.

The TDS limit on income from rent will increase from 2.4 lakh to 6 lakh. The TDS limit on interest received from FD for senior citizens will increase from 50,000 to 1 lakh.

The TCS limit for sending money abroad for studies has now increased from 7 lakh to 10 lakh rupees. However, TCS will not be deducted if the money is taken as a loan.

You will be able to file an updated return for 48 months from the end of the assessment year. Earlier this limit was 24 months.

If you pay a premium of more than ₹2.5 lakh annually on ULIP, then it will be considered a capital asset. Capital gains tax will have to be paid on it at maturity.

In the budget, the government had reduced the custom duty, due to which 36 life-saving drugs, EV (Electric Vehicle), mobile phones, bikes etc. may become cheaper.

Imported shoes, imported candles, PVC flex films, PVC flex sheets, PVC flex banners, LCD/LED TVs etc.