New Delhi: From today, i.e., April 1, the new financial year 2023–24 has started. With the beginning of the new financial year, many rules have also been changed. The change in the rules is going to affect your pocket. From today, the new slabs of the new income tax regime have been implemented. New rules are coming into effect today regarding the sale of gold in the country. Along with that, many other changes have been made as of today.

1. Commercial LPG became cheaper: There has also been a change in the price of LPG cylinders as of today. The price of a 19-kg commercial LPG cylinder has been reduced by Rs 91.50. The new price of a 19-kg commercial cylinder in Delhi is going to be Rs 2,028. However, no major change has been made in the price of domestic cooking gas. Petroleum companies have also changed the prices of LPG cylinders on the first day of every month.

2. New tax regime: From April 1, i.e., today, new income tax slabs have been implemented in the country. The government had announced new slabs in the General Budget 2023, in which the number of slabs was reduced from 6 to 5. The government has said that the new tax regime can be defaulted on. If anyone wants to opt for the old regime, then it is necessary to fill out the form.

3. Income tax-free up to Rs 7 lakh: From today, the income tax exemption limit has been increased from Rs 5 lakh to Rs 7 lakh. However, this benefit is also going to be available to those who opt for the new tax regime. In the new tax regime, the tax exemption has also been increased from Rs 12,500 to Rs 25,000 under Section 87A of the Income Tax Act. However, under the new regime, those taking advantage of zero tax on income up to Rs 7 lakh will not get the benefit of exemption under 80C.

4. Travelling on motorways is expensive: From today, travelling on the country's highways and motorways will  be expensive. The toll has been increased by about 10 percent on the Delhi-Meerut Motorway and the NH-9 as of today. It has also been announced to increase the rate of toll on the Mumbai-Pune Motorway. Now 18 percent more tolls will have to be paid to travel on this highway. Toll taxes can be changed at the beginning of every financial year.

5. Hallmarking is mandatory on jewellery: Hallmarking has been made mandatory on gold jewellery as of April 1, 2023. From today, only 6-digit alphanumeric hallmarking is going to be valid. Jewellery with 4-digit Hallmark unique identification will no longer be sold.

6. Increase in interest rates for small savings schemes: From April 1, 2023, those investing in small savings are going to get more interest on deposits. The government has increased the interest rates for the April–June 2023 quarter. Interest rates on small savings schemes have been increased by 70 basis points (BPS). In a notification issued by the Ministry of Finance, it has been said that the interest rates of schemes like the Senior Citizen Scheme, Monthly Income Scheme, National Savings Certificate, Kisan Vikas Patra, and Sukanya Samriddhi Yojana have been increased.

7. Changes in Mutual Funds: From the new financial year, i.e., April 1, investments made in debt mutual funds are going to be taxed as short-term capital gains. Long-term capital gains have been abolished by the government. If someone is selling the units after redeeming the debt mutual fund before 36 months, short-term capital gains will also be applicable to the profit. But after holding for more than 36 months, long-term capital gains are levied on selling the units.

8. New scheme for women: From today, the government is going to start the 'Mahila Samman Savings Scheme for women. Mahila Samman Savings Scheme will also be taken in the name of women or girls. This is a one-time scheme and is going to be offered for investment only for a period of two years between 2023 and 2025. In his budget speech, the Finance Minister also said that to celebrate the Amrit Mahotsav of Independence, a one-time savings scheme called Mahila Samman Bachat Patra is going to be introduced for two years. In which up to Rs 2 lakh is to be invested. Partial withdrawal options will be available in this scheme, and the annual interest rate is going to be seven percent.

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