New Delhi: With the beginning of the new financial year, these big changes are going to happen. This time, many such rules are going to change in the new financial year which will directly affect the life of the common man. There will be major changes in the rules related to PAN, Income Tax and GST from 1 April. This time the government has created a new slab of income tax in the budget, which will be applicable from the new financial year, although the option of the old slab for the customers has also been kept by the government. New rules related to PAN, Aadhaar card linking are also going to come into effect from 1 April 2020. Let us know what is going to change after the new financial year:

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PAN, Aadhaar converged rules Linking

The last date has been announced by the Income Tax Department to link your PAN card to the Aadhaar card. After this, those PAN cards which are not linked to Aadhaar from April 1, 2020, will be 'Invalid'. During that time, PAN cards will remain active, but customers will be fined up to 10 thousand for using such PAN cards. Even millions of PAN cards are not linked to Aadhaar.

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New Income Tax System will be applicable

This time the central government made a big announcement for income taxpayers in the budget. The government announced the Income Tax System with a new slab, which will be effective from 1 April 2020. In the new system, no rebate and deduction benefit will be given. However, this arrangement will be optional. If the income taxpayer can collect the tax even after taking exemption according to the old slab.

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New GST Return System

The new GST system will also be implemented from the new financial year. In which it was decided to introduce new system for taxpayers in the 31st meeting of GST Council. It has been brought after this. This will make it easier to fill GST returns. Two new forms have been kept under the new system which will exist under the names GST FORM ANX-1 and GST FORM ANX-2.

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