ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » Personal Finance News

Revision in PMAY subsidy, dual airbags in new cars to 'tax' on EPF — Top 5 changes that are happening from today

As we enter a new Financial Year today, there are 5 changes that is happening from Thursday (April 1, 2021) and will directly impact earning individuals. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Revision in PMAY subsidy, dual airbags in new cars to 'tax' on EPF — Top 5 changes that are happening from today
From denial of subsidy to middle income group (MIG) in the Pradhan Mantri Aawas Yojana (PMAY) to mandatory dual air bags for front seat passengers, we list here 5 important changes coming into force from today April, 2021.

As we enter a new Financial Year today, there are 5 changes that is happening from Thursday (April 1, 2021) and will directly impact earning individuals. It is important that we know these changes beforehand and act accordingly. From denial of subsidy to middle income group (MIG) in the Pradhan Mantri Aawas Yojana (PMAY) to mandatory dual air bags for front seat passengers, we list here 5 important changes coming into force from today April, 2021. Here is the list of changes.
 

See Zee Business Live TV Streaming Below:

Revision in PMAY subsidy 

 

From 1st April 2021, Middle Income Group (MIG) won't be given subsidy under PMAY. So, those earning individuals who have an annual income of Rs 6 lakh to Rs 18 lakh, they will be no more eligible for subsidy of up to Rs 2.35 lakh under PMAY scheme. However, PMAY subsidy of up to Rs 2.67 lakh for LIG (Lower Income Group) and EWS (Economically Weaker Section) would continue till 31st March 2022. 

Dual Air Bags in new cars 

From 1st April 2021, the Narendra Modi Government has made it mandatory for all automakers to manufacture new cars with dual air bang. In this provision, now car makers will have to give two air bags in the front row — one for the driver and one for the person sitting beside the driver. This new provision may lead to rise in new car prices across companies. 

Provident Fund (PF) to become taxable 

From 1st April 2021, one's provident fund (PF) contribution will become taxable if the net PF contribution is more than Rs 2.5 lakh in a particular financial year. In case the recruiter doesn't contribute, in that case the non-taxable PF limit will go up to Rs 5 lakh per annum. So, for private sector employees, non-taxable EPF limit is Rs 2.5 lakh while for the government employees the non-taxable PF limit will be Rs 5 lakh. 

Bank credentials of seven banks 

If you have bank account in any of these seven public sector banks — Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of India and Allahabad Bank — then your passbook and cheque book will become non-functional from 1st April 2021. This will happen because of the merger of these banks in various other banks. Dena Bank and Vijaya Bank have been merged with Bank of Baroda, Oriental Bank of Commerce and United Bank of India have been merged with Punjab National Bank (PNB), Corporation Bank and Andhra Bank have been merged with Union Bank of India. 

Heavy penalty for ITR non-filers 

Income tax rule for TDS (Tax Deducted at Source) will get changed from 1st April 2021, which is just a few days away. In her budget speech, Sitharaman said that if a person doesn't file income tax return (ITR), then in that case, the TDS rate on bank deposits would double. That means, even if an earning individual doesn't fall in the income tax slab, the TDS rate levied on them will be doubled (in case the earning individual does not file ITR). 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Income taxPPFNPS
Reported By: ZeeBiz WebTeam
Written By: ZeeBiz WebTeam
Updated: Thu, Apr 01, 2021
04:33 pm
Patna, ZeeBiz WebDesk
RELATED NEWS
Sustaining 19.5% growth in direct tax mop-up in FY24 may be difficult: Source Sustaining 19.5% growth in direct tax mop-up in FY24 may be difficult: Source
Budget 2023: What is Direct Tax and Indirect Tax? Explained Budget 2023: What is Direct Tax and Indirect Tax? Explained
Income Tax deduction on personal loan - Know the provisions here Income Tax deduction on personal loan - Know the provisions here
Budget 2023 Expectation: Will Modi government hike 80C limit income tax deductions? Budget 2023 Expectation: Will Modi government hike 80C limit income tax deductions?
Ahead of Budget 2023, Finance Minister explains why govt launched optional tax regime with 7 tax slabs – Details Ahead of Budget 2023, Finance Minister explains why govt launched optional tax regime with 7 tax slabs – Details

LATEST NEWS

Snowfall in Kashmir: Jammu-Srinagar highway closed; flights cancelled at Srinagar airport

Budget 2023: From GST refund on purchases to GST reduction - Here's what renewable energy expects from Modi govt

Top Gainers & Losers: Bajaj Finance shines on Q3 beat, PowerGrid gives in to selling pressure

Adani Group hits back at Hindenburg, calls allegations attack on India

Congratulations pour in for Team India as they lift U-19 women's T20 World Cup

Anil Singhvi strategy for January 30: Key market triggers, important Nifty50, Nifty Bank levels to track today

Timing of Hindenburg Research report suspicious: MK Ventures' founder Madhu Kela

Hindenburg research report on Adani: Know the man who rattled Asia's richest man and Indian stock market; Hindenburg's past targets and more

Russia-Ukraine war: Needs more weapons faster, says Volodymyr Zelenskiy

Budget 2023: Check Nifty, Bank Nifty historical track record on last 15 budget days; analyst shares trading strategy for option traders

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV