New Rules from 1st April 2023: The month of April is going to knock with many new changes. Many rules related to your other expenses including the stock market, investment, and income tax are changing. There is a change in the rules of gold hallmarking. The deadline for PAN-Aadhaar card linking is ending on March 31. After April 1, the unlinked PAN is going to be inactive. Many auto companies are making their vehicles expensive. Apart from this, there are changes like a revision of LPG cylinder prices and a list of bank holidays, which are revised on the first of every month. For your information, we are telling about many such big changes here.
1. PAN card will become inactive
If you have not yet linked your PAN card, then you have to link it before March 31, 2023, so that your PAN does not become inactive from April 1. As per section 139AA of the Income Tax Act, every person who has been allotted a Permanent Account Number (PAN) as of 1st July 2017, and who is eligible to obtain an Aadhaar number, shall intimate his Aadhaar number in the prescribed form and manner. In other words, such persons will have to mandatorily link their Aadhaar and PAN with late fee payment by 31.03.2023. If you do not do this, then after April 1, you will have to pay Rs 10,000.
2. Vehicles of many companies including Honda, Tata, and Maruti will become expensive from April 1
With the transition to the second phase of BS-VI, the cost of auto companies is increasing, apart from this, given inflation, they are passing on the increased cost to the customers. In such a situation, if you are planning to buy a vehicle after April 1, then there will be more burden on your pocket. Companies like Honda, Maruti Suzuki, Tata Motors, and Hero Motocorp have announced that they are going to increase the prices of different variants of their vehicles from 1st April.
3. UDID will be mandatory for Divyangjan
To avail of the benefits of 17 government schemes, Divyangs will have to compulsorily from April 1 give the Unique Identification Card (UDID) number issued by the Center for Divyangjan. The government said that those who do not have a UDID card will have to provide a UDID enrollment number (generated from the UDID portal only) along with a disability certificate. According to an office memorandum issued by the Department of Disability Affairs, care should be taken that a physical copy of the disability certificate or uploading of the disability certificate is not required if a valid UDID number is available.
4. Only 6 digit HUID marked jewelery can be sold
From April 1, only those gold ornaments and artefacts will be sold in the country which bears the six-digit 'Hallmark Alphanumeric Unique Identification' (HUID) number. This means that after March 31, shopkeepers will not be allowed to sell old hallmarked jewelery without HUID. The Ministry of Consumer Affairs said in a statement that a decision in this regard was taken on January 18 after consultations with all stakeholders to safeguard the interests of consumers. Gold hallmark is a certificate of purity of gold. It was voluntary from 16 June 2021. The six-digit HUID number has been imposed from July 1, 2021. The ministry also clarified that old hallmarked jewelery held by consumers will remain valid.
5. Insurance policies with high premiums will be taxed (Insurance Premium Tax Rule)
It was announced in the budget 2023 that if the annual premium of your insurance is more than 5 lakhs, then the income from it will be taxed. Till now the regular income from insurance was completely tax-free. HNI i.e. High Net Worth Individuals used to get the benefit of this. After this, these HNIs will get only limited benefits on the income from insurance. ULIP plans are not included in this. This rule will be applicable from 1 April 2023.
6. Capital gain tax will not be applicable on the conversion of gold
This year, it was announced in the budget that if you convert physical gold into e-gold or e-gold into physical gold from April 1, then you will not have to pay any capital gains tax on it. Long-term capital gains tax is applicable to gold. However, if you sell it after conversion, you will have to pay tax as per LTCG rules.
7. Revision in the prices of LPG, CNG, and PNG (LPG, CNG, PNG Price)
On the first of every month, petroleum companies in the country revise the prices of oil and gas. It is possible that this time also there will be an increase in the prices of oil. The prices of your cooking gas cylinder and commercial gas cylinder will be monitored.
8. Bank Holidays in April 2023
There will be a total of 15 days of holidays for banks in April. This includes festivals, anniversaries and weekend holidays. The month is starting with a holiday. This time in April, banks will remain closed on many other occasions including Ambedkar Jayanti, Mahavir Jayanti, and Eid-ul-Fitr. Apart from this, a total of seven days.
The nuns also have weekend holidays. You can see the complete list by clicking here.
9. LTCG tax benefit will not be available in Debt Mutual Funds (Debt Mutual Fund Tax Rules)
Investing in debt mutual funds was considered tax-advantaged. But in the Finance Bill passed in the Lok Sabha on Friday, it has been excluded from the purview of LTCG i.e. Long Term Capital Gain. There has been a proposal not to give long-term tax benefits to debt mutual funds investing less in equity. Now debt funds that invest less than 35 per cent of their assets in equity may be denied long-term tax benefits. Short-term capital gain tax will be applicable on this. Investors of such mutual fund schemes who invest 35 per cent of their assets in equity shares will be taxed as per their slab.
10. Will withdraw a 6% hike in transaction fee on NSE
The National Stock Exchange (NSE) has decided to roll back the six per cent increase in transaction charges in cash equity and futures and options segments with effect from April 1. The additional fee came into effect on January 1, 2021. Because of certain market exigencies at that time, NSE Investor Protection Fund Trust (NSE IPFT) was set up to partially augment the corpus. NSE said in a statement on Friday that its board of directors, in its meeting held on Thursday, decided to roll back the six per cent increase in transaction charges.
11. Nomination is necessary for Demat account
In respect of Demat Accounts, the last date for nomination is March 31, 2023. If you do not make the nomination by this deadline, then from April 1, the trading and demat accounts will be frozen for debit. According to SEBI rules, it is mandatory for those who have a demat and trading account to register the name of the nominee by March 31, 2023.
