The new financial year has arrived. It also brought along some new rules. New rules are coming in from April 1 on many topics. New rules will be implemented especially in the banking sector. It is learned that the Government of India has merged 8 public sector banks into 3 banks. In this context, the passbooks and checkbooks of the old banks will not be operational from April 1. Jaya Bank, Dena Bank, Oriental Bank of Commerce, United Bank of India, Allahabad Bank customers’ passbooks, checkbooks as well as IFSC code and MICR code will also be changed.
There will also be some changes in the case of income tax. Those over the age of 75 after April 1 are not required to file income tax returns. This applies to those who receive income through a pension, interest on a fixed deposit. The new pay code for employees will come into effect from April 1. Basic pay is increased by this code. If the basic pay increases, 12% of it should be credited to the PF account. Employees’ take-home salary will decrease if PF increases. In addition, term insurance premium rates will increase from April 1.
All these set of new rules will be in effect from April 1, 2021.