From EPFO To Tax Regime: New Financial Changes From Today

[{"selector":"#anim-1b494111-20e6-4fe7-be4c-0a25e2084da3","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c4efcfea-4f66-4502-b8ad-07daa09688b6","keyframes":{"transform":["translate3d(-125.09224%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6a8c0afe-6c4c-4342-80fa-424ab5710b75 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.421874872003954%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Generic Tax Several changes pertaining to personal finance are brought about by the new fiscal year.

[{"selector":"#anim-40d4eb2c-9bed-4817-836f-e765d496af97","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eb44e15f-df7a-411b-bcf3-4a0d8dded10d","keyframes":{"transform":["translate3d(-126.1194%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fdaacd1b-a4c0-4ef2-8a9d-98111ec10f94 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(26.720149004473935%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Today marks the implementation of new tax laws that Finance Minister Nirmala Sitharaman announced in the budget.

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[{"selector":"#anim-56128d64-b760-4b4f-af96-5cfd35dce873","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-55280417-382d-45c4-b93b-be5e829543d9","keyframes":{"transform":["translate3d(-136.59575%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9da78232-3c5c-4441-b144-279f9f7a1913","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cc8220f6-f99d-40fa-84a6-1355b6bdc337","keyframes":{"transform":["translate3d(211.62791%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-43dfabc9-70b6-4fa8-9ae7-00f3c0bf74a7 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-28.867122379856514%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Unless you specifically select the previous tax regime, the new tax system is applied by default. Tax Structure

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[{"selector":"#anim-7dceea4b-0ada-413b-873f-3222cb2c2b07","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e2046e9e-e815-4378-80e7-6e12ec627eec","keyframes":{"transform":["translate3d(-124.63768%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-00848ef0-8b18-4c61-b5fa-e54370dc1c87","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-34b651cf-8b33-41a2-837f-c4c092320766","keyframes":{"transform":["translate3d(319.29826%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cdad88a7-33cc-4ad7-ad97-3ab70bc63636 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-41.51785702908287%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Banks will deactivate FASTags of people who have not updated their KYC information. This means one may end up paying double toll tax at toll plazas. FasTag

[{"selector":"#anim-00801ef0-bd4e-4793-96f5-f744ca6902f7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-581e4be7-cef0-48d6-9155-3654ec93d9e9","keyframes":{"transform":["translate3d(-121.10727%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d122d42f-f798-427c-8982-f6697dc3d7b4","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f135d4de-ec17-4af5-8500-c2f9d3b6a07e","keyframes":{"transform":["translate3d(123.41137%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7fde7222-7eb2-4f2e-b4c4-0a007e90e65b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.61641960390453%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] A two-factor Aadhaar-based authentication for accessing the CRA (Central Record Keeping Agency) system via password, aiming to provide an additional layer of security. National Pension System

[{"selector":"#anim-86d1fa02-222e-4655-9fbf-289e2c13b69d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-49d34757-0ac5-4a19-9562-f73a9f7320f6","keyframes":{"transform":["translate3d(-135.14644%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ccce5592-6d52-49e5-b428-116ae962ac7d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c839058c-ff6a-4771-8342-9a284dcffc80","keyframes":{"transform":["translate3d(156.96203%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-68978b34-3c6e-4c86-b80c-fe1ec4cbaab4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-30.54416011634846%, 0, 0) translate(4.954954954954954%, 4.882561675230863%) scale(0.9009009009009009)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] For non-government employees, the maximum amount of leave encashment tax exemption has been raised from Rs 3 lakh to Rs 25 lakh. Leave Encashment

[{"selector":"#anim-775afc1d-b4a5-4b43-9c9e-ee71bff10e99","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f8ad1041-2887-407a-8d79-f855fef7baca","keyframes":{"transform":["translate3d(-126.66667%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-652ec30c-bbdd-44b3-a96b-8c4d2a052e45","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2faab153-4e74-437d-8479-ff0d887e954b","keyframes":{"transform":["translate3d(206.66666%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e3e80664-1b78-48c5-9529-d1c1994fa400 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-30.517317812295218%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] If the annual premium paid for a life insurance policy exceeds Rs 5 lakh, the proceeds from the policy would be subject to taxation under the new tax laws. Life insurance

[{"selector":"#anim-7505dd39-50d5-4a6b-a95b-3799192ce56e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c9659ba0-a6bf-4647-9f3a-6daea6be9206","keyframes":{"transform":["translate3d(-122.22222%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-620f1275-5d8f-4e7b-b1de-37937350028b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67c484a7-52f1-480a-b559-6112b7fe0219","keyframes":{"transform":["translate3d(221.42856%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0e00bb38-c7fe-425a-8b07-b33bf404c2e5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(53.57142845765429%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Investors will not be permitted to transact in mutual funds unless they go through the Know Your Customer (KYC) process once again. Mutual Funds