Five Major Changes Takes Effect from April 1st; Check these changes to Save Money

Many significant changes will take effect on April 1, 2022, which will have an impact on your wallet. These measures will affect bank customers, ranging from taxation to older citizens. Axis Bank, for example, has changed the fees associated with its pay and savings accounts.

Axis Bank raises the minimum balance requirement

The new regulations will apply to Axis Bank clients who have salary and savings accounts as of April 1, 2022. The bank has increased the minimum balance amount on a savings account from 10,000 to 12,000 rupees. The savings account limit in Metro/Urban City has been changed, according to information on the AXIS Bank website. The bank has increased the existing free cash transaction limit to four free transactions or Rs.1.5 lakh.

Tax on PF account

The CBDT has agreed to apply the Income-tax (25th Amendment) Rule 2021 on April 1, 2022. That is, a limit of Rs.2.5 lakh in tax-free contributions is imposed in the Employee Provident Fund (EPF) account. If the contribution exceeds this amount, the interest income will be taxed. Simultaneously, the ceiling on tax-free contributions to GPF for government employees is Rs.5 lakh per year.

Savings Account for MIS Interest

The rules for investing in the Post Office Monthly Income Scheme (MIS), the Senior Citizen Savings Scheme (SCSS), and the Post Office Term Deposit (TD) have also altered. From April 1, the interest sum in these programmes will not be available in cash. You must first open a savings account. According to the Department of Posts, many consumers have not linked their post office savings account or bank account to their MIS, SCSS, or TD, and as a result, no interest is given. So, they link it.

Singapore relaxes covid regulations

Singapore has streamlined the covid rules for foreign visitors from April 1. Those who have received the full dose of the covid vaccine will not be tested upon arrival. Transit via Singapore will also be resumed beginning next month.

GST regulations have been simplified

The CBIC (Central Board of Indirect Taxes and Customs) has cut the turnover limit for the issue of e-challans (electronic challans) under the Goods and Services Tax (GST) to Rs.20 crore, down from the previous set ceiling of Rs.50 crore.