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Financial changes effective April 1: What you need to know

Monday 01 April 2024 01:40 AM UTC+00
As the curtains draw on the financial year 2023–24, the dawn of the new fiscal year heralds a slew of financial alterations set to come into effect from April 1. Here's a comprehensive look at the key changes that will reshape personal finance in FY 2024–25:
The income tax department has unearthed a scam involving the fraudulent use of permanent account numbers (PAN) to claim house rent allowance (HRA) without actual tenancy. Around 8,000-10,000 high-value cases, each involving amounts exceeding Rs 10 lakh, have been identified so far. The investigation was triggered by the discovery of alleged rent receipts totaling approximately Rs 1 crore attributed to an individual.
Oil marketing companies have announced a reduction in prices for 19 kg commercial cylinders and 5 kg FTL (Free Trade LPG) cylinders, effective from April 1, 2024, just ahead of the Lok Sabha elections. The price of a 19 kg commercial cylinder has been decreased by Rs 30.50, with the new price set at Rs 1764.50 in Delhi starting from April 1. Similarly, the price of the 5 kg FTL cylinder has been lowered by Rs 7.50, as reported by ANI, citing sources.
Amidst speculations, the Finance Ministry has clarified that there will be no new changes in the tax regime from April 1, 2024, as the interim budget's income tax proposals take effect. In a statement posted on X (formerly Twitter), the ministry addressed confusion surrounding the new tax regime, known for its lower rates but fewer exemptions and deductions.
Prime Minister Narendra Modi on Monday (April 1) stressed on the need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Addressing  a gathering at the inauguration event for the commemoration of 90 years of the Reserve bank of India (RBI) in Mumbai, PM Modi said that there may be a requirement for newer ways of "financing, operating and business models" in the changing landscape.
In a notable development, the Goods and Services Tax (GST) collection has surged by 11.5 per cent year-on-year (YoY), reaching an impressive Rs 1.78 lakh crore in the month of March. The Finance Ministry has reported that this figure marks the second-highest collection ever recorded, reflecting a robust performance in revenue generation despite prevailing economic circumstances.
Gold prices reached their all-time high globally on Monday as the latest data showing a slowing inflation trend in the US boosted expectations that the Federal Reserve could deliver its first interest rate cut in June. Indian gold futures also hit a record high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, according to dealers.
The Election Commission of India (ECI) has instructed the National Highways Authority of India (NHAI) to proceed with the calculation of new user fee (toll) rates on highways as per their annual schedule, typically commencing from April 1 each year. However, the EC has stipulated that the implementation of these new rates should be postponed until after the Lok Sabha elections.
Mumbai: The Reserve Bank of India (RBI) reported on Monday that nearly 97.69 percent of the Rs 2000 denomination banknotes have been returned to the banking system and only Rs 8,202 crore worth of the withdrawn notes are in public circulation.
Smallcap stock from the industrial sector, Gujarat Toolroom, has informed BSE about the next dividend payment. According to an exchange filing, the board is slated to meet next week to consider and approve a proposal for up to 165 per cent dividend payment.
Amidst speculations, the Finance Ministry has clarified that there will be no new changes in the tax regime from April 1, 2024, as the interim budget's income tax proposals take effect. In a statement posted on X (formerly Twitter), the ministry addressed confusion surrounding the new tax regime, known for its lower rates but fewer exemptions and deductions.
Prime Minister Narendra Modi on Monday (April 1) stressed on the need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Addressing  a gathering at the inauguration event for the commemoration of 90 years of the Reserve bank of India (RBI) in Mumbai, PM Modi said that there may be a requirement for newer ways of "financing, operating and business models" in the changing landscape.
In a notable development, the Goods and Services Tax (GST) collection has surged by 11.5 per cent year-on-year (YoY), reaching an impressive Rs 1.78 lakh crore in the month of March. The Finance Ministry has reported that this figure marks the second-highest collection ever recorded, reflecting a robust performance in revenue generation despite prevailing economic circumstances.
Gold prices reached their all-time high globally on Monday as the latest data showing a slowing inflation trend in the US boosted expectations that the Federal Reserve could deliver its first interest rate cut in June. Indian gold futures also hit a record high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, according to dealers.
The Election Commission of India (ECI) has instructed the National Highways Authority of India (NHAI) to proceed with the calculation of new user fee (toll) rates on highways as per their annual schedule, typically commencing from April 1 each year. However, the EC has stipulated that the implementation of these new rates should be postponed until after the Lok Sabha elections.
Mumbai: The Reserve Bank of India (RBI) reported on Monday that nearly 97.69 percent of the Rs 2000 denomination banknotes have been returned to the banking system and only Rs 8,202 crore worth of the withdrawn notes are in public circulation.
Smallcap stock from the industrial sector, Gujarat Toolroom, has informed BSE about the next dividend payment. According to an exchange filing, the board is slated to meet next week to consider and approve a proposal for up to 165 per cent dividend payment.
Ministry of Civil Aviation (MoCA) sought a detailed report from Vistara regarding flight cancellations and major delays, with the airline having cancelled or delayed over 100 flights in the past week, news agency ANI reported quoting MoCA official on Tuesday. The airline may cancel 60 flights today, the sources said.
The Indian stock market saw little movement today as the Sensex and Nifty traded flat amidst fluctuations, following a lackluster opening in Asian markets. As of 10 am, the BSE Sensex slipped by 41 points to 73,973, while the NSE Nifty50 was marginally down by 8 points, trading at 22,454.
Vistara pilot crisis: Several scheduled Vistara flights were delayed and cancelled on Monday after pilots and many first officers reported sick to protest against a proposed new salary structure. The revised monthly emoluments issue has surfaced ahead of airline's decision to merge with Air India, reports said.
Amidst speculations, the Finance Ministry has clarified that there will be no new changes in the tax regime from April 1, 2024, as the interim budget's income tax proposals take effect. In a statement posted on X (formerly Twitter), the ministry addressed confusion surrounding the new tax regime, known for its lower rates but fewer exemptions and deductions.
Prime Minister Narendra Modi on Monday (April 1) stressed on the need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Addressing  a gathering at the inauguration event for the commemoration of 90 years of the Reserve bank of India (RBI) in Mumbai, PM Modi said that there may be a requirement for newer ways of "financing, operating and business models" in the changing landscape.
In a notable development, the Goods and Services Tax (GST) collection has surged by 11.5 per cent year-on-year (YoY), reaching an impressive Rs 1.78 lakh crore in the month of March. The Finance Ministry has reported that this figure marks the second-highest collection ever recorded, reflecting a robust performance in revenue generation despite prevailing economic circumstances.
Gold prices reached their all-time high globally on Monday as the latest data showing a slowing inflation trend in the US boosted expectations that the Federal Reserve could deliver its first interest rate cut in June. Indian gold futures also hit a record high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, according to dealers.
The Election Commission of India (ECI) has instructed the National Highways Authority of India (NHAI) to proceed with the calculation of new user fee (toll) rates on highways as per their annual schedule, typically commencing from April 1 each year. However, the EC has stipulated that the implementation of these new rates should be postponed until after the Lok Sabha elections.
Mumbai: The Reserve Bank of India (RBI) reported on Monday that nearly 97.69 percent of the Rs 2000 denomination banknotes have been returned to the banking system and only Rs 8,202 crore worth of the withdrawn notes are in public circulation.
Smallcap stock from the industrial sector, Gujarat Toolroom, has informed BSE about the next dividend payment. According to an exchange filing, the board is slated to meet next week to consider and approve a proposal for up to 165 per cent dividend payment.
Ministry of Civil Aviation (MoCA) sought a detailed report from Vistara regarding flight cancellations and major delays, with the airline having cancelled or delayed over 100 flights in the past week, news agency ANI reported quoting MoCA official on Tuesday. The airline may cancel 60 flights today, the sources said.
The Indian stock market saw little movement today as the Sensex and Nifty traded flat amidst fluctuations, following a lackluster opening in Asian markets. As of 10 am, the BSE Sensex slipped by 41 points to 73,973, while the NSE Nifty50 was marginally down by 8 points, trading at 22,454.
Vistara pilot crisis: Several scheduled Vistara flights were delayed and cancelled on Monday after pilots and many first officers reported sick to protest against a proposed new salary structure. The revised monthly emoluments issue has surfaced ahead of airline's decision to merge with Air India, reports said.
Amidst speculations, the Finance Ministry has clarified that there will be no new changes in the tax regime from April 1, 2024, as the interim budget's income tax proposals take effect. In a statement posted on X (formerly Twitter), the ministry addressed confusion surrounding the new tax regime, known for its lower rates but fewer exemptions and deductions.
Prime Minister Narendra Modi on Monday (April 1) stressed on the need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Addressing  a gathering at the inauguration event for the commemoration of 90 years of the Reserve bank of India (RBI) in Mumbai, PM Modi said that there may be a requirement for newer ways of "financing, operating and business models" in the changing landscape.
In a notable development, the Goods and Services Tax (GST) collection has surged by 11.5 per cent year-on-year (YoY), reaching an impressive Rs 1.78 lakh crore in the month of March. The Finance Ministry has reported that this figure marks the second-highest collection ever recorded, reflecting a robust performance in revenue generation despite prevailing economic circumstances.
Gold prices reached their all-time high globally on Monday as the latest data showing a slowing inflation trend in the US boosted expectations that the Federal Reserve could deliver its first interest rate cut in June. Indian gold futures also hit a record high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, according to dealers.
The Election Commission of India (ECI) has instructed the National Highways Authority of India (NHAI) to proceed with the calculation of new user fee (toll) rates on highways as per their annual schedule, typically commencing from April 1 each year. However, the EC has stipulated that the implementation of these new rates should be postponed until after the Lok Sabha elections.
Mumbai: The Reserve Bank of India (RBI) reported on Monday that nearly 97.69 percent of the Rs 2000 denomination banknotes have been returned to the banking system and only Rs 8,202 crore worth of the withdrawn notes are in public circulation.
Smallcap stock from the industrial sector, Gujarat Toolroom, has informed BSE about the next dividend payment. According to an exchange filing, the board is slated to meet next week to consider and approve a proposal for up to 165 per cent dividend payment.
Ministry of Civil Aviation (MoCA) sought a detailed report from Vistara regarding flight cancellations and major delays, with the airline having cancelled or delayed over 100 flights in the past week, news agency ANI reported quoting MoCA official on Tuesday. The airline may cancel 60 flights today, the sources said.
The Indian stock market saw little movement today as the Sensex and Nifty traded flat amidst fluctuations, following a lackluster opening in Asian markets. As of 10 am, the BSE Sensex slipped by 41 points to 73,973, while the NSE Nifty50 was marginally down by 8 points, trading at 22,454.
Vistara pilot crisis: Several scheduled Vistara flights were delayed and cancelled on Monday after pilots and many first officers reported sick to protest against a proposed new salary structure. The revised monthly emoluments issue has surfaced ahead of airline's decision to merge with Air India, reports said.
Amidst speculations, the Finance Ministry has clarified that there will be no new changes in the tax regime from April 1, 2024, as the interim budget's income tax proposals take effect. In a statement posted on X (formerly Twitter), the ministry addressed confusion surrounding the new tax regime, known for its lower rates but fewer exemptions and deductions.
Prime Minister Narendra Modi on Monday (April 1) stressed on the need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Addressing  a gathering at the inauguration event for the commemoration of 90 years of the Reserve bank of India (RBI) in Mumbai, PM Modi said that there may be a requirement for newer ways of "financing, operating and business models" in the changing landscape.
In a notable development, the Goods and Services Tax (GST) collection has surged by 11.5 per cent year-on-year (YoY), reaching an impressive Rs 1.78 lakh crore in the month of March. The Finance Ministry has reported that this figure marks the second-highest collection ever recorded, reflecting a robust performance in revenue generation despite prevailing economic circumstances.
Gold prices reached their all-time high globally on Monday as the latest data showing a slowing inflation trend in the US boosted expectations that the Federal Reserve could deliver its first interest rate cut in June. Indian gold futures also hit a record high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, according to dealers.
The Election Commission of India (ECI) has instructed the National Highways Authority of India (NHAI) to proceed with the calculation of new user fee (toll) rates on highways as per their annual schedule, typically commencing from April 1 each year. However, the EC has stipulated that the implementation of these new rates should be postponed until after the Lok Sabha elections.
Mumbai: The Reserve Bank of India (RBI) reported on Monday that nearly 97.69 percent of the Rs 2000 denomination banknotes have been returned to the banking system and only Rs 8,202 crore worth of the withdrawn notes are in public circulation.
Smallcap stock from the industrial sector, Gujarat Toolroom, has informed BSE about the next dividend payment. According to an exchange filing, the board is slated to meet next week to consider and approve a proposal for up to 165 per cent dividend payment.
Ministry of Civil Aviation (MoCA) sought a detailed report from Vistara regarding flight cancellations and major delays, with the airline having cancelled or delayed over 100 flights in the past week, news agency ANI reported quoting MoCA official on Tuesday. The airline may cancel 60 flights today, the sources said.
The Indian stock market saw little movement today as the Sensex and Nifty traded flat amidst fluctuations, following a lackluster opening in Asian markets. As of 10 am, the BSE Sensex slipped by 41 points to 73,973, while the NSE Nifty50 was marginally down by 8 points, trading at 22,454.
Vistara pilot crisis: Several scheduled Vistara flights were delayed and cancelled on Monday after pilots and many first officers reported sick to protest against a proposed new salary structure. The revised monthly emoluments issue has surfaced ahead of airline's decision to merge with Air India, reports said.
Amidst speculations, the Finance Ministry has clarified that there will be no new changes in the tax regime from April 1, 2024, as the interim budget's income tax proposals take effect. In a statement posted on X (formerly Twitter), the ministry addressed confusion surrounding the new tax regime, known for its lower rates but fewer exemptions and deductions.
Prime Minister Narendra Modi on Monday (April 1) stressed on the need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Addressing  a gathering at the inauguration event for the commemoration of 90 years of the Reserve bank of India (RBI) in Mumbai, PM Modi said that there may be a requirement for newer ways of "financing, operating and business models" in the changing landscape.
In a notable development, the Goods and Services Tax (GST) collection has surged by 11.5 per cent year-on-year (YoY), reaching an impressive Rs 1.78 lakh crore in the month of March. The Finance Ministry has reported that this figure marks the second-highest collection ever recorded, reflecting a robust performance in revenue generation despite prevailing economic circumstances.
Gold prices reached their all-time high globally on Monday as the latest data showing a slowing inflation trend in the US boosted expectations that the Federal Reserve could deliver its first interest rate cut in June. Indian gold futures also hit a record high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, according to dealers.
The Election Commission of India (ECI) has instructed the National Highways Authority of India (NHAI) to proceed with the calculation of new user fee (toll) rates on highways as per their annual schedule, typically commencing from April 1 each year. However, the EC has stipulated that the implementation of these new rates should be postponed until after the Lok Sabha elections.
Mumbai: The Reserve Bank of India (RBI) reported on Monday that nearly 97.69 percent of the Rs 2000 denomination banknotes have been returned to the banking system and only Rs 8,202 crore worth of the withdrawn notes are in public circulation.
Smallcap stock from the industrial sector, Gujarat Toolroom, has informed BSE about the next dividend payment. According to an exchange filing, the board is slated to meet next week to consider and approve a proposal for up to 165 per cent dividend payment.
Ministry of Civil Aviation (MoCA) sought a detailed report from Vistara regarding flight cancellations and major delays, with the airline having cancelled or delayed over 100 flights in the past week, news agency ANI reported quoting MoCA official on Tuesday. The airline may cancel 60 flights today, the sources said.
The Indian stock market saw little movement today as the Sensex and Nifty traded flat amidst fluctuations, following a lackluster opening in Asian markets. As of 10 am, the BSE Sensex slipped by 41 points to 73,973, while the NSE Nifty50 was marginally down by 8 points, trading at 22,454.
Vistara pilot crisis: Several scheduled Vistara flights were delayed and cancelled on Monday after pilots and many first officers reported sick to protest against a proposed new salary structure. The revised monthly emoluments issue has surfaced ahead of airline's decision to merge with Air India, reports said.
Amidst speculations, the Finance Ministry has clarified that there will be no new changes in the tax regime from April 1, 2024, as the interim budget's income tax proposals take effect. In a statement posted on X (formerly Twitter), the ministry addressed confusion surrounding the new tax regime, known for its lower rates but fewer exemptions and deductions.
Prime Minister Narendra Modi on Monday (April 1) stressed on the need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Addressing  a gathering at the inauguration event for the commemoration of 90 years of the Reserve bank of India (RBI) in Mumbai, PM Modi said that there may be a requirement for newer ways of "financing, operating and business models" in the changing landscape.
In a notable development, the Goods and Services Tax (GST) collection has surged by 11.5 per cent year-on-year (YoY), reaching an impressive Rs 1.78 lakh crore in the month of March. The Finance Ministry has reported that this figure marks the second-highest collection ever recorded, reflecting a robust performance in revenue generation despite prevailing economic circumstances.
Gold prices reached their all-time high globally on Monday as the latest data showing a slowing inflation trend in the US boosted expectations that the Federal Reserve could deliver its first interest rate cut in June. Indian gold futures also hit a record high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal, according to dealers.
The Election Commission of India (ECI) has instructed the National Highways Authority of India (NHAI) to proceed with the calculation of new user fee (toll) rates on highways as per their annual schedule, typically commencing from April 1 each year. However, the EC has stipulated that the implementation of these new rates should be postponed until after the Lok Sabha elections.
Mumbai: The Reserve Bank of India (RBI) reported on Monday that nearly 97.69 percent of the Rs 2000 denomination banknotes have been returned to the banking system and only Rs 8,202 crore worth of the withdrawn notes are in public circulation.
Smallcap stock from the industrial sector, Gujarat Toolroom, has informed BSE about the next dividend payment. According to an exchange filing, the board is slated to meet next week to consider and approve a proposal for up to 165 per cent dividend payment.
Ministry of Civil Aviation (MoCA) sought a detailed report from Vistara regarding flight cancellations and major delays, with the airline having cancelled or delayed over 100 flights in the past week, news agency ANI reported quoting MoCA official on Tuesday. The airline may cancel 60 flights today, the sources said.
The Indian stock market saw little movement today as the Sensex and Nifty traded flat amidst fluctuations, following a lackluster opening in Asian markets. As of 10 am, the BSE Sensex slipped by 41 points to 73,973, while the NSE Nifty50 was marginally down by 8 points, trading at 22,454.
Vistara pilot crisis: Several scheduled Vistara flights were delayed and cancelled on Monday after pilots and many first officers reported sick to protest against a proposed new salary structure. The revised monthly emoluments issue has surfaced ahead of airline's decision to merge with Air India, reports said.
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