These 7 changes are going to happen from April 1, employees and businesses will be the most affected
The new fiscal year is going to start from April 1 and in such a situation, many new rules are being made and implemented, which will have a direct impact on the common man. The biggest impact of these changes is going to be on employees, businessmen, and pensioners.
According to government sources, the new labor law will come into force from April 1; there will be a change in salary structure. The the new structure holds the provision of contributing more to the Employees Provident Fund (PF) than before.
According to the new labor law, now the basic salary will have to be increased to at least 50 percent of the total salary. This will benefit the employees with less than 50 percent stake. An increase in basic salary will increase the contribution of PF. Also, the savings of employees will increase.
The time limit for gratuity has also been reduced under the new labor law. Gratuity benefits from working for 5 consecutive years in a company.
In the new financial year 2021-22, tax rules have been implemented under Income Tax on PF contribution of more than 2.5 lakh rupees. Now income taxpayers earning more than two lakh rupees per month will come under this radius.
Elderly pensioners who have crossed 75 years of age are exempted to file ITR. This facility will be available only to those whose source of income is pension and interest earned from it.
The exemption the period granted to employees under the Vacation Travel Concession (LTC) voucher is up to 31 March 2021. That is, from April 1, there will be no benefit.
Under the Business to Business (B2B) business, from April 1, E-invoice will be mandatory for such businessmen whose turnover is more than Rs 50 crore.