{"id":1244194,"date":"2023-03-30T10:01:39","date_gmt":"2023-03-30T04:31:39","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1244194"},"modified":"2023-03-30T10:02:09","modified_gmt":"2023-03-30T04:32:09","slug":"7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/","title":{"rendered":"7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know!"},"content":{"rendered":"\n<p>In this world, nothing is certain but death and taxes, said Benjamin Franklin and this adage holds ground even today.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg\" alt=\"7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know!\" class=\"wp-image-1244199\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1-768x432.jpeg 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Since there is nothing much that can be done regarding death, there can something be done for the taxes. All we can do is try to keep up with the latest developments to ensure that you are making the most of your money.&nbsp;<\/p>\n\n\n\n<p>From April 1, 2023, the Indian government introducing some major changes to the tax system as per the announcement.<\/p>\n\n\n\n<p>When it comes to the taxpayers\u2019 tax obligations and tax planning strategies, there shall be significant changes brought by the new tax regime.<\/p>\n\n\n\n<p>A comprehensive overview of the new tax rules that will be applicable from the new financial year. Following are some of the major changes in the new tax rules:<\/p>\n\n\n\n<p><strong>New tax regime as Default Tax Regime<\/strong><\/p>\n\n\n\n<p>Starting April 2023, the new income tax regime will be the default system for tax assessors. However, the taxpayers have an option to choose the prior system.&nbsp;<\/p>\n\n\n\n<p>There shall be a standard deduction of \u20b952,500 to those with taxable income exceeding Rs.15.5 lakhs. In order to make the tax regime more attractive, the basic exemption limit has been raised from \u20b92.5 lakhs to \u20b93 lakhs. Additionally, those with an annual salary of more than \u20b915 lakhs are taxed at a rate of 30%.<\/p>\n\n\n\n<p><strong>Tax free Conversion of Gold to an Electronic Gold Receipt<\/strong><\/p>\n\n\n\n<p>In order to promote the electronic gold, government has taken a step towards allowing the conversion of physical gold into electronic gold receipt (EGR) and vice versa by a SEBI-registered vault manager as free from any capital gain. This move, starting from April, is anticipated to boost the digital gold market in India and make gold investments more accessible to Indian investors.<\/p>\n\n\n\n<p><strong>Life insurance policies will become taxable<\/strong><\/p>\n\n\n\n<p>Starting, 1st April 2023, the proceeds from life insurance premium over the annual premium of \u20b95 lakhs will be taxable. This new income tax rule won&#8217;t be applicable to ULIP (unit-linked insurance plan). ULIP is a type of insurance policy that combines insurance and investment, where a part of the premium is invested in market instruments like equities and debt.<\/p>\n\n\n\n<p><strong>Gifts received by not-ordinary residents will be taxed<\/strong><\/p>\n\n\n\n<p>Any gift above \u20b950,000 received by a resident individual who is not an ordinary resident (RNOR) is liable for taxation. According to the income tax act, an individual is deemed to be an RNOR if he has been a non-resident in India for nine out of the last ten years preceding the assessment year, or has been in India for a cumulative period of 729 days or less during the seven years preceding the assessment year. Hence, any gift over and above the prescribed limit received by an RNOR will be taxable in their hands.<\/p>\n\n\n\n<p><strong>Limited Benefits claimed under Section 54 and Section 54F<\/strong><\/p>\n\n\n\n<p>The Indian tax act provides tax incentives for those selling their residential houses under section 54 and long-term capital gains on any capital asset except a house property under section 54F. From the new financial year, however, the maximum exemption provided under both sections is restricted to \u20b910 crore, and any gains above that amount will be taxed at a flat rate of 20 percent (with indexation). The maximum surcharge applicable to income from capital gains remains at 15 percent.<\/p>\n\n\n\n<p><strong>Tax on Winnings from online games<\/strong><\/p>\n\n\n\n<p>The new section 115BBJ of the income tax act makes winnings from online games taxable. Any winnings from such activities will be subject to a flat rate of 30 percent taxation, which will be deducted at source from the winnings. This rate of taxation will be applicable for all types of winnings, including cash, kind, vouchers, or any other form of benefit.<\/p>\n\n\n\n<p>The new tax regime proposed in the union budget is set to bring about major changes to the taxation system in India. It is important to stay informed about the latest developments to ensure that you are making the most of your money.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.timesnownews.com\/web-stories\/business\/seven-major-changes-in-income-tax-rules-for-taxpayers-from-april-1\/photostory\/99041793.cms?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this world, nothing is certain but death and taxes, said Benjamin Franklin and this adage holds ground even today. Since there is nothing much that can be done regarding death, there can something be done for the taxes. All we can do is try to keep up with the latest developments to ensure that [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":1244199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[192,1258],"class_list":["post-1244194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-income-tax","tag-march-31"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know! - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"In this world, nothing is certain but death and taxes, said Benjamin Franklin and this adage holds ground even today. Since there is nothing much that can be done regarding death, there can something be done for the taxes. All we can do is try to keep up with the latest developments to ensure that [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-30T04:31:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-30T04:32:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Rohit Kulkarni\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rohit Kulkarni\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/\",\"url\":\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/\",\"name\":\"7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\",\"isPartOf\":{\"@id\":\"https:\/\/trak.in\/stories\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg\",\"datePublished\":\"2023-03-30T04:31:39+00:00\",\"dateModified\":\"2023-03-30T04:32:09+00:00\",\"author\":{\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/4486219a5d31e657b529e6e874cead8b\"},\"breadcrumb\":{\"@id\":\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#primaryimage\",\"url\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg\",\"contentUrl\":\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg\",\"width\":1024,\"height\":576},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/trak.in\/stories\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know!\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/trak.in\/stories\/#website\",\"url\":\"https:\/\/trak.in\/stories\/\",\"name\":\"Trak.in - Indian Business of Tech, Mobile &amp; Startups\",\"description\":\"Trak.in is a popular Indian Business, Technology, Mobile &amp; Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups &amp; Social Media Space\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/trak.in\/stories\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/4486219a5d31e657b529e6e874cead8b\",\"name\":\"Rohit Kulkarni\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/52ba60e3a61a3517cad7b5dd6bce76c6e7a4d8b337f4240839e8737c4ab8b1bb?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/52ba60e3a61a3517cad7b5dd6bce76c6e7a4d8b337f4240839e8737c4ab8b1bb?s=96&d=mm&r=g\",\"caption\":\"Rohit Kulkarni\"},\"url\":\"https:\/\/trak.in\/stories\/author\/rohit-kulkarni\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know! - Trak.in - Indian Business of Tech, Mobile &amp; Startups","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/","og_locale":"en_US","og_type":"article","og_title":"7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know! - Trak.in - Indian Business of Tech, Mobile &amp; Startups","og_description":"In this world, nothing is certain but death and taxes, said Benjamin Franklin and this adage holds ground even today. Since there is nothing much that can be done regarding death, there can something be done for the taxes. All we can do is try to keep up with the latest developments to ensure that [&hellip;]","og_url":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/","og_site_name":"Trak.in - Indian Business of Tech, Mobile &amp; Startups","article_published_time":"2023-03-30T04:31:39+00:00","article_modified_time":"2023-03-30T04:32:09+00:00","og_image":[{"width":1024,"height":576,"url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg","type":"image\/jpeg"}],"author":"Rohit Kulkarni","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Rohit Kulkarni","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/","url":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/","name":"7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know! - Trak.in - Indian Business of Tech, Mobile &amp; Startups","isPartOf":{"@id":"https:\/\/trak.in\/stories\/#website"},"primaryImageOfPage":{"@id":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#primaryimage"},"image":{"@id":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#primaryimage"},"thumbnailUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg","datePublished":"2023-03-30T04:31:39+00:00","dateModified":"2023-03-30T04:32:09+00:00","author":{"@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/4486219a5d31e657b529e6e874cead8b"},"breadcrumb":{"@id":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#primaryimage","url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg","contentUrl":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg","width":1024,"height":576},{"@type":"BreadcrumbList","@id":"https:\/\/trak.in\/stories\/7-critical-changes-in-income-tax-after-march-31-that-every-taxpayer-should-know\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/trak.in\/stories\/"},{"@type":"ListItem","position":2,"name":"7 Critical Changes In Income Tax After March 31 That Every Taxpayer Should Know!"}]},{"@type":"WebSite","@id":"https:\/\/trak.in\/stories\/#website","url":"https:\/\/trak.in\/stories\/","name":"Trak.in - Indian Business of Tech, Mobile &amp; Startups","description":"Trak.in is a popular Indian Business, Technology, Mobile &amp; Startup blog featuring trending News, views and analytical take on Technology, Business, Finance, Telecom, Mobile, startups &amp; Social Media Space","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/trak.in\/stories\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/4486219a5d31e657b529e6e874cead8b","name":"Rohit Kulkarni","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/trak.in\/stories\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/52ba60e3a61a3517cad7b5dd6bce76c6e7a4d8b337f4240839e8737c4ab8b1bb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/52ba60e3a61a3517cad7b5dd6bce76c6e7a4d8b337f4240839e8737c4ab8b1bb?s=96&d=mm&r=g","caption":"Rohit Kulkarni"},"url":"https:\/\/trak.in\/stories\/author\/rohit-kulkarni\/"}]}},"jetpack_featured_media_url":"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/03\/Online-Internet-tax-Taxation-3-1-1280x720-1024x576-1024x576-1.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1244194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/comments?post=1244194"}],"version-history":[{"count":1,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1244194\/revisions"}],"predecessor-version":[{"id":1244200,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/posts\/1244194\/revisions\/1244200"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media\/1244199"}],"wp:attachment":[{"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/media?parent=1244194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/categories?post=1244194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trak.in\/stories\/wp-json\/wp\/v2\/tags?post=1244194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}