New rules and changes from 1st April 2023 in Taxation & Corporate Law

Stay informed about the latest rules and changes in Taxation & Corporate Law effective from April 1, 2023. Explore updates on gold hallmarking, car prices, UDID for disabled, NSE transaction fees, toll taxes, UPI transactions, and new income tax rules, including alterations in income tax slabs, increased minimum tax rebate, reduced surcharge rate, taxable annual premium, and enhanced leave encashment exemption for non-government salaried employees.

1. Gold Rules

• Bureau of Indian Standards has made alphanumeric Hallmark Identification Number (HUID) mandatory from 1 April, 2023.
• It has been mandatory for assuring quality, authenticity and purity of gold jewelry and enhancing confidence of consumers.

2. Hike in price of cars  

• The top motor vehicle companies like Tata Motors, Toyota, Mercedes- Benz, BMW, Hero Motocorp, Honda cars has announced hike in price of cars and motorcycles from 1 April, 2023.
• This rise is owing to stringent Bharat Stage VI (BSVI) emission norms which would increase production cost.
• This rise will also vary among various models of cars and motor cycles.

3.Mandatory UDID for disabled to avail Govt. schemes  

• UDID Number has been made mandatory from 1 April 2023.
• UDID is a Unique Disability Identification Number allotted to disabled people.
• Government has mandated that all disabled persons must have this card to avail various government schemes announced for them.

4.NSE transaction fees to withdraw

• National stock exchange has announced a roll back of 6% transaction charges from 1 April, 2023 on Equity cash and derivatives segment.
• These charges were earlier levied from January 2021 by the stock exchange.
• Consequent to this change, transactions in Cash and derivatives segment would become cheaper.

5.Rise in toll taxes

• National Highways Authority of India has announced an increase of toll taxes from 3.5-18 percent from 1 April, 2023 owing to increase in road traffic volume on roads.
• This hike will depend on the region of travelling from expressways and highways.

6.UPI transactions rules  

• UPI transaction charges would be costlier from 1 April, 2023 on merchant transactions.
• National Payments Corporation of India has announced levy of fees of 0.5 to 1.1 percent on merchant transactions above Rs. 2000/- made through Prepaid payment instruments (PPI’s)- wallets and cards depending upon the amount of transaction.
• Normal consumers won’t be affected from such change.

7. Income tax rules

• The new tax regime would be applicable from 1 April, 2023 which would bring many changes in income tax rules. Some of them include:
• Changes in Income tax slabs in the new regime
• Minimum tax rebate u/s 87A has been increased to Rs. 25,000/-
• Maximum rate of surcharge has been reduced to 25%. Earlier it was 37%.
• Annual premium above Rs. 5 lakhs would be taxable under new tax regime.
• Leave encashment exemption for non government salaried employees on retirement increased from 3 lakhs to 25 lakhs.