New Income Tax Rules Kicks off From Today. All You Need to Know

As the new financial year kicks off today, i.e. April 1, taxpayers are set to witness several financial changes. These announcements were announced during Finance Minister Nirmala Sitharaman’s address during the Union Budget.

From April 1 onwards, individuals earning up to ₹12 lakh will be exempt from paying income tax. While logging into the GST portal, one would be required to complete their multi-factor authentication. E-bills will be generated for documents that are not older than 180 days. KYC verification will also become mandatory for all mutual fund and demat accounts.

The Unified Pension Scheme (UPS) is also set to take effect from April 1. Under this scheme, government employees with at least 25 years of service will receive a pension amounting to 50% of their average basic salary from the last 12 months.