Seven changes to notice as new financial year begins

A quick rundown on the changes you need to know as new financial year begins

GN Bureau | April 1, 2016


#budget 2016   #financial year  


 As we enter the new financial year from Friday, here is how our lives will be affected with the budgetary provisions coming into effect from April 1. 

  1. Train tickets booked from the counter can be cancelled on a phone call dialling railway enquiry number 139.
  2. Children in the age group of 5 to 12 years of age will be charged full fare instead of half, while travelling in Indian railways.
  3. As Indian Railways, during rail budget 2016, announced to increase the reservation quota by 50 percent for senior citizens, there will now be 90 reserved berths for them in a train.
  4. Interest rates on PPF scheme, NSC and other saving accounts will be lower.
  5. Those earning upto Rs 5 lakh per annum will now get a tax relief of Rs 5,000, up from Rs 2,000 previously.
  6. No tax on PF withdrawal as proposed in the budget 2016 earlier.
  7. Excise duties on various tobacco products other than beedi will be raised by about 10-15 percent.

 

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