List of things that will impact you. Click open the points to read in details.
1) New Financial Year shocker: Interest rates on PPF, NSC, other small savings schemes to be lower from today
2) Indian Railways: Cancellation of counter train tickets by a phone call from today
Indian Railway is set to launch a facility from today for the hassled passengers who find it hard to reach its counters within the stipulated time to cancel their tickets.
One has to just dial 139, give details of the confirmed ticket and the sender will get a one-time password, which will help the passenger to claim refund.
3) New FY gift! First time home buyers to get additional tax benefit of Rs 50,000 from today
The Finance Bill 2016, which is likely to be approved by Parliament during the second half of the Budget session, provides for up to Rs 50,000 tax benefit on loan up to Rs 35 lakh taken for residential house.
"In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs 50,000," said the Bill, presented to Parliament by Finance Minister Arun Jaitley.
This incentive is proposed to be extended to a house property of a value less than Rs 50 lakh in respect of which a loan of an amount not exceeding Rs 35 lakh has been sanctioned during the period from the April 1, 2016 to March 31, 2017.
4) Get personal tax exemption of additional Rs 30,000 from today
Finance Minister Arun Jaitley in Budget 2016 announcement hiked additional tax limit for people earning upto Rs 5 lakh.
Those earning up to Rs 5 lakh a year will now get a tax relief of Rs 5,000, up from Rs 2,000 previously.
The hike will effectively raise the basic exemption for the taxpayers to up to Rs 3 lakh.
Currently government gives personal income tax exemption limit of Rs 2.5 lakh for all individual taxpayers.
5) Indian Railways: Full train fare for children from 5 to 12 years from today
Under the revised provision, full adult fare will be charged for children of age 5 years and under 12 years of age if for whom berth/seat (in reserved class) is sought at the time of reservation.
However, there shall be no change in the rule for child fare of unreserved tickets which means fare for children of 5-12 years for unreserved tickets shall continue to be half of the adult fare.
However, in case berth/seat is not sought for the children of age 5 years and under 12 years of age at the time of reservation, then half of the adult fare shall continue to be charged
6) Car, bike insurance to be costlier from today
Third party motor insurance premium for small cars (up to 1,000 cc) will now be up 39.9 percent to Rs 2,055 from Rs 1,468 being currently charged. The hike in mid-segment cars (1,000 - 1,500 cc) too is about 40 percent.
Premium hike in case of bigger cars and SUVs (above 1,500 cc) is 25 percent. It will now cost Rs 6,164 from April as against the current Rs 4,931.
"It is observed that the cost inflation index (CII) has increased by 5.57 percent over the previous year, i.E. From 1024 in FY 2014-15 to 1081 in FY 2015-16," Irdai had said while notifying the rates of third party insurance premium from April 1, 2016.
Similarly, premiums have gone up in case of bikes and scooters. The new premium rate for two-wheelers up to 75 cc is Rs 569 as against Rs 519. Two-wheelers falling in the category of 75 cc - 150 cc is up 15 percent to Rs 619 while there is increase of 25 percent for bikes in the category of 150 cc - 350 cc. However, premium has been reduced in case of motor-bikes which are about 350 cc to Rs 884.
Basic third party (TP) premium for three-wheelers too has been increased. A new category 'e-rickshaw' (capacity of up to 6 passengers) has been introduced and the basic TP premium has been fixed at Rs 1,125.
The premium increase in case of public carriers is in the range of 15-30 percent. However, there is no change in case of goods carrying vehicles having capacity up to 12 tonnes.
Motor third party insurance is mandatory for vehicles. Irdai has asked insurers to ensure that motor third party insurance is made available at their underwriting offices and through all available channels of distribution.
7) Good news for senior citizens! 50% more rail berths from today
Senior citizens will now have about 90 reserved berths for them in a train as the Railways has enhanced the reservation quota by 50 percent for the elders as part of the budget commitments.
Besides senior citizens, female passengers above 45 years of age and pregnant women are also eligible to avail the enhanced quota.
The reserved qouta for senior citizen was introduced in 2007. A combined reservation quota of two lower berths per coach in Sleeper, AC-3 tier and AC-2 tier classes was earmarked for them.
In 2015, the existing quota of two lower berths per coach in Sleeper class was enhanced to four lower berths per coach.
It has now been decided to enhance this quota to six lower berths per coach in Sleeper class and three lower berths per coach in 3AC and 2AC classes, Jamshed said.
It has also been decided that in Rajdhani, Duronto and fully AC Express trains, this quota in 3AC class will be four lower berths per coach as against three lower berths per coach in case of normal Mail/Express trains
8) List of items getting costlier and cheaper from today
> Cigarettes, cigar, tobacco, paper rolled beedis and gutaka > All services like bill payments, eating out, air travel > Ready made garments and branded apparel of more than Rs 1,000
> Gold and Silver; jewelery articles excluding silver > Water including mineral water, aerated water containing added sugar or sweetening matter
> Goods and services above Rs 2 lakh in cash > Aluminum foil
> Air Travel
> Plastic bags and sacks
> Ropeway, cable car rides
> Imported imitation jewellery
> Industrial solar water heater
> Legal services
> Lottery tickets
> Traveling by hiring stage carriage
> Hiring of packers & movers
> E-reading devices
> Instruments for VoIP (Voice over Internet Protocol) > Imported Golf Cars
> Gold bars
> Solar lamp
> Router, broadband modems and set top boxes, Digital video recorder and CCTV cameras
> Hybrid electric vehicles
> Sterilised dialyser
> Low cost houses with less than 60 sq mt carpet area > Hiring of folk artists for performance > Refrigerated containers
> Pension plans
> Microwave ovens
> Sanitary pads
> Braille paper
1) New Financial Year shocker: Interest rates on PPF, NSC, other small savings schemes to be lower from today
2) Indian Railways: Cancellation of counter train tickets by a phone call from today
Indian Railway is set to launch a facility from today for the hassled passengers who find it hard to reach its counters within the stipulated time to cancel their tickets.
One has to just dial 139, give details of the confirmed ticket and the sender will get a one-time password, which will help the passenger to claim refund.
3) New FY gift! First time home buyers to get additional tax benefit of Rs 50,000 from today
The Finance Bill 2016, which is likely to be approved by Parliament during the second half of the Budget session, provides for up to Rs 50,000 tax benefit on loan up to Rs 35 lakh taken for residential house.
"In furtherance of the goal of the Government of providing 'housing for all', it is proposed to incentivise first-home buyers availing home loans, by providing additional deduction in respect of interest on loan taken for residential house property from any financial institution up to Rs 50,000," said the Bill, presented to Parliament by Finance Minister Arun Jaitley.
This incentive is proposed to be extended to a house property of a value less than Rs 50 lakh in respect of which a loan of an amount not exceeding Rs 35 lakh has been sanctioned during the period from the April 1, 2016 to March 31, 2017.
4) Get personal tax exemption of additional Rs 30,000 from today
Finance Minister Arun Jaitley in Budget 2016 announcement hiked additional tax limit for people earning upto Rs 5 lakh.
Those earning up to Rs 5 lakh a year will now get a tax relief of Rs 5,000, up from Rs 2,000 previously.
The hike will effectively raise the basic exemption for the taxpayers to up to Rs 3 lakh.
Currently government gives personal income tax exemption limit of Rs 2.5 lakh for all individual taxpayers.
5) Indian Railways: Full train fare for children from 5 to 12 years from today
Under the revised provision, full adult fare will be charged for children of age 5 years and under 12 years of age if for whom berth/seat (in reserved class) is sought at the time of reservation.
However, there shall be no change in the rule for child fare of unreserved tickets which means fare for children of 5-12 years for unreserved tickets shall continue to be half of the adult fare.
However, in case berth/seat is not sought for the children of age 5 years and under 12 years of age at the time of reservation, then half of the adult fare shall continue to be charged
6) Car, bike insurance to be costlier from today
Third party motor insurance premium for small cars (up to 1,000 cc) will now be up 39.9 percent to Rs 2,055 from Rs 1,468 being currently charged. The hike in mid-segment cars (1,000 - 1,500 cc) too is about 40 percent.
Premium hike in case of bigger cars and SUVs (above 1,500 cc) is 25 percent. It will now cost Rs 6,164 from April as against the current Rs 4,931.
"It is observed that the cost inflation index (CII) has increased by 5.57 percent over the previous year, i.E. From 1024 in FY 2014-15 to 1081 in FY 2015-16," Irdai had said while notifying the rates of third party insurance premium from April 1, 2016.
Similarly, premiums have gone up in case of bikes and scooters. The new premium rate for two-wheelers up to 75 cc is Rs 569 as against Rs 519. Two-wheelers falling in the category of 75 cc - 150 cc is up 15 percent to Rs 619 while there is increase of 25 percent for bikes in the category of 150 cc - 350 cc. However, premium has been reduced in case of motor-bikes which are about 350 cc to Rs 884.
Basic third party (TP) premium for three-wheelers too has been increased. A new category 'e-rickshaw' (capacity of up to 6 passengers) has been introduced and the basic TP premium has been fixed at Rs 1,125.
The premium increase in case of public carriers is in the range of 15-30 percent. However, there is no change in case of goods carrying vehicles having capacity up to 12 tonnes.
Motor third party insurance is mandatory for vehicles. Irdai has asked insurers to ensure that motor third party insurance is made available at their underwriting offices and through all available channels of distribution.
7) Good news for senior citizens! 50% more rail berths from today
Senior citizens will now have about 90 reserved berths for them in a train as the Railways has enhanced the reservation quota by 50 percent for the elders as part of the budget commitments.
Besides senior citizens, female passengers above 45 years of age and pregnant women are also eligible to avail the enhanced quota.
The reserved qouta for senior citizen was introduced in 2007. A combined reservation quota of two lower berths per coach in Sleeper, AC-3 tier and AC-2 tier classes was earmarked for them.
In 2015, the existing quota of two lower berths per coach in Sleeper class was enhanced to four lower berths per coach.
It has now been decided to enhance this quota to six lower berths per coach in Sleeper class and three lower berths per coach in 3AC and 2AC classes, Jamshed said.
It has also been decided that in Rajdhani, Duronto and fully AC Express trains, this quota in 3AC class will be four lower berths per coach as against three lower berths per coach in case of normal Mail/Express trains
8) List of items getting costlier and cheaper from today
Following is a list of items that will turn costlier
> Cars> Cigarettes, cigar, tobacco, paper rolled beedis and gutaka > All services like bill payments, eating out, air travel > Ready made garments and branded apparel of more than Rs 1,000
> Gold and Silver; jewelery articles excluding silver > Water including mineral water, aerated water containing added sugar or sweetening matter
> Goods and services above Rs 2 lakh in cash > Aluminum foil
> Air Travel
> Plastic bags and sacks
> Ropeway, cable car rides
> Imported imitation jewellery
> Industrial solar water heater
> Legal services
> Lottery tickets
> Traveling by hiring stage carriage
> Hiring of packers & movers
> E-reading devices
> Instruments for VoIP (Voice over Internet Protocol) > Imported Golf Cars
> Gold bars
Following is a list items that will turn cheaper
> Footwear> Solar lamp
> Router, broadband modems and set top boxes, Digital video recorder and CCTV cameras
> Hybrid electric vehicles
> Sterilised dialyser
> Low cost houses with less than 60 sq mt carpet area > Hiring of folk artists for performance > Refrigerated containers
> Pension plans
> Microwave ovens
> Sanitary pads
> Braille paper
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