365Telugu.com Online News, Hyderabad, April 1st, 2023: According to the new budget, there will be many changes and additions in the new financial year. New rules will come into effect.
The new prices of petrol, diesel and gas will be released from April 1. In such a situation, there is no increase or change in them. However, domestic gas cylinder has been increased by Rs.50 last month.
High tax on life insurance policies
From April 1, income from conventional life insurance policies with an annual premium of more than five lakh rupees will have to be taxed. However, this will not affect ULIP (Unit Linked Insurance Plan) plans. In such a situation, the impact of this change will be on the policyholder who pays a higher premium.
Gold: A six-figure hallmark on Buy Now
The Ministry of Consumer Affairs is changing the rules for the sale of gold jewellery from April 1. According to the new rule, after March 31, 2023, jewellery with a four-digit Hallmark Unique Identification (HUID) will not be sold. From April 1, 2023, only jewellery hallmarked with six digits will be sold. This 6-digit hall mark guarantees the purity and quality of the jewellery. This makes it easy to gather all the information.
No tax is payable on e-gold.
In a move to encourage purchases of electronic gold, there will now be no capital gains tax on conversion from physical gold to e-gold. That means, now investors can sell jewellry. One can invest in e-gold. There is also no capital gains tax on conversion from e-gold to physical gold. So far, 20 percent cess has been levied after three years of gold purchase and 4 percent on long-term capital gains. The measures taken by the government in the budget will encourage conversion of physical gold to e-gold.