Surprise! What to Expect Besides April Fool's Day?

We will look into all the changes that are going to change from 1st of April 2023 other than making April fool

April Fool!!

👋 Hi, this is Venkat and here with a free, full issue of the The The Quantified India Newsletter. In every issue, I cover topics in a simpler terms in areas related to Money/taxation/Economy?Investing etc.

If you are new here feel free to read the older article .

This is not a April fool post but an important one to understand all the changes that are going to happen in terms of money and taxation in India.

If you are an investor or not but keeping a tab on changes is very important to not miss out an updates.

Lets get the ball rolling🥎 …. get started with the changes for individuals

New Tax regime is going to be the default option for taxation.🫰🏻

From tomorrow the new tax regime is going to be the default one and you can choose the older regime if you want.

The government has made a new tax regime the default option, but people can choose to use the old tax regime. The new tax regime has some advantages for people who earn less than INR 7 lakh per year, such as a higher exemption limit and a tax rebate. However, the old tax regime allows people to claim deductions for things like housing loan repayments and tuition fees. If people earn more than INR 7 lakh per year, they need to decide which tax regime is better for them based on their individual circumstances.

Hike in Tax Rebate to Rs. 25000

Rebate Section under 87A is going to be hiked to Rs 25000 for taxable income upto Rs 7 lakhs, So if you opt for new regime for taxation you dont have pay any taxes upto 7 Lakhs Net income.

Special Home Loan Rates given by HDFC, SBI going to end 🏡

State Bank of India's (SBI) home loan offer during this festive season will end from tomorrow. The festive offer which began on October 4, is scheduled to end on March 31, 2023. Under this offer, SBI is giving concessions ranging from 15 basis points to 30 basis points.

Similar to this HDFC special Home loan rates are also going to end from March 31st.

Cars, Bikes are going to be costlier 🛵🚘

BS6 phase 2 real driving emissions (RDE) norms are coming into effect in India from tomorrow, i.e. April 1, 2023. All new vehicles, including cars, two-wheelers and commercial vehicles, will have to comply with the latest emission standards.

In order to comply with these new standards, auto manufacturers will have to upgrade the engines that will involve huge costs and may not be economically viable for every model on sale today. As a result, many of the low-selling cars currently on sale will not be available for sale from April 1 onwards.

Indexation benefit going to end for Debt MF

We already covered ind detail about this in our previous ep.

In a nutshell, the as a investor in Debt MF, it is going to lose its indexation benefits which in turn have significance changes in the return after taxation.


What will change for Senior Citizen(s)

A Senior Citizens Savings Scheme (SCSS) account is a retirement-benefits account that is supported by the Indian government. Indian senior citizens who invest a lump sum in the plan, either individually or jointly, can take advantage of the account's benefits.

The account will offer income tax advantages in addition to access to regular income after retirement. Senior Citizens Savings Schemes can be availed by any individual above the age of 60 years. They are effective savings options for the long term and offer attractive features and unmatched security.

Maximum deposit limit for Senior Citizens Savings Scheme will be increased to Rs 30 lakhs from 15 lakhs

SCSS Information

Tenure - 5 years

Interest Rate - 8.0% p.a.

Investment Amount - Maximum amount that can be deposited is Rs.30 lakh

Premature Withdrawal - Allowed

if you already have invested in this scheme you can add some addition money to it.

SBI WeCare FD scheme

Under the SBI WeCare FD scheme, the State Bank of India (SBI) offers an interest rate of 7.5 per cent for fixed deposits maturing between five years and 10 years to senior citizens. The scheme is available on fresh deposits and renewal of maturing deposits. The scheme is available till March 31, 2023. The offer will be applicable for deposits of below Rs 2 crore.
Similar schemes from HDFC bank,IDBI bank is also going to end as well.

Capital Gain Exemption to be capped at 10 Crores 🤑

In Budget 2023, the government set a cap of Rs 10 crore for the long-term capital gain tax deduction for reinvestment in residential properties under Sections 54 and 54F of the Income Tax Act. The same limit has been set for the Capital Gains Account Scheme. Earlier, there was no maximum limit set on the account.

For all HNIs availing high value capital gain exemption by investing in luxury apartments .. Sorry you can no longer get more than 10 crores exemptions.

Budget 2023 memorandum stated: “In order to prevent this, it is proposed to impose a limit on the maximum deduction that can be claimed by the assesses under section 54 and 54F to rupees ten crore. It has been provided that if the cost of the new asset purchased is more than rupees ten crore, the cost of such asset shall be deemed to be ten crores. This will limit the deduction under the two sections to ten crore rupees.”

Insurance investment brought under taxation 🥲

There's a good reason you are looking to 'invest' in an insurance plan before April 1. Since all insurance plans with annual premiums over Rs 5 lakh purchased on or after April 1 2023 will be taxed (for ULIPs, premiums above Rs 2.5 lakh are taxable), it makes all the sense in the world to look for one. At the same time, it doesn't either.

Please don’t treat insurance as Investment

While insurance companies and their 'enthu cutlet' agents might tell you otherwise and try to sell you insurance plans that offer 'returns' after a certain period, we strongly suggest you stick to the good-old pure term plans.


Play at your own risk with 30 % taxation (Online gaming)💰.

The IPL Fever is going to get started with Namma Thala Dhoni’s CSK opening match and you decide to bet on CSK in Dream11 and also win 100 Rs.

But Sadly, Dream11 has to deduct 30% from the Rs. 50000 from the Winning prize.

So play responsibly for the government😀

Thats all for today and if you like this one feel free to share within your group