02 April 2012

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Know 10 Most Important Changes of New Financial Year 2012

Know 10 Most Important Changes of New Financial Year 2012

From 1st April 2, 2012 new financial year began.

Following are the ten important changes one should know.

Important Change No. 1

Time Limit or Validity of

1. cheques

2. drafts

3. pay orders

4. banker's cheques

is shortened or decreased or say reduced.

Important change -

Reserve Bank of India (RBI) has reduced the lifespan of drafts and cheques from six months to three months.

Now on make a habit and remember the life span or time limit of each cheque or check is only Three Months.

Before 3 months if you fail to use the cheque then your cheque will not be honored by the Banks and in that case you will be required to go to the person who gave you cheque and request him to give or issue a new cheque.

Important Change No. 2

Small Savings and Interest Rate

Government has increased interest rates by 0.2-0.5% on following

1. national savings certificates

2. recurring deposits

3. public provident fund

4. senior citizen saving scheme

5. monthly income scheme

6. time deposits

Important Change No. 3 -

Health Checkup and Tax Deductions

Family means - Husband, wife and 2 children

only the premium paid on medical insurance up to Rs15, 000 per family was tax-free.

Extra Tax benefits and idea to show love to parents.

Now on You can also claim Rs15, 000 more if you bought medical insurance in a parent's name.
senior citizens [Parents] the limit is Rs. 20, 000.

Important Change No. 4 –

Government has increased the Vehicles Insurance Premium

1. private car owners have to pay out 4-6% more premiums, depending on engine capacity ('cc' displacement)
2. Premium for two-wheelers will rise around 6-8%
3. Premium for commercial vehicles will rise around 10-30%

Important Change No. 5

Gold Loan –

As per RBI rules now on non-banking finance companies (NBFCs) will pay only 60% of loan against the Value of Gold.

Thus if you want to get more for your Gold then try to get the loan from Bank.

Important Change No. 6

If you are planning to buy Gold then you will be required to pay extra tax.

Important Change No. 7
The service tax has been increased thus all the prices will go up.

Important Change No. 8 –

The tax exemption limit to senior citizens above 80 of age has been increased to Rs. five lakhs from the existing 2.4 lakhs.

Important Change No. 9 –

For senior citizens between 60 to 80 years the tax exemption limit has been revised to Rs 2, 50,000 from Rs 2, 40,000.

Important Change No. 10 –

The senior citizen age has also been reduced to 60 years from 64 years.

Most Important Change is that we will pay more taxes but do you think we will get the services or service will improve from government?

Answer is NO but more money for projects means more money for corrupt

Suggested Reading –

Know 21 Important Facts about Indian Taxation system
and know what will be taxed in India in future


Reality views by sm –

Monday, April 02, 2012

Tags - Financial Year Changes 2012


shape ur ideas April 02, 2012  

Highlights: Union Budget 2012-13

chitra April 04, 2012  

The draft and cheque validity has been reduced to 3 months is news to me. Very informative.