Rules Changes From 1st April; Provident Fund (PF), Cryptocurrency Rules, Home Loan Interest Subsidy. changes to taxation rules that will impact you starting April 1st, 2022. Know major changes in income tax rules applicable from April 1st New Income Tax Rules 2021-22. From Income Tax Returns to contribution of state government employees to the National Pension Scheme (NPS), a number of changes are coming into effect from
The financial year 2022-23 begins from April 1, i.e. tomorrow. Many of the rules will also change. This will affect our earnings, expenses and investments. Let’s know about the 8 big changes that will affect your pocket…
Provident Fund (PF): Employees who have deposited more than Rs 2.5 lakh in the PF account will have to pay income tax on interest. The amount for tax calculation will be divided into two parts. In one, the discounted contribution, the other will have a contribution of more than Rs 2.5 lakh, which will be taxable. For government employees, the limit will be Rs 5 lakh.
Affordable house: If you have purchased an affordable house for the first time, you will not get the benefit of additional deduction of Rs 1.5 lakh under Section 80 EEA on interest paid. If the price of the house is less than 45 lakhs, so far you could have claimed a deduction of up to 1.5 lakh in the interest payment. This deduction or exemption was in addition to the Rs 2 lakh exemption being given under Section 24B. This benefit was for taxpayers who had taken a loan between April 1, 2019 and March 31, 2022, to buy a house.
Cryptocurrency: Clear tax rules will also be applicable on virtual currency from April 1. Virtual digital assets or cryptos will attract a 30% tax. If a person gains on selling crypto currency, he will have to pay tax. 1% TDS will also be deducted on sale from July 1.
Medicines: Healthcare will also become expensive in the new financial year. The prices of about 800 life-saving drugs will increase by 10%, which will increase the cost of treatment.
- PAN: There will be penalty for not linking PAN with Aadhaar. It will be Rs 500 till June 30, 2022. After this, a penalty of Rs 1000 will have to be paid. Even after March 31, 2023, if the PAN number is not linked, the PAN number will become inactive.
GST: Traders with a turnover of more than Rs 20 crore will come under the ambit of mandatory e-invoicing. E-invoice will be issued for every business-to-business transaction. In the absence of this, the goods can be seized during transportation. At the same time, the input tax credit that the buyer gets will also be in danger.
Audit Trail: Every company will have to add the audit trail feature to the account software. The purpose of the audit trail is to keep a record of the change that is to be made after the entry into the transaction of the company. The audit trail has to be provided on demand.
- It is expensive to travel: Travelling on national highways is going to be expensive. From 12 pm today i.e. thursday night, the National Highways Authority of India (NHAI) has increased the toll tax from Rs 10 to Rs 65. It has been increased from Rs 10 to Rs 15 for small vehicles and Rs 65 for commercial vehicles.
NPS, Mutual Fund Changes
State employees will be able to claim higher deduction on nps contribution of their employer. You will be able to file updated income tax returns till two years later.
Up to Rs 10 lakh received for the treatment of Corona will not be taxed.
Investment in mutual funds can be made only through UPI or netbanking.
Exemption from filing returns to the elderly above 75 years.