From the first day of the new financial year (2022-23) i.e. April 1, 2022, many changes are going to happen, which is going to affect the pocket of every common and special. On one hand, tax will have to be paid on PF account and cryptocurrency. where home
From the first day of the new financial year (2022-23) i.e. April 1, 2022, many changes are going to happen, which is going to affect the pocket of every common and special. On one hand, tax will have to be paid on PF account and cryptocurrency. At the same time, you will have to lose the extra discount available on the home loan. Apart from this, the increased rates of LPG will increase the burden on your pocket. Here we are telling you about 10 such changes which can have an impact on your budget.
LPG prices hiked
After the elections were over, 10 days later went to 22 March. Once again on 1st April new rates have been issued. The price of commercial LPG cylinder has increased by up to Rs 250. Let us tell you that due to the elections in 5 states including Uttar Pradesh, Punjab, there was relief in the prices of LPG cylinders and petrol and diesel for the last several months. The last time the rates of domestic LPG cylinders were changed was on 6 October 2021. While the rates of commercial cylinders kept on increasing.
Drugs costlier
From the beginning of the new financial year, the expenditure on medicines for the common man is going to increase. The prices of about 800 essential medicines are going to increase by 10.7 percent. These include paracetamol, the basic medicine for fever. The National Pharmaceutical Pricing Authority (NPPA) has given its approval for changes in the Wholesale Price Index of these drugs.
Digital payments only in mutual funds
For investment in mutual funds, from April 1, payment will not be able to be made through cheque, bank draft or any other physical medium. Mutual Fund Transaction Aggregation Portal MF Utilities (MFU) is going to discontinue payment facility through cheque-demand draft etc. from March 31, 2022. After this, you will get only UPI or Netbanking facility to deposit the amount.
Auto companies will increase the price
Some big companies have announced a hike in the prices of their vehicles. Tata Motors has said that it will increase the prices of its commercial vehicles by 2.5 per cent. Mercedes-Benz India has also said that it will increase the prices of vehicles by up to three per cent. Toyota has announced to increase the prices by up to four percent. On the other hand, BMW will increase the prices by 3.5 percent.
Cash will not be available in the post office
The rules regarding investing in Post Office Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS) or Post Office Term Deposit have also changed. In these, the interest amount will not be available in cash from April 1. For this you have to open a savings account. Apart from this, customers who have not linked their post office savings account or bank account with these schemes, it will be necessary to link it. In this, interest will be paid directly.
Shock to Axis Bank customers
New rules are being implemented for the customers who have salary or savings account in Axis Bank. The bank has increased the minimum balance limit in savings account from Rs 10,000 to Rs 12,000. According to the information given on the website of AXIC Bank, the bank has also changed the prescribed limit of free cash withdrawal to Rs.4 lakh or Rs.1.5 lakh.
GST e-invoicing rule changed
CBIC (Central Board of Indirect Taxes and Customs) has reduced the turnover limit for issuance of e-challans (electronic challans) under Goods and Services Tax (GST) to Rs 20 crore from the earlier fixed limit of Rs 50 crore. This rule has also come into effect from April 1, 2022.
Tax on pf account
From April 1, 2022, the most important of the biggest changes is the tax on PF account. Tax free contribution limit is being imposed in EPF account up to Rs 2.5 lakh. If the contribution is made above this, then the interest income will be taxed. At the same time, the limit of tax free contribution to GPF of government employees will be Rs 5 lakh per annum.
Additional discount on home loan ends
The government had added a new section 80EEA in the Income Tax Act in the 2019 budget. Provision has been made under this section that first time home buyers will be given the benefit of additional tax deduction of up to Rs 1.5 lakh on interest payment of home loan. This benefit is in addition to the tax exemption under section 24 on home loan interest up to a maximum of Rs 2 lakh. In Budget 2022, this section was not extended further.
Earning from crypto in tax net
A major change is the tax on cryptocurrencies. In the Budget 2022-23, Finance Minister Nirmala Sitharaman had announced a 30 percent tax on all virtual digital assets or crypto. Under this, if the investor gains on selling cryptocurrency, he will have to pay tax to the government. Along with this, whenever someone sells cryptocurrency, TDS will also be deducted at the rate of one percent of his sale.
