Changes from 1st April 2022: Many big changes are going to happen from 1st April 2022, which will have a direct impact on the common man. Next month, the rules ranging from bank rules to tax, including GST, FD will change.
Not only this, there is also going to be a strong shock of inflation in April. Today we are telling you about some such big changes going to happen from April 1, which are going to affect you directly.
1. Tax on PF Account
The central government is going to implement new income tax laws from April 1. Actually, from April 1, 2022, the existing PF account can be divided into two parts, which will also be taxed. According to the rules, a cap of tax free contribution up to Rs 2.5 lakh is being imposed in the EPF account. 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 is Rs 5 lakh annually.
2. Post Office Rules
Necessary changes are going to happen for those investing in Small Savings Schemes of the Post Office. From April 1, 2022, the interest money on Post Office Monthly Income Scheme (POMIS), Senior Citizens Savings Scheme (SCSS) and Term Deposit Accounts will be available in the savings account only. You cannot take interest money in cash by going to the post office. On linking the savings account, the interest money will be transferred electronically. The government has made it mandatory to use savings account for depositing monthly, quarterly, annual interest in case of MIS, SCSS, Time Deposit accounts.
3. Rules for Investing in Mutual Funds
From April 1, payment for investment in mutual funds will not be able to be made through cheque, bank draft or any other physical medium. Actually, mutual fund transaction aggregation portal MF Utilities (MFU) is going to stop payment facility through check-DD etc. from March 31, 2022. Under the change, from April 1, 2022, for investing in mutual funds, you will have to pay only through UPI or Netbanking.
4. Changes in the rules of Axis Bank and PNB
From April 1, 2022, the rules on the salary or savings account of Axis Bank are going to change. The bank has increased the limit of minimum balance in savings account from 10 thousand to 12 thousand rupees. According to the information given on the website of AXIC Bank, the bank has also changed the prescribed limit of free cash transactions to four free transactions or Rs 1.5 lakh. At the same time, Punjab National Bank is implementing PPS in April. From April 4, verification has been made mandatory for checks of Rs 10 lakh and above.
5. Simple Rules of GST
CBIC (Central Board of Indirect Taxes and Customs) has reduced the turnover limit for issuance of e-invoice (e-invoice) under Goods and Services Tax (GST) to Rs 20 crore from the earlier fixed limit of Rs 50 crore. This rule is also being implemented from April 1, 2022.
6. Price of gas cylinder may increase
Like every month, there can be a change in the price of gas cylinder on the first day of April also. These days the prices of petrol, diesel and LPG are increasing, in such a situation it is expected that the prices of gas cylinders can be increased once again in April.
7. There will be more expenditure on medicines
The prices of essential medicines including pain killers, antibiotics, anti-virus are going to increase from April 1. The government has allowed a hike of more than 10 per cent for scheduled drugs. The Drug Pricing Authority of India has allowed a 10.7 per cent hike in prices for scheduled drugs, after which the price of more than 800 drugs will now increase.
8. Shock to homebuyers from April 1
From April 1, 2022, the central government is going to stop giving the benefit of tax exemption under section 80EEA to first time home buyers. Let us inform that in the budget of 2019-20, the central government had announced an additional ₹ 1.50 lakh income tax benefit on home loans to those buying a house up to Rs 45 lakh. Later this facility was extended in the budget 2020 and 2021, but this time in the budget presented by Finance Minister Nirmala Sitharaman on 1 February 2022, this facility will not be extended from the new financial year 2022-23 starting from April 1. Has been done. Such homebuyers may have to pay more tax from the next financial year 2022-23.
9. Special FD closed for senior citizens
Special FD plan for Senior Citizens including State Bank of India (SBI), ICICI Bank, Bank of Baroda, HDFC Bank during the Kovid-19 pandemic had started. Under this scheme, senior citizens are getting more benefits on FD. However, now some banks may discontinue this scheme. Actually, HDFC Bank and Bank of Baroda can end this special scheme for senior citizens for two years because these banks have not announced the extension of the special FD scheme for senior citizens. In such a situation, it is believed that these two banks can close the special FD plan.
10. New rules applicable on cryptocurrencies from April 1
Tax on cryptocurrency rules from April 1 are also included. In the recent budget, the Finance Minister had said that all virtual digital assets (VDA) or crypto assets will be taxed at 30 per cent, if there is a profit on selling them. Apart from this, whenever a crypto asset is sold, then 1% TDS will be deducted on its sale.
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