New Income Tax Rules: Many rules of April 1 have changed regarding income tax. Which every taxpayer needs to know.
New Income Tax Rules: The financial year 2022-23 has started from April 1. Also many rules have changed. This includes taxes on crypto assets. Interest on PF investment above Rs 2.50 lakh will be taxable. Apart from this, changes have also taken place. Which will have an impact on our earnings, expenses and investments. Let’s know.
If the employees have contributed more than Rs 2.5 lakh in the PF account, then the interest will be taxed as income. The account will be divided into two parts for calculation of tax. Exempt contribution in one, and contribution of more than Rs 2.5 lakh in the other. For government employees, this limit will be Rs 5 lakh.
Crypto
Tax rules also applied on virtual currency. Virtual digital assets or crypto will be taxed at 30 percent. 1% TDS will also be deducted from July 1 on sales.
Medicines
The prices of about 800 medicines have gone up by 10%.
GST
Businesses with a turnover of more than 20 crores will come under the purview of mandatory e-invoicing. E-invoice will be issued for business to business transactions. If not, the goods may be confiscated during transportation.
Audit trail
Every company needs to have the audit trail feature added to the accounting software. The purpose of an audit trail is to keep a record of the changes made after entry in the transactions of the company.
House
If you have bought an affordable house for the first time, then you will not get the benefit of additional deduction of 1.5 lakh under section 80EEA on the interest paid. If the value of the house is less than 45 lakhs, then you could claim deduction of up to 1.5 lakhs in interest payment. This exemption was in addition to the deduction of Rs 2 lakh available under section 24B.
Changes in NPS and Mutual Funds
1. State employees will be able to claim higher deduction on the employer’s MPS contribution.
2. Will be able to file updated income tax return after two years.
3. The amount received for the treatment of corona will not be taxed.
4. Investment in mutual funds will be done through UPI or Netbanking only.
5. Exemption from return filing for citizens above 75 years.
