The financial year 2022-23 is starting from 1st April i.e. tomorrow. With this, many rules will also change. These will have an impact on our earnings, expenses, and investments. Let's know about those 8 big changes that will affect your pocket.
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| Big Changes On 1st April - home Loan Interest Subsidy - Tax Increases |
1. 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 will be divided into two parts for tax calculation. Exempt contribution in one, and contribution of more than Rs 2.5 lakh in the other, which will be taxable. For government employees, this limit will be Rs 5 lakh.
2. Affordable house: If you have bought an affordable house for the first time, then the interest paid will not get the benefit of an additional deduction of 1.5 lakh under section 80EEA. If the value of the house is less than 45 lakhs, then till now interest payment could have claimed a deduction of up to 1.5 lakhs. This deduction or exemption was in addition to the exemption of Rs 2 lakh available under section 24B. This benefit was only for those taxpayers who had taken a loan between April 1, 2019, and March 31, 2022, to buy a house.
3. Cryptocurrency: Clear tax rules will be applicable on virtual currency as well from April 1. Virtual digital assets or crypto will be taxed at 30%. If a person gains from selling cryptocurrency, then he will have to pay tax. 1% TDS will also be deducted from July 1 on sales.
4. Medicines: Healthcare will also become costlier in the new financial year. The price of about 800 life-saving drugs will increase by 10%, which will increase the cost of treatment.
5. PAN: Linking PAN with Aadhaar will now attract a penalty. It will be Rs 500 till 30 June 2022. After this, a penalty of 1000 rupees will have to be paid. PAN number will become inactive if it is not linked even after March 31, 2023.
6. GST: Businesses with a turnover of more than 20 crores will come under the purview of mandatory e-invoicing. E-invoices will be issued for every business-to-business transaction. Failure to do so may result in confiscated goods during transport. Also, the input tax credit that the buyer will get will also be in jeopardy.
7. Audit Trail: Every company has to include an audit trail feature in the accounting software. The purpose of the audit trail is to keep a record of the changes made after the entry into the transactions of the company. Audit trail to be made available on demand.
8. Traveling has become expensive: Traveling on the National Highway is going to be expensive. The National Highways Authority of India (NHAI) has increased the toll tax by Rs 10 to 65 from 12 pm today
. It has been increased by Rs 10 to 15 for small vehicles while Rs 65 for commercial vehicles.
Changes in NPS, Mutual Funds
- State employees will be able to claim higher deductions on the NPS contribution of their employer. You will be able to file updated income tax returns after two years.
- Tax will not be levied on the amount up to Rs 10 lakh received for the treatment of corona.
- Investment in mutual funds can be done only through UPI or Netbanking.
- Exemption for senior citizens above 75 years of age from filing returns.