Income Tax New Rules: Rules changed from April 1, let’s see what will be the effect

Income Tax New Rules

Income Tax New Rules: From April 1, there have been changes in some new rules in income tax, these changes must be known by every tax payer.

Income Tax New Rules: We all know that the new financial year 2022-23 has started from 1st April. From now onwards the tax levied in the transaction of crypto currency has also been included. From now on, interest on PF above Rs 2.50 lakh will be taxed separately. Apart from this, many changes have also been made. These changes in tax will definitely affect your expenses, earnings and investments, we will discuss all these things here.

PF

If you have invested more than Rs 2.5 lakh in your PF account, then the interest earned on them will be taxed. For how much tax will be charged, your PF account will have to be divided into 2 parts. Those who are exempt from tax will have to pay a separate tax and those who are more than Rs 2.5 lakh will have to pay a separate tax. The limit for all government employees will be up to Rs 5 lakh.

crypto currency

From now on, new tax rules will be implemented on crypto currency too. From now on you will have to pay tax of 30% on crypto currency. 1% TDS will also have to be paid on the purchase of crypto currency.

Medicine

10% of the total cost of 800 medicines.

GST

It is mandatory for the businessmen whose turnover is more than 20 crores to do e-invoicing. E-invoice has to be issued on business to business transactions. Failure to do so may result in confiscated goods.

Audit trail

Now every company has to add the audit trail feature. Let us tell you that the work of the audit trail is to keep a record of the changes made after the transaction of the company.

House

If you have bought the house for the first time, then you will not get the benefit of additional deduction of 1.5 lakh in 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 benefit was in addition to the deduction of Rs 2 lakh being received under section 24B.

Changes regarding NPS and Mutual Funds

  1. States will be able to claim higher deduction on the MPS contribution of the employee.
  2. Now you will be able to file updated tax return after two years.
  3. From now on the amount received for the treatment of corona will not be taxed.
  4. From now on, investing in mutual funds will be done only through UPI or Netbanking.
  5. Indian people above 75 years will get exemption in filing returns.
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Neetin Shekhar

The main purpose of our Bankloanmarket blog is to make information related to loan, finance, credit card, share market accessible to the people. The purpose of creating this blog is only so that people can get the correct information about the bank or stock market. Through this blog, I have tried to share my knowledge related to finance. I hope you like it.