Alert! Changing the Four Tax Rules From April 1 2022, Will Have a Direct Impact on Your Pocket

New Delhi:  There is one day left till the start of the new financial year (2022-23). With the new financial year, where many old rules will be abolished, many new rules will also come into force.

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The government has also changed some of the tax rules from the new financial year. This will have a direct impact on every employed person. This includes new tax rules on the EPF, as well as rules on tax exemptions on treatment costs during Corona’s tenure. Here you will find information about four such rules.

EPF Interest Tax:

The government has set a limit on tax free investment in EPF. If more than this is invested, the payer will have to pay tax on the interest. The new rule will take effect on April 1, 2022. Under Section 9D of the Income Tax Act, if a salaried employee invests more than Rs 2.5 lakh per annum in his EPF account, the interest earned on that additional amount will be taxable. This tax will be levied according to the employee’s slab.

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Tax on digital assets:

Finance Minister Nirmala Sitharaman, while presenting the budget for 2022, has also made arrangements to levy tax on virtual and digital assets. Under this, those who earn from cryptocurrency like Bitcoin or virtual assets like NFT will also have to pay tax. It will have a direct tax liability of 30 per cent. Not only this, 1% TDS has to be paid on transfer of any such property. The biggest thing is that the damage to such properties cannot be adjusted in any way.

The government has given a huge facility to the taxpayers to revise their ITR. Under this, it will now be possible to update ITR for two years after filling it. So far, only 5 months after the due date, you have the opportunity to modify or update your ITR. The term will now be for two years, but no loss or tax liability can be claimed. If the update generates any additional revenue, you will have to pay 25% higher tax on the update within 12 months and 50% higher tax on the subsequent update.

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