A , many rules and regulations are going to change from April 2022. The financial year ends on 31st March and the new financial year starts from 1st April. And this time from the first day of the financial year 2022-23, the government has made changes in many sectors.
What will change in the financial year 2022-23
Changes are to be made in many things which directly affect the life of a common man. Let us know what rules will change from April 1
1. Tax will also have to be paid in the Provident Fund (PF)
Employees whose PF account has more than Rs 2.5 lakh deposited, will now have to pay income tax on the interest received in it. Meaning, the government will take income tax from the salary, as well as the cream of the interest received in PF, the government also needs. If the interest is more than 2.5 lakhs, income tax will have to be paid, while for government employees this limit is 5 lakhs. Why this injustice brother?
2. Now there will be no subsidy in buying a cheap house
Till now, on the interest paid in buying a house worth less than Rs 45 lakh, a subsidy of 1.5 lakhs i.e. additional deduction was available under section 80 EEA. This deduction was in addition to the exemption of Rs 2 lakh available under section 24B. The government had given this benefit to those who had taken a home loan between 1 April 2019 and 31 March 2022 to buy a house. Now this 1.5 lakh subsidy system will end from 1st April 2022.
3. Cryptocurrency Tax
Cryptocurrency tax will be applicable from 1st April. The government will charge 30% tax on virtual or digital assets. For example, if you are a crypto holder and you profit from it, then the government will also have to give 30% profit. Yes, but if you have a loss, the government doesn’t care. Means if your profit is your profit then the government’s profit is your loss then nothing goes to the government
4. Treatment and medicines will become expensive
Treatment and medicines will become expensive in the new financial year. The prices of around 800 life saving drugs will become costlier by 10%.
5. If PAN is not linked with Aadhaar then penalty will be imposed
For many years, the government has been tearing its throat and saying ‘Friends link Aadhaar with PAN’, now those who did not do it, they will face a long penalty. 500 rupees till 30 June 2022 and 1000 rupees fine from then onwards. And even after this, if someone does not link Aadhaar with Burbak PAN, then his PAN number will be canceled.
6. Otherwise the goods will be confiscated
There is also going to be a big change in GST from April 1. Now e-invoicing will be mandatory for businesses with a turnover of more than 20 crores. If not, the goods will be confiscated at the time of transport. And the input tax credit received by the buyer will be at risk.
7. Audit trail feature to be added
Every company must add an audit trail feature to its accounting software. With this, the account book of the transactions in the account will have to be kept. And when the government asks for records, an audit trail will have to be given.
8. Toll tax hiked on National Highway
It will become costly to pass through the National Highway from 1st April at 12 noon. Toll tax will be increased from Rs 10 to 65. Small vehicles will now pay Rs 10 to 15 more than before and big vehicles will pay more toll tax up to Rs 65
Check out these changes Elders above 75 years will not have to file returns No tax will be levied on the amount of 10 lakh received in the treatment of corona Now investment in mutual funds will be done only through UPI or Netbanking.