Now only two days are left for the start of the new financial year. Many important changes are going to happen in the new financial year 2022-23, which will affect your pocket.
Now only two days are left for the start of the new financial year. Many important changes are going to happen in the new financial year 2022-23, which will affect your pocket. In such a situation, it is important to be aware of all these changes. From April, if tax is to be paid on digital assets including PF accounts and cryptocurrencies like Bitcoin, then the additional exemption on home loan which was given in Budget 2019 will be abolished. Information about all these changes is being given below-
Tax on earnings from crypto-digital assets
Presenting this year’s Budget 2022, Union Finance Minister Nirmala Sitharaman announced a flat tax at the rate of 30 percent on all digital assets, including cryptocurrencies. Under this, 30 percent tax will have to be paid on the profit made on the sale of digital assets. Apart from this, the Finance Minister also announced one percent TDS.
tax on pf account
Now tax benefits will be available only on the contribution of up to Rs 2.5 lakh in the EPF account. If you put more amount in this account, then the interest earned on it will not be tax free. For GPF of government employees, this limit is Rs 5 lakh annually.
Interest rates cut after tax on PF account, after double shock, these options can be considered
2019 budget relief
In about three previous budgets, 2019, people were given additional tax relief on home loans under Section 80EEA. Under this, first-time home buyers used to get the benefit of an additional tax deduction of Rs 1.5 lakh on home loan interest. This provision has not been carried forward in this budget.
Tax exemption up to Rs 3.5 lakh on home loan interest? Know from experts how you will get this benefit
No cash interest in post office
Interest in the Monthly Income Scheme of Post Offices, Senior Citizen Savings Scheme or Post Office Term Deposit will no longer be available in the form of cash from the next financial year. Instead you have to open a savings account and link these plans with the savings account.
PPF: Adopt this trick to invest in PPF account, more interest will be credited in the account
The rule of e-invoicing will change
The Central Board of Direct Taxes and Customs has changed the provision for issuance of e-invoices under GST which will be applicable from next financial year. The turnover limit for issuance of e-invoice has been reduced from Rs 50 crore to Rs 20 crore.
Mandatory E-invoicing: How to prepare for e-invoicing becoming mandatory from 1st April? You can take help of Clear’s platform in 6 easy steps
drugs will be expensive
The National Pharmaceutical Pricing Authority (NPPA) has approved changes in the Wholesale Price Index of around 800 drugs. Due to this, the price of about 800 essential medicines, including paracetamol, can increase by more than 10 percent.
Double blow to Axis Bank customers
Axis Bank customers will now have to maintain a minimum balance of Rs 12,000 instead of Rs 10,000 in their savings account from the next financial year. Apart from this, the bank has increased the free withdrawal limit four times or to Rs 1.5 lakh.
Digital payment only in mutual funds
Now you used to make payment by physical methods like cheque, bank draft to invest money in mutual funds, but now this system will end from the next financial year. Mutual Fund Transaction Aggregation Portal MF Utilities (AMFU) will receive payments only through UPI or net banking.
,