Fiscal year 2022-23 is due to start on 1st April
and there are a few changes which are going to affect your finances. Let us
talk about the seven major changes to affect your pocket :
1.
Provident Fund
Employee Provident Fund contribution in
excess of INR 2.5 Lacs will be taxable from now. EPF Contribution will be
divided into two parts for tax calculations. The first one will be 2.5lacs
which eill be exempted and second one anything in excess if that which will be
taxed. For Governmrnt employee’s this can not exceed INR 5 lacs.
2.
Affordable House:
First time buyers of affordable house of
up-to INR 45 Lacs were entitled for A n additional rebate of INR 1.5 Lacs under
section 80EEA in addition to INR 2 Lacs rebate under section 24B on interest
paid on home loan which has now been withdrawn. This scheme was for taxpayers
who took home loan between 1st April 2019 and 31st march
2022.
3.
Crypto:
Any Virtual or Crypto asset will have clear
regulations now onwards. Virtual or Crypto assets will be charged 30% tax. Any
profit out of sales of Crypto currency will be taxable and 1% TDS will be
charged from 1st July on any such transaction.
4.
Medicines:
800 lifesaving drugs will cost up-to 10%
more from 1st April
5.
PAN AADHAR LINK:
PAN and Aadhar Card were have to be linked
on or before 31st March 2022. Taxwill have to pay a fine of INR 500/
if he links up-tp 30th June 2022 and 1000/ if he does so up-to 31t
March 2023. If he fails to link PAN and Aadhar after 31ST March
2023, his PAN will stand cancelled.
6.
GST
Anyone with turnover over INR 20 Crores
will be covered under e-invoicing. Every B-to-B Transaction has to be done
through e-invoicing failing which goods may be confiscated during transit and
input tax credit of the buyer may fall in danger.
7.
Audit Trai:
Every company will have to add Audit Trail
feature in their Accounting software to record any after transaction changes,
This Audit trail will have to be furnished on demand.
There are some NPS and Mutual Fund related
changes too like:
1.
State Employee may claim more on contribution
towards NPS
2.
Any amount up-to INR 10 Lacs withdrawn for
COVID-19 Treatment will be tax free.
3.
Investments in Mutual Funds can only be done
through UPI or Net Banking transactions.
4.
Senio Citizens aged 75 or above have been
exempted from filing IT returns