The new financial year is going to start from April 1, 2022. Due to which the financial institution is going to change many rules, which will have a direct effect on your pocket. If you want to avoid any loss, then you should be fully aware of these changes. Because from April 1, there are going to be changes in the rules of buying a house, banking and tax.
Tax may have to be paid on PF account – The central government is going to bring a new income tax law from April 1. According to the new rule, the PF account will be divided into two parts, in which the contribution up to Rs 2.5 lakh will be tax free. Also, the interest earned on the contribution above this will have to be taxed.
Minimum balance limit increased in Axis Bank Axis Bank has increased the minimum balance limit for savings account to Rs 12,000. Till now the minimum balance limit in the savings account in Axis Bank was Rs 10,000.
Buying a house will be expensive The benefit of tax exemption under section 80EEA was given on the purchase of a house for the first time by the central government. Which the government is going to close from 1st April 2022. Let us tell you that in the budget of 2019-20, the central government had announced an additional Rs 1.50 lakh income tax benefit on home loans to those buying a house up to Rs 45 lakh, which is being discontinued.
PNB changed the method of check payment – Punjab National Bank is going to change the rules of check payment from April 4. In fact, PNB is going to implement a positive pay system in which payment of checks will not be done without verification and this rule will be applicable on checks above Rs 10 lakh. Let us tell you that this information is available on the website of PNB.
Medicines will be expensive The government has approved a 10 per cent hike in the prices of several medicines used for pain killers, antibiotics, anti-virus. After this decision, the prices of more than 800 medicines will increase.
Tax on cryptocurrency earnings Finance Minister Nirmala Sitharaman had announced the imposition of tax on cryptocurrencies in the general budget. According to this, 30 percent tax will have to be paid on holding crypto currency from April 1. Along with this, 1 percent TDS will also be deducted on selling crypto currency.
ITR can be filed till 31st March 2022 For the financial year 2020-21, if you have not filed your income tax return by 31st December 2021, then you can file your income tax return till 31st March 2022. But, you will have to pay a fine for this. Late filers have to pay penalty fees.