From the first day of the new financial year i.e. April 1, many changes are going to happen, which is going to affect the pockets of every common and special person. On one hand, tax will have to be paid on PF account and cryptocurrency. LPG prices may increase. At the same time, the additional discount available on the home loan will have to be lost. Apart from this, many other changes are also going to happen, which will increase the burden on your pocket. Here we are telling you about 10 such changes, which can have an impact on your budget.
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1-Tax on PF Account
The biggest changes that are going to happen from April 1, 2022, the most important one is the tax on PF account. Tax free contribution limit is being imposed in EPF account up to Rs 2.5 lakh. If the contribution is made above this, then the interest income will be taxed. At the same time, the limit of tax free contribution to GPF of government employees will be Rs 5 lakh annually.
2-Extra discount on home loan ends
The government had added a new section 80EEA in the Income Tax Act in the 2019 budget. Provision has been made under this section that first time home buyers will be given the benefit of additional tax deduction of up to Rs 1.5 lakh on interest payment of home loan. This benefit is in addition to the tax exemption under section 24 on home loan interest up to a maximum of Rs 2 lakh. In Budget 2022, this section was not extended further.
Earning from crypto under 3-tax
A major change is the tax on cryptocurrencies. In the Budget 2022-23, Finance Minister Nirmala Sitharaman had announced a 30 percent tax on all virtual digital assets or crypto. Under this, if the investor gains on selling cryptocurrency, he will have to pay tax to the government. Along with this, whenever someone sells cryptocurrency, TDS will also be deducted at the rate of one percent of his sale.
4-Drugs will become expensive
From the beginning of the new financial year, the expenditure on medicines for the common man is going to increase. The prices of about 800 essential medicines are going to increase by 10.7 percent. These include paracetamol, the basic medicine for fever. The National Pharmaceutical Pricing Authority (NPPA) has given its approval for changes in the Wholesale Price Index of these drugs.
5- Interest will not be available in cash in the post office
The rules related to investment in Post Office Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS) or Post Office Term Deposit are also going to change. In these, the interest amount will not be available in cash from April 1. For this you have to open a savings account. Apart from this, customers who have not linked their post office savings account or bank account with these schemes, it will be necessary to link them. In this, interest will be paid directly.
6-GST e-challan rule will change
CBIC (Central Board of Indirect Taxes and Customs) has reduced the turnover limit for issuance of e-challans (electronic challans) under Goods and Services Tax (GST) to Rs 20 crore from the earlier fixed limit of Rs 50 crore. This rule is also being implemented from April 1, 2022.