The new financial year is going to start from 1st April, from this day the rules related to income tax and cryptocurrencies are also going to change. If you are a taxpayer and invest in cryptocurrencies, then you must know about these rules. Let us tell you that now you will have to pay tax on the profits and transactions from cryptocurrencies. Along with this, interest earned on contribution of more than Rs 2.5 lakh in EPF will also come under the purview of tax. At the same time, the money spent in the treatment of COVID-19 can be included in the tax exemption. Let us know about all these rules….
Facility to file updated IT return – A special facility has been given for the income tax payers in the new financial year. If you want to fill ITR again by rectifying any mistake or mistake, then you can fill it. Taxpayers can now file an updated return within two years from the relevant assessment year.
NPS Deduction of State Government Employees – State government employees will now be able to claim deduction under section 80CCD(2) for NPS contribution up to 14% of their basic salary and dearness allowance by the employer, which will be in line with the deduction available to central government employees.
Have to pay on PF account Can tax – According to the new income tax law, 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.
Tax relief on the expenses incurred on the treatment of COVID-19 – If an employer pays for corona treatment for his employee or a person has paid for corona treatment of another person, then that amount will not be kept in the tax net. Let us tell you that the government had announced this in June 2021, which will be applicable from this financial year.
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.