Many big changes are going to happen from July. In this, from income tax to investment in the stock market and amendment in labor norms can be implemented from July 1. Along with this, the scheme of imposing tax on cryptocurrency transactions by the central government can also be implemented. Let us know what is changing from July 1, 2022 and what will be its effect on you.
Taxes on digital assets and cryptocurrencies
During this year’s budget, there was talk of bringing digital currency, which can be implemented from July 1. Apart from this, the rules regarding TDS are also changing. TDS limit has been raised to Rs 50,000, in which such persons are required to get their accounts audited under the IT Act. At the same time, those investing money in speculative transactions and horse racing will also have to pay cess and surcharge under the 30 percent IT rule. On June 22, the Central Board of Direct Taxes (CBDT) issued a circular detailing how tax would be deducted on VDA and transfer of cryptocurrencies.
TDS on VDA Transactions
Buyer The Income Tax Department said both buyer and seller will have to withhold taxes for transactions involving the exchange of one virtual asset for another. The Central Board of Direct Taxes (CBDT) also said that as per Section 194S of the IT Act, the buyer will have to deduct tax in peer-to-peer transactions of Virtual Digital Assets (VDAs).
More penalty on PAN Aadhar link
In the notification issued by the CBDT, it has been said that such people will now have to pay double the charge for linking PAN with Aadhaar, who will link Aadhaar and PAN from July 1. At the same time, this charge is being taken only 500 rupees, which will have to be paid 1000 rupees from July. On the other hand, March 31, 2023 is the last date for linking PAN with Aadhaar. Users can link PAN with Aadhaar in many ways. Users can link through tax e-filing portal, SMS, NSDL/UTIL.
Charges in TDS/TCS Rules
Earlier this month, the CBDT issued guidelines on new TDS in respect of profits received in a business or profession and said the tax would now be applicable on both cash or kind. Said that a rule has been added in the IT Act, under section 194R, 10 per cent tax will be deducted from any person who is taking any profit of more than Rs 20,000 in a year. This rule will apply to section 194R in case doctors working in the hospital get free samples of medicines. Similar items will be taxed as well, which means you will have to pay a higher charge.
Mandatory tagging of demat accounts
In a statement, capital markets regulator SEBI had said that all demat accounts of stock brokers, which are untagged, need to be properly tagged by the end of June. From July 1, no deposit of demat account without tag will be allowed. However, credit will be allowed on account of corporate affairs.
new labor code
The Center has not yet made any official announcement on the implementation of the New Labor Code, but there is talk that it can be implemented from July 1. If this is implemented, it will mean reduction in working days of employees and increase in take home pay and many more rules will be applicable.
Fewer working days, more hours: It is proposed to reduce the number of working days in a week for new labor employees. According to this, working days can be reduced from 5 at present to 4 days. However, there will be an increase in the daily working hours. Under this, it will be required to work 48 hours a week, which will mean working 12 hours in shifts. Enhanced Provident Fund (PF): According to the new law, the basic salary of an employee is at least 50 percent of his monthly salary. Will happen. This will lead to an increase in the PF contribution made by the employees and their employers. Earned Leave Policy: The leave policy as per the new Labor Code allows employees to cash up to 300 holidays on carry forward basis. However, the trade union is demanding to increase the number of holidays to 450. Government departments now allow 30 holidays in a year. However, defense employees get 60 holidays in a year.
Delhi will be plastic free
The Delhi government has decided to shut down all units dealing in single-use plastic (SUP) items from July 1. Identified SUP items include earbuds, plastic sticks for balloons, flags, candy sticks, ice cream sticks, polystyrene (thermocol), plates, cups, glasses, forks, spoons, knives, straws, trays, invitation cards, cigarette packets, Plastic or PVC banners less than 100 microns, include stirrers and wrapping or packaging film.