Finance

8 Big changes: no interest subsidy on home loans from April 1, investment tax will have to be paid; Traveling will be costly

Summary

The economic year 2022-23 is beginning from April 1, i.e. tomorrow. At the same time, many rules will change, which will affect our earnings, expenses, interest, and investments. Learn about the 8 changes that will have a direct impact on your pocket…

1️⃣ Provident Fund (PF)

Employees who have deposited more than Rs 2.5 lakh in the PF account will have to pay income tax on interest. The amount for tax calculation will be divided into two parts. One will have a discounted contribution and the other will have an additional contribution of over Rs 2.5 lakh, which will be taxable. The limit for government employees will be Rs 5 lakh.

2️⃣ Affordable Home

If you are buying an affordable home for the first time, you will not get the benefit of an additional deduction of Rs 1.5 lakh under Section 80 EEA on the interest paid. If the value of the house is less than Rs 45 lakh, a deduction of up to Rs 1.5 lakh in interest payments could be claimed till now. This deduction or exemption was in addition to the exemption of Rs. 2 lakhs received under section 24B. This benefit was only available to taxpayers who took out a home purchase loan between April 1, 2019, and March 31, 2022.

Changes in NPS, Mutual Funds

▶️ State employees will be able to claim further deductions on their employer’s NPS contribution. You will be able to file an updated income tax return after two years.

▶️ Corona treatment will not be taxed up to Rs 10 lakh.

▶️ Investments in mutual funds can only be made through UPI (Unified Payment Interface) or NetBanking.

▶️ Exemption from filing returns to senior citizens above 75 years of age.

3️⃣ Traveling became expensive

Traveling on the National Highway became expensive. Today, from noon on Thursday, the National Highway Authority of India (NHAI) has increased the toll tax from Rs 10 to Rs 65. Rs 10 to Rs 15 for small vehicles and Rs 65 for commercial vehicles.

4️⃣ Medicines

Healthcare will also become more expensive in the new financial year. Prices for about 800 life-saving drugs will rise by 10%, increasing the cost of treatment.

5️⃣ GST (Goods And Service Tax)

Executives with a turnover of more than Rs 20 crore will come under compulsory e-invoicing. An e-invoice will be issued for each business-to-business transaction. Failure to do so may result in the goods being confiscated during the transport, as well as the input tax credit received by the buyer.

6️⃣ Audit Trail

Every company has to include the audit trail feature in the accounting software. The purpose of the audit trail is to keep a record of changes made to the company’s transaction after entry. The audit trail will have to be made available on request.

7️⃣ Cryptocurrency

A clear rule regarding virtual currency will also apply from 1 April. Virtual digital investments or crypto will be taxed at 30%. Anyone who benefits from selling cryptocurrencies will have to pay taxes. 1% TDS will also be deducted on sales from 1 July.

8️⃣ Linking PAN card to Aadhaar

Linking Pan to Aadhaar will now incur a penalty. It will be Rs 500 till June 30, 2022. After that, a penalty of Rs.1000 will have to be paid. If you do not link even after 31st March 2023, the page number will be deactivated.

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