From April 1st, 2022, taxpayers are required to follow new changes in the tax rules as per the latest guidelines. In this article, you will learn about 4 new tax regulations on Taxation on Provident Fund accounts, Tax on virtual digital assets, changes in GST, and linking of PAN and Aadhaar.
(Note- these tax reforms are applicable to all taxpayers, including senior citizens.)
EPF contributions of more than Rs 2.5 Lakh annually will be taxed. This limit has been set for government officials at a higher end of Rs 5 Lakh. With new tax rules, the government aims to
avoid high-earning men from taking benefit of government welfare schemes. Check key changes in tax related to EPF:
In its circular CBIC said, “Businesses with a yearly income of Rs 20 crore will have to make electronic invoices for Business to Business transactions from April 1st, 2022.”
Money earned from virtual digital asset transactions will be charged 30% tax. Sources for a long time considered ‘cryptocurrency’ as a digital asset, this appeared to be confirmed by Nirmala Sitharaman in her budget speech.
Finance Minister Nirmala Sitharaman said, “the level of transactions made on digital assets has made it vital to offer for a certain tax rule.” And then she proposed that any income from transactions of any virtual digital belonging shall be taxed at 30%.
From April 1, 2022, linking to PAN Aadhaar will cost you a fee. It was announced by the CBDT (Central Board of Direct Taxes) through a notification on March 29, 2022.