8 big changes from April 1: Subsidy on home loan interest ends, investment also scissors; You will have to pay more tax on the highway

The financial year 2022-23 is starting from April 1 i.e. tomorrow. With this, many rules will also change. These will affect our earnings, expenses and investments. Let’s know about those 8 big changes that will affect your pocket.

1. Provident Fund (PF): Employees who have deposited more than Rs 2.5 lakh in PF account will have to pay income tax on interest. The amount will be divided into two parts for tax calculation. Exempt contribution in one, and contribution of more than Rs 2.5 lakh in the other, which will be taxable. For government employees, this limit will be Rs 5 lakh.

2. Affordable Homes: If you have bought an affordable home for the first time, then the interest paid will not get the benefit of additional deduction of 1.5 lakh under section 80EEA. If the value of the house is less than 45 lakhs, then till now interest payment could have claimed deduction of up to 1.5 lakhs. This deduction or exemption was in addition to the exemption of Rs 2 lakh available under section 24B. This benefit was only for those taxpayers who had taken a loan between April 1, 2019 and March 31, 2022, to buy a house.

3. CryptoKitties: Clear tax rules will be applicable on virtual currency also from April 1. Virtual digital assets or crypto will be taxed at 30%. If a person gains from selling crypto currency, then he will have to pay tax. 1% TDS will also be deducted from July 1 on sales.

4. Medicines: Healthcare will also become costlier in the new financial year. The price of about 800 life saving drugs will increase by 10%, which will increase the cost of treatment.

5. Pan: Linking PAN with Aadhaar will now attract penalty. It will be Rs 500 till 30 June 2022. After this a penalty of 1000 rupees will have to be paid. PAN number will become inactive if it is not linked even after March 31, 2023.

6. GST: Businesses with a turnover of more than 20 crores will come under the purview of mandatory e-invoicing. E-invoice will be issued for every business to business transaction. Failure to do so may result in confiscated goods during transport. Also, the input tax credit that the buyer will get will also be in jeopardy.

7. Audit TrailEvery company needs to have the audit trail feature added to the account software. The purpose of the audit trail is to keep a record of the changes made after entry in the transactions of the company. Audit trail to be made available on demand.

8. Traveling Has Been Expensive: Traveling on the National Highway is going to be expensive. Today i.e. from 12 o’clock on Thursday night, the National Highways Authority of India (NHAI) has increased the toll tax from 10 to 65 rupees.
has increased. It has been increased by Rs 10 to 15 for small vehicles while Rs 65 for commercial vehicles.

Changes in NPS, Mutual Funds