Know the changes from April 1 which are going to affect your finances

Fiscal year 2022-23 is due to start on 1^st Apriland there are a few changes which are going to affect your finances. Let ustalk about the seven major changes to affect your pocket :

1.      Provident Fund

Employee Provident Fund contribution inexcess of INR 2.5 Lacs will be taxable from now. EPF Contribution will bedivided into two parts for tax calculations. The first one will be 2.5lacswhich eill be exempted and second one anything in excess if that which will betaxed. For Governmrnt employee’s this can not exceed INR 5 lacs.

2.      Affordable House:

First time buyers of affordable house ofup-to INR 45 Lacs were entitled for A n additional rebate of INR 1.5 Lacs undersection 80EEA in addition to INR 2 Lacs rebate under section 24B on interestpaid on home loan which has now been withdrawn. This scheme was for taxpayerswho took home loan between 1^st April 2019 and 31^st march2022.

3.      Crypto:

Any Virtual or Crypto asset will have clearregulations now onwards. Virtual or Crypto assets will be charged 30% tax. Anyprofit out of sales of Crypto currency will be taxable and 1% TDS will becharged from 1^st July on any such transaction.

4.      Medicines:

800 lifesaving drugs will cost up-to 10%more from 1^st April

5.      PAN AADHAR LINK:

PAN and Aadhar Card were have to be linkedon or before 31^st March 2022. Taxwill have to pay a fine of INR 500/if he links up-tp 30^th June 2022 and 1000/ if he does so up-to 31tMarch 2023. If he fails to link PAN and Aadhar after 31^ST March2023, his PAN will stand cancelled.

6.      GST

Anyone with turnover over INR 20 Croreswill be covered under e-invoicing. Every B-to-B Transaction has to be donethrough e-invoicing failing which goods may be confiscated during transit andinput tax credit of the buyer may fall in danger.

7.      Audit Trai:

Every company will have to add Audit Trailfeature in their Accounting software to record any after transaction changes,This Audit trail will have to be furnished on demand.

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There are some NPS and Mutual Fund relatedchanges too like:

1.      State Employee may claim more on contributiontowards NPS

2.      Any amount up-to INR 10 Lacs withdrawn forCOVID-19 Treatment will be tax free.

3.      Investments in Mutual Funds can only be donethrough UPI or Net Banking transactions.

4.      Senio Citizens aged 75 or above have beenexempted from filing IT returns