Be ready for big changes: Rules will change from PF account to GST from April 1, inflation will hit here
Rules Will Change From First April: From April 1, 2022, there are going to be many big changes that will directly affect you. In these, where changes will be seen regarding tax on PF account, on the other hand according to the budget 2022, 30 percent tax will have to be paid on profits from any crypto asset. With this, many changes will be seen from GST to the price of medicines.
On the first day of every month, some small changes are seen. The month of March is about to end and the new financial year is going to start from April 1. In such a situation, the beginning of the month is going to start with big changes. In these, where on the one hand the rules from PF account to GST will change. On the other hand, those investing in crypto will be hit by tax. Not only this, from April 1, people are also going to get a big setback on the inflation front. Let’s take a look at some of the big changes that are going to affect you directly.
tax on pf account
The biggest changes that are going to happen from April 1, 2022, the most important one is the tax on PF account. Actually, the Central Board of Direct Taxes (CBDT) has decided to implement the Income-tax (25th Amendment) Rule 2021. That is, a cap of tax free contribution up to Rs 2.5 lakh is being imposed in the EPF account. If the contribution is made above this, then the interest income will be taxed. At the same time, the limit of tax free contribution to GPF of government employees is Rs 5 lakh per annum.
Tax on earnings from crypto
A major change from the first day of the new financial year i.e. April 1 is the tax on cryptocurrencies. In the Budget 2022-23, Finance Minister Nirmala Sitharaman had announced a 30 percent tax on all virtual digital assets or crypto assets. Under this, if the investor gains on selling crypto assets, he will have to pay tax to the government. Along with this, whenever a crypto asset is sold, TDS will be deducted at the rate of one percent of its sale.
Medicines will cost more
From the beginning of the new financial year, the expenditure on medicines for the common man is going to increase. Yes, it will become expensive to buy medicines from April 1 for those troubled by the effects of inflation. According to the report, the prices of 800 essential medicines are going to increase by 10.7 percent. These include paracetamol, the basic medicine for fever. The National Pharmaceutical Pricing Authority (NPPA) has given its approval for changes in the Wholesale Price Index of these drugs.
Post Office Schemes Rules
The rules related to investment in Post Office Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS) or Post Office Term Deposit are also going to change. The interest amount in these schemes will not be available in cash from April 1. For this you have to open a savings account. Apart from this, customers who have not linked their post office savings account or bank account with these schemes and in such cases interest is not being paid. So they will need to link it.
Simple rules regarding e-invoicing
CBIC (Central Board of Indirect Taxes and Customs) has reduced the turnover limit for issuance of e-challans (electronic challans) under Goods and Services Tax (GST) to Rs 20 crore from the earlier fixed limit of Rs 50 crore. This rule is also being implemented from April 1, 2022.
This big change in Axis Bank
For customers who have salary or savings account in Axis Bank, new rules are being implemented from April 1, 2022. The bank has increased the limit of minimum balance in savings account from 10 thousand to 12 thousand rupees. According to the information given on the website of AXIC Bank, the bank has also changed the prescribed limit of free cash transactions to four free transactions or Rs 1.5 lakh.
Possible increase in gas cylinders
Like every month, there can be a change in the price of gas cylinder on the first day of April also. The way the price of petrol and diesel is increasing day by day in the country. It is expected that once again in April, the prices of gas cylinders can be increased. It is worth noting that recently by increasing the price of LPG cylinder by Rs 50, the burden has been put on the general public.