PHOTOS

From PAN-Aadhaar linking to crypto tax: New financial changes from April 1

New Delhi: The new financial year has started from today, i.e., April 1. Some new rules has come into force in the country with the start of the new fiscal year. Everyone, from ordinary people to businessmen, will be affected by these developments. Here's everything you need to know!

The Budget 2022-23 was approved by Parliament on Tuesday, March 29, with the Rajya Sabha returning the Appropriation Bill 2022 and the Finance Bill 2022. The Lok Sabha approved the two bills on Friday. The Union Budget was presented on February 1 by Finance Minister Nirmala Sitharaman.

Zee Media Bureau|

Updated:Apr 01, 2022, 11:38 AM IST

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Aadhaar-PAN linking

The Permanent Account Number (PAN) with Aadhaar linking will be mandatory from today, i.e. April 1. Otherwise, Rs 500 penalty will be implemented for the linkage.

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LPG Price

Commercial 19-kg LPG cylinder price is increased by Rs 250 from April 1. It will now cost Rs 2253 in Delhi.

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Tax break for homebuyers

The tax break for first-time home buyers that was announced earlier this year has not been renewed. The plan, which was unveiled in the 2019-20 Budget, provided an additional income tax advantage of Rs 1.5 lakh to persons purchasing residences worth up to Rs 45 lakh under section 80EEA of the Income Tax Act. It had been extended for two more years, but in Budget 2022, it was not renewed. It is likely that the amount of tax that must be paid will grow.

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Post Office Scheme

Investing in the Post Office's Monthly Income Scheme, Senior Citizen Savings Scheme, or Post Office Term Deposit is subject to the following rules: The interest amount will not be available in cash and will need the opening of a savings account. For interest to be paid, the post office savings account or bank account must be linked to the scheme.

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PF taxed

If your PF payment is higher than Rs 2.5 lakh for non-government employees and Rs 5 lakh for government employees, you will be charged interest from your provident fund. This restriction does not apply to contributions of less than Rs 2.5 lakh.

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Crypto tax

Taxation on crypto assets has begun from today with virtual digital assets subject to a 30% tax when sold for a profit. The announced 1% TDS regime, on the other hand, will take effect on July 1, 2022.