Three Changes in Income Tax Rules from Today! Check the Details Here
Sushmita Goswami | Jul 1, 2022 |
Three Changes in Income Tax Rules from Today! Check the Details Here
Three significant modifications to the income tax laws that were suggested in the union budget 2022 have become a reality. Here are the details of the three changes that have taken place from today i.e. 01 July 2022.
The deadline for PAN-Aadhaar linkage has passed on June 30, 20222. According to CBDT regulations, if someone links their PAN with Aadhaar between March 31, 2022, to June 30, 2022, they must pay a late fee of Rs 500. A double fine of Rs 1,000 for PAN-Aadhaar will be imposed starting on July 1st, 2022 i.e. today, if a person fails to link their PAN with Aadhaar by June 30, 2022. One will be required to pay Rs 1,000 for the PAN-Aadhaar link starting from today.
TDS on cryptocurrency transactions: The proposed budget is in effect as of right now. An investor could, however, request a refund of TDS that was imposed on transactions that resulted in losses. Therefore, if a bitcoin investor has engaged in cryptocurrency transactions, they may file an ITR.
Sujit Bangar, the founder of Taxbuddy.com, provided the following explanation of how TDS will be assessed on digital assets: “From July 1, 20222, TDS at the rate of 1 percent has been proposed for transactions involving cryptocurrency. The important point to note is that we may sell cryptocurrency at a profit or loss but TDS at the rate of 1 percent would certainly happen. We can claim a refund of TDS done on transactions involving loss. Therefore, it would be recommended to file an income tax return if you have entered into transactions in cryptocurrency.”
The Government of India included a new section 194R to the Income Tax Act of 1961 in the Union Budget of 2022. The 10% TDS on advantages obtained from sales promotion on doctors and social media influencers is proposed in this new section. This budget plan is now operative as of today, July 1, 2022. However, the TDS won’t be applied unless the benefit costs at least 20,000 in a single financial year.
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