New Delhi: Several new rules will come into effect from April 1. From the first date of the month of April, many such changes are going to take place, which will have an impact on the pocket of the common man. From taxes on PF accounts and cryptocurrencies to the price of LPG, the price of LPG can go up. At the same time, the additional discounts on home loans can also be eliminated. Let's know what will be the big change in the rules on April 1 -
Tax on PF account:-
From April 1, 2022, there will be a major change in the tax on PF accounts. A tax-free contribution limit of up to Rs 2.5 lakh is being imposed on the EPF account. In such a situation, if the contribution is made above this, then the interest will be taxed. The limit for tax-free contribution to GPF of government employees will be Rs 5 lakh per annum.
Additional discount on home loan abolished:-
The government had added a new Section 80EEA to the IT Act in the 2019 budget. Under which first-time homebuyers will be given the benefit of an additional tax deduction of up to Rs 1.5 lakh on interest payment of a home loan. In Budget 2022, this clause has not been extended further and this exemption is coming to an end.
Tax on earnings from cryptocurrencies:-
From April 1, cryptocurrencies are also being reined in. Finance Minister Nirmala Sitharaman had announced in the Budget for 2022-23 to levy a 30 percent tax on all virtual digital assets or cryptos. In such a situation, if the investor gains from selling the cryptocurrency, then he will have to pay taxes to the government.
Medicines will be expensive from April 1:
With the start of the new financial year, the expenditure on medicines will increase. Prices of over 800 essential medicines are set to increase by 10.7% percent. It also includes the most commonly used drug such as paracetamol. The National Pharmaceutical Pricing Authority (NPPA) has given its approval for the change in the wholesale price index of these medicines.
No interest will be available in cash in the post office:-
Rules relating to an investment in Post Office Monthly Income Scheme (MIS), Senior Citizen Saving Scheme (SCSS) or Post Office Term Deposit are also going to be changed. From April 1, the interest amount will not be paid in cash. People will have to open a savings account for this.
Changes in GST E-Challan Rules:-
The CBIC (Central Board of Indirect Taxes and Customs) has reduced the turnover limit for issuing e-challans (electronic invoices) under the Goods and Services Tax (GST) to Rs 20 crore from the earlier limit of Rs 50 crore. This rule will also come into effect from April 1, 2022.
Axis Bank raises minimum balance limit:-
Axis is implementing new rules for people holding salary or savings accounts in banks and has raised the minimum balance limit in savings accounts from Rs 10,000 to Rs 12,000. The bank has also changed the limit of free cash withdrawals.
In mutual funds, now only online payments:-
Investment in mutual funds will not be able to be paid by cheque, bank draft, or any other physical means from April 1. Mutual Fund Transaction Aggregation Portal MF Utility (MFU) is discontinuing the facility of payment through cheque-demand drafts etc. from March 31, 2022. Now the user will only get the facility of UPI or Netbanking.
Prices in the automobile sector will go up:-
Several companies, including Tata Motors, have already announced a hike in the prices of vehicles. Tata Motors has said that it will increase the prices of its commercial vehicles by 2.5 percent. Mercedes-Benz India has announced that it will increase vehicle prices by up to three percent. In addition, Toyota has announced a price hike of up to 4 percent. BMW will also increase prices by 3.5 percent.
Lpg prices will also increase:-
On April 1, the prices of gas cylinders may increase once again. The price of an LPG cylinder can be expensive by up to 100 rupees. After getting relief at the prices of LPG cylinders and petrol and diesel for the last several months, it may increase once again.
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