𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐫𝐮𝐥𝐞 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 𝐟𝐫𝐨𝐦 𝐀𝐩𝐫𝐢𝐥 𝟏, 𝟐𝟎𝟐𝟐



Finance minister, Nirmala Sitharaman in her budget speech during February 2022 has announced some key changes to income tax rules. There has been a wide expectation to raise the income tax barrier from the current 2.5 lacs. Unfortunately, it wasn't a part of the this year's budget. Yet there was some key changes. Including the taxation of Crypto assets and PF. Let's look into these key changes?  

 

1, 𝗣𝗙 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻𝘀 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝟮.𝟱 𝗹𝗮𝗸𝗵𝘀 𝗽𝗲𝗿 𝘆𝗲𝗮𝗿 𝘄𝗶𝗹𝗹 𝗮𝘁𝘁𝗿𝗮𝗰𝘁 𝘁𝗮𝘅 𝗼𝗻 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 also PF accounts are likely to be differentiated into two categories, taxable and non-taxable. Read more here

In this any interest above a contribution of 2.5 Lac will be taxable by the government. Here the thing to note is only the interest is taxable not the contribution. Only the interest on the excess contribution above 2.5 lakhs. FM also mentioned this will only affect less than one percent of tax payers in India 

 

2, 𝟯𝟬% 𝘁𝗮𝘅 𝗼𝗻 𝗰𝗿𝘆𝗽𝘁𝗼 𝗮𝘀𝘀𝗲𝘁𝘀. Income from crypto assets through crypto transactions will attract a tax of 30% which will be effective from April 1st, 2022. Finance Minister announced this new taxation also remarking "𝘛𝘩𝘦𝘳𝘦 𝘩𝘢𝘴 𝘣𝘦𝘦𝘯 𝘢 𝘱𝘩𝘦𝘯𝘰𝘮𝘦𝘯𝘢𝘭 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘦 𝘪𝘯 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯𝘴 𝘪𝘯 𝘷𝘪𝘳𝘵𝘶𝘢𝘭 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘢𝘴𝘴𝘦𝘵𝘴" 


3, 𝗜𝗧𝗥 𝗳𝗶𝗹𝗶𝗻𝗴 𝘄𝗶𝗻𝗱𝗼𝘄 𝗴𝗲𝘁𝘀 𝘂𝗽𝗱𝗮𝘁𝗲𝗱.

Finance Minister has announced that the tax filing window will stay open for two years from the initial assessment year. In case the filing needs to be modified. This also will be applicable from April 1st. 


#tax #finance #india #incometax #incometaxreturn

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