The new financial year is going to start from 1st April 2022. In such a situation, many big changes can be seen in the new month. Yes, from April 1, the rules from PF account to GST will change. Apart from this, many more changes are going to happen, which will have a direct impact on the common man. From 1st April, there can be a strong shock of inflation. Know, what changes are going to happen from April 1, 2022. Which has a direct impact on your everyday life.
tax on pf account
The biggest change that is going to happen from April 1, 2022 is the tax on PF account. From April 1, 2022, the PF account will be divided into two parts. Now it will also be taxed. According to the new rule, up to 2.5 lakh rupees in the EPF account will be tax free. But if the PF contribution is above this, then tax will be levied on the interest income. Whereas, the limit of tax free contribution to GPF of government employees is Rs 5 lakh per annum.
Tax on crypto earnings
Earnings from crypto currency will be taxed from 1st April 2022. Significantly, while presenting the General Budget 2022-23, Finance Minister Nirmala Sitharaman had made it clear that in the new financial year all virtual digital assets or crypto assets will be taxed up to 30 percent. That is, the investor will have to pay tax in the profit made on selling crypto assets.
Now this will be the payment in mutual funds
The rules related to investment in mutual funds are also changing from 1 April 2022. From April 1, payment will not be made in mutual funds through cheque, bank draft or any other physical medium. Payment in mutual funds can be done only through UPI or Net banking.
Cash will not be available from post office
Monthly income from the Post Office Monthly Income Scheme (MIS), Senior Citizens Savings Scheme will not be available in cash from April 1, 2022. It will now be transferred to the savings account. For this, the post office savings account will have to be linked with the savings account. After this, the money received under the scheme will be directly transferred from your bank savings account.
Medicines will cost more
On 1st April 2022 i.e. in the new financial year, the common man is also facing a setback because, the expenditure on medicines is going to increase. Yes, buying medicines will become expensive from April 1. According to the report, the prices of 800 essential medicines are increasing by 10.7 percent.
Gas cylinder prices may increase
The price of LPG changes on the first of every month. In such a situation, there may be a change in the price of gas on April 1, 2022 as well. Oil prices have risen due to the Russia-Ukraine war. In such a situation, it is being expected that the price of LPG may also increase from the 1st.
changes in the rules of axis bank
With effect from April 1, 2022, changes are also being made in the rules of salary or savings account of Axis Bank. The minimum balance in the savings account will be increased from 10 thousand to 12000. Apart from this, Axis Bank has also changed the limit for free cash transactions to four free transactions or Rs 1.5 lakh.
Change rule of e-invoice
The Central Board of Indirect Taxes and Customs (CBIC) has reduced the turnover limit for issuance of e-invoices under GST from Rs 50 crore to Rs 20 crore.