Be ready for big changes: Rules will change from PF account to GST from April 1, inflation will hit here

Rules Will Change From First April :  From April 1, 2022, many big changes are going to happen which will have a direct impact on you. In these, where changes will be seen regarding tax on PF account, on the other hand, according to Budget 2022, 30 percent tax will have to be paid on profits from any crypto asset. Along with this, many changes will be seen in the price of medicines from GST.

Some small changes are seen on the first day of every month. The month of March is about to end and the new financial year is going to start from April 1. In such a situation, the beginning of the month is going to start with big changes. In these, where on one hand the rules from PF account to GST will change. On the other hand, those investing in crypto will be taxed. Not only this, from April 1, people are also going to get a big setback on the inflation front. Let’s take a look at some of the big changes that are going to affect you directly.

Table of Contents

tax on pf account

Tax on earnings from crypto

Medicines will cost more

Post Office Scheme Rules

Simple rules regarding e-invoicing

This big change came in Axis Bank

Possible increase in gas cylinder

tax on pf account

The biggest change that is going to happen from April 1, 2022, is the tax on PF account. Actually, the Central Board of Direct Taxes (CBDT) has decided to implement the Income Tax (25th Amendment) Rules 2021. That is, a limit of tax free contribution up to Rs 2.5 lakh is being imposed in the EPF account. If the contribution is made above this, the interest income will be taxed. At the same time, the limit of tax free contribution to GPF of government employees is Rs 5 lakh annually.

Tax on earnings from crypto

A major change from the first day of the new financial year i.e. April 1 is the tax on cryptocurrencies. Finance Minister Nirmala Sitharaman had announced a 30 percent tax on all virtual digital assets or crypto assets in the budget of 2022-23. Under this, if the investor gains on selling crypto assets, then he will have to pay tax to the government. Along with this, whenever any crypto asset is sold, TDS will be deducted at the rate of one percent of its sale.

Medicines will cost more

From the beginning of the new financial year, the expenditure on medicines for the common man is going to increase. Yes, it will become expensive to buy medicine from April 1 for those troubled by the effect of inflation. According to the report, the prices of 800 essential medicines are going to increase by 10.7 percent. These include paracetamol, the basic medicine for fever. The National Pharmaceutical Pricing Authority (NPPA) has given its approval for changes in the Wholesale Price Index of these drugs.

Post Office Scheme Rules

The rules related to investment in Post Office Monthly Income Scheme (MIS), Senior Citizen Saving Scheme (SCSS) or Post Office Term Deposit are also going to change. From April 1, the interest amount in these schemes will not be available in cash. For this you need to open a savings account. Apart from this, customers who have not linked their post office savings account or bank account with these schemes and in such cases interest is not being paid. So they have to link it.

Simple rules regarding e-invoicing

CBIC (Central Board of Indirect Taxes and Customs) has reduced the turnover limit for issuance of e-challans (electronic challans) under the Goods and Services Tax (GST) to Rs 20 crore from the earlier prescribed limit of Rs 50 crore. This rule is also being implemented from 1st April 2022.

This big change came in Axis Bank

For customers who have salary or savings account with Axis Bank, the new rules are being implemented from April 1, 2022. The bank has increased the limit of minimum balance in savings account from 10 thousand to 12 thousand rupees. According to the information given on the website of AXIC Bank, the bank has also changed the prescribed limit of free cash transactions to four free transactions i.e. 1.5 lakh rupees.

Possible increase in gas cylinder

Like every month, there can be a change in the price of gas cylinder on the first day of April also. The way the prices of petrol and diesel are increasing day by day in the country. It is expected that once again the prices of gas cylinders may increase in April. It is worth noting that recently by increasing the price of LPG cylinder by Rs 50, the burden has been put on the general public.

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