3 Important changes in Income Tax rules that go into effect from July 1, 2022 ! Check the Details Here

                     

The union budget 2022 made three significant changes to the income tax laws. In this post, we will go over three of the changes that have taken place as of today, 1 July 2022.

1. Rs 1000 fine for Aadhar-PAN link

June 30, 20222 was the deadline for linking PAN to Aadhaar. The CBDT requires that anyone linking their PAN with Aadhaar between March 31, 2022, and June 30, 2022, pay a late fee of Rs 500. The double fine of Rs 1,000 for PAN-Aadhaar will be imposed on July 1st, 2022, i.e. today, if a person does not link their PAN with Aadhaar by June 30, 2022. PAN-Aadhaar links will cost Rs 1,000 starting today.

2. There is a tax on cryptocurrency transactions.

The budget has already been put into effect. An investor can ask for a refund of tax deductions (TDS) taken on transactions resulting in losses. So if a bitcoin investor has conducted cryptocurrency transactions, they can file an ITR. 

Sujit Bangar, the founder of Taxbuddy.com, explained that from July 1, 2022, TDS will be assessed at a rate of 1 percent for transactions involving cryptocurrency. The important thing to remember is that we may make a profit or loss when selling cryptocurrency, but TDS refunds will happen at the rate of 1%. We can get a refund on transactions involving a loss.

3. There has been a change to the I-T rules for influencers and doctors.

The Internal Revenue Service has announced a change to its taxation guidelines for influencers and doctors. This change will affect how much tax they must pay on their income.

The Indian government has updated the Income Tax Act of 1961 with a new section 194R, which will affect influencers and doctors. This new section discusses how 10% of the total value of sales promotion on doctors and social media influencers is proposed. This budget plan is now in effect as of today, July 1, 2022. However, benefits will not be paid until the benefit costs at least 20,000 in a single fiscal year.