Mumbai, April 1: The Financial Year 2022-23 has begun from April 1, 2022. With the new FY kicking in, some major changes have been implemented or come into effect which is going to affect your money matter to a large extent.

The most significant has to be the Cryptocurrency Tax law where a 30% tax will be imposed on income from the transfer of virtual digital assets. On the other hand, Finance Ministry on Wednesday i.e. March 30, said non-linking of PAN with Aadhaar number by March 31, 2022, would attract a penalty. The new policies and changes will have an impact on everyone. Income Tax Return, PAN-Aadhaar Link: Five Tasks Taxpayers Should Finish Off Before March 31.

Here Is All You Need To Know:

Cryptocurrency Tax Law

Finance Minister Nirmala Sitharaman had presented the Union Budget 2022-23 where several schemes and financial regulations, including the tax on virtual digital assets (VDAs) like cryptocurrency were announced. In regards of cryptocurrencies, the government will impose new rules on virtual digital assets (VDA) or cryptocurrencies from April 1. According to the rule, profits made on crypto assets will attract 30% tax and 1% TDS.

Tax on PF

As per the latest Central Board of Direct Taxes notification, interest on the PF contribution of an employee above a certain limit will be taxed from April 1, 2022. The tax will have to be paid if the PF contribution is more than Rs 2.5 lakh in a year.

PAN-Aadhaar Linking

As per new regulations, non-linking of PAN with an Aadhaar card by March 31, 2022, would attract a penalty. As per the Ministry, the penalty charges would be Rs 500 up to three months from April 1, 2022, and a fee of Rs 1,000 thereafter. PAN-Aadhaar Linking Tutorial: Here's How to Link Permanent Account Number With UIDAI. 

GST

The turnover limit for issuance of e-challans under Goods and Services Tax (GST) has been reduced to Rs 20 crore from the earlier fixed limit of Rs 50 crore.

 

Fuel Prices

The prices of 19 kg commercial LPG have been increased by Rs 250 per cylinder effective from Friday i.e. April 1. With this, the 19 kg commercial cooking gas will now cost Rs 2,253. As a relief, after a 10-day price rise, petrol and diesel prices stayed steady on Friday, April 1. However, it is expected that the fuel prices will go up.

 

Vehicles Going to be Expensive

Car companies, such as Mercedes Benz and Audi, etc, will increase the price of vehicles from April 1, 2022. Apart from this, the Insurance and Regulatory and Development Authority of India (IRDAI) has proposed an increase in the rates of third-party insurance (3rd-party motor insurance premium) for motor vehicles.

Mutual Funds

There will be a lot of changes in the rules of mutual funds in the Fiscal Year 2022-23. The new rule states that Mutual Funds payment will be done only in digital mode and will not be able to use cheques.

COVID-19 Restrictions

The COVID-19 restriction that is implemented in the country will get end tomorrow. The home ministry, however, said the wearing of face masks and maintaining social distancing norms will continue. Several states, including Maharashtra, decided to lift all the pandemic-related restrictions, including the mandatory wearing of face masks.

The National Pharmaceutical Pricing Authority of India has allowed a hike of 10.7 percent on a few medicines. Over 800 drugs that are under the National List of Essential Medicines (NLEM) will see a rise in price from Friday, i.e. April 1.

(The above story first appeared on LatestLY on Apr 01, 2022 12:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).