New Income Tax Rules From April 1, 2022. 7 Major Changes Which You Should Know.

New ITR Norm: A number of significant changes will take place that may affect your online transactions and expenses.

Crypto tax, filing of updated ITR returns, EPF interest new rules, and tax relief on Covid-19 treatment are some of the major changes effective from the next financial year.

Here is What’s going to change in income tax rules from April 1:

Updated ITR filing window The Finance Minister also gave respite to people filing their revised Income Tax Return (ITR) from next fiscal.

Crypto Tax The Union Budget 2022-23 proposed a 30% tax on cryptocurrency assets. Beginning April 1, cryptocurrency gains will be taxed at 30%

State government employees NPS Deduction State government employees will now be able to claim tax benefit of 14 percent on the National Pension System

KYC norms Accounts held with RBI and Sebi-regulated financial entities most be compliant with KYC norms with updated addresses and ID proof by March 31

Mutual Funds Dividends earned from mutual funds or domestic firms will be put under tax brackets from now onwards.

Tax on PF account The Central Board of Direct Taxes (CBDT) has decided to implement Income-tax (25th Amendment) Rule 2021 from April 1

Tax relief on Covid-19 treatment expenses As per the press release in June 2021, tax exemption has been provided to persons who have received money for Covid medical treatment.