We have stepped into a new financial year and this is always a good time to create a financial plan for the entire year.
But before you start your financial planning, it’s important to understand the new rules being applicable from April 2022 and their impact on your financial planning.
- Linking PAN with Aadhaar:
In case you have missed the deadline to link your PAN with Aadhaar, you can still link it up to 30th June 2022 by paying a penalty of 500. If you also miss linking it by 30th June, you will need to pay a penalty of Rs.1000 to link it after 30th June.
- Cryptocurrency is now taxable
As per the announcement made by the Finance Minister during the budget session, all kinds of income derived from any transaction related to cryptocurrency will be taxed at the rate of 30%.
- Home Loan benefit for first time home buyers is removed
The tax benefit under Section 80EEA which was given to first-time homebuyers to help them avail a deduction for interest paid on the home loan of up to Rs 1.5 lakhs will be discontinued from 1st April 2022.
- Provident Fund will be taxed
If your contribution to PF exceeds 2.5 lacs then, the tax would be subject to interest on the contribution above Rs 2.5 lakh.
- Other important financial changes announced in the budget;
- In case you have made a mistake in your ITR filing or have filed the wrong ITR, you can update your IT Returns within 2 years from the date of filing.
- People with disability get special tax relief.
- NPS deduction for State Govt Employees
- Surcharge on LTCG to be capped at 15%
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