Rules Related To Tax: There are only a few days left for the new financial year (2022-23) to begin. With the new financial year, where many old rules will be abolished, many new rules will also be implemented. The government has also changed some rules related to tax from the new financial year. This will have a direct impact on every employed person. In this, along with the new tax rules on EPF, the rules related to tax exemption on the expenses incurred on treatment during the corona period are also included. You will get information about four such rules here.
The government has fixed the limit for tax-exempt investment in EPF. If more than this is invested, then the salaried will have to pay tax on its interest. The new rule will come into effect from April 1, 2022. Under Section 9D of Income Tax, if a salaried employee invests more than 2.5 lakhs annually in his EPF account, then the interest received on that additional amount will be taxed. This tax will be charged according to the slab of the employee.
Finance Minister Nirmala Sitharaman, while presenting the budget for 2022, has made a provision to collect tax on virtual and digital assets as well. Under this, those earning from cryptocurrencies like bitcoin or virtual assets like NFT will also have to pay tax. There will be a direct tax liability of 30 percent on this. Not only this, a TDS of 1% will also have to be paid on the transfer of any such property. The biggest thing is that the losses on such properties will not be able to be adjusted in any way.
The government has given a great facility to the taxpayers to amend their ITR. Under this, now the facility of updating ITR will be available for two years after filling it. Till now, only 5 months from the due date of filing your return, you get an opportunity to amend or update your ITR. Now, this period will be for two years, but no claim can be made regarding any loss or tax liability in this. If any additional income comes out in updating, then you will have to pay 25 percent more tax for updating within 12 months and 50 percent more tax on updating after that.
The government had issued a release in June 2021, stating that if any expenditure has been incurred on corona treatment during the epidemic, then tax exemption can be claimed on it. Similarly, if someone has died due to an epidemic and his family has been given any amount as compensation by the employer or the government, then tax exemption can also be claimed on this. However, this amount should be received within 12 months of death and its limit should not exceed Rs 10 lakh.