- Advertisement -
HomeAutoThese 10 new rules of tax came into force from April 1,...

These 10 new rules of tax came into force from April 1, special rules made for state government employees as well

There is also good news for state government employees. Now they can deduct up to 14 per cent of their dearness allowance (DA) and basic pay for the National Pension Scheme (NPS) to get tax breaks. Earlier this limit was 10 per cent.

Itr Filing

The new financial year has started in India from 1st April. With this, many rules have been changed. The Income Tax Department has made many new rules related to tax and regulation. crypto tax (Crypto Tax) to Employee Provident Fund (EPF) has been changed to the rules. Transfer of Virtual Asset, Gift of Cryptocurrency, Lawn Term Capital Gain, Home Purchase on Home Loan, COVID Treatment and Updated Income Tax Return (Income Tax ReturnIn cases like this, major changes have been made in the tax rules. If you are also going to be related to these rules, then definitely take information about the new rule once. Otherwise problems may increase later.

1- Crypto Tax

From April 1, 30 percent tax has started on virtual digital assets or cryptocurrencies. If there is profit on the transaction of crypto, then 30% tax will have to be paid. No tax to be paid on losses. There is also a rule of 1% GST, but it will be applicable from July 1.

2-Transfer of Virtual Asset

Losses in virtual digital assets cannot be transferred to the next year. That is, if there is a loss in the transaction of cryptocurrency, then it cannot be set off with the income of any other business. Cannot set off losses even after selling virtual tokens. The virtual asset will be treated like any other capital asset which will attract capital gains tax.

3-crypto gift

If you give a gift to any person which is in crypto or digital token, then the gift taker will have to pay tax on it. This new rule has come into effect from April 1.

4-Tax on EPF

If an employee deposits more than 2.5 lakh in EPF and earns interest on it, then tax will have to be paid. A limit of Rs 2.5 lakh has been kept in a year. In terms of tax, this is happening for the first time when the limit on the amount deposited on EPF has been fixed.

5-Long Term Capital Gains

Till April 1, a cap of 15% surcharge on long-term capital gains from equities and mutual funds was kept. Now it will be levied on all long term asset gains.

6-Tax exemption on buying a new house

An additional deduction of Rs 1.5 lakh has been allowed for first time home buyers, if the value of the house is less than Rs 45 lakh.

7-Discount on treatment of COVID

If a person has received any fund or amount for the expenditure on the treatment of COVID-19, then they will not need to pay any tax on it. Also, the amount received by the family of the deceased in case of death due to COVID-19 is tax free up to Rs 10 lakh.

8-Updated Tax Return

The government has allowed those people to file updated tax returns who have made any discrepancy in the earlier return or need to make any correction in the original tax return. This will help those people who want to correct their returns, but are unable to do so due to the lapse of the return date.

9-Rule of Life Insurance Policy

If a parent/guardian buys a life insurance policy for a disabled person for the purpose of savings, they can deduct the policy amount from their total earnings. This will help them to save tax.

10-State Government Employees

There is also good news for state government employees. Now they can deduct up to 14 per cent of their dearness allowance (DA) and basic pay for the National Pension Scheme (NPS) to get tax breaks. Earlier this limit was 10 per cent.

: Language Inputs

Editorialhttps://www.newsncr.com
Newsncr.com latest publishes news from the automobile, investment, real estate, technology, and related sectors. But in addition to that, we also cover lifestyle topics, like fashion, food, travel, and health. Along with all these, we also keep an eye on rising topics like cryptocurrency, startups, venture capital.
- Advertisement -
Must Read
- Advertisement -
Related News
- Advertisement -