New Financial Year Begins Today: Buying a car and home become expensive, Get ready to face these 12 changes from today
The new financial year has started from today i.e. from 1st April. With this, many changes are taking place related to the common people, banking and automobile sector. Buying a car and traveling on the highway has become expensive from today. Apart from this, if you invest money in crypto currency, then you will have to pay 30% tax on the profits made from it. 'Winning Bizness' tells you about 12 such changes happening from today which will have a direct impact on your life.
1) Travel becomes expensive
Traveling on the National Highway is going to be expensive from today. The National Highways Authority of India (NHAI) has increased the toll tax by Rs 10 to 65. It has been increased by Rs 10 to 15 for small vehicles while Rs 65 for commercial vehicles.
2) Extra tax exemption will not be available on buying an affordable house
Now you will not get the benefit of tax exemption on the interest paid on the home loan. The benefit of additional deduction of 1.5 lakh under section 80EEA of the Income Tax Act will no longer be available. Under Section 80EEA of the Income Tax Act, if the value of the house is less than 45 lakhs, then the interest payment could be claimed as deduction up to 1.5 lakhs. This deduction or exemption was in addition to the exemption of Rs 2 lakh available under section 24B.
3) Tax will have to be paid on the interest of PF
Employees who have deposited more than Rs 2.5 lakh in PF account will have to pay income tax on interest. The amount will be divided into two parts for tax calculation. Exempt contribution in one, and contribution of more than Rs 2.5 lakh in the other, which will be taxable. For government employees, this limit will be Rs 5 lakh.
4) Penalty for not linking Aadhaar-PAN
Linking PAN with Aadhaar will now attract a penalty. It will be Rs 500 till 30 June 2022. After this a penalty of 1000 rupees will have to be paid. PAN number will become inactive if it is not linked even after March 31, 2023.
5) Buying a car becomes expensive
Tata Motors has decided to increase the prices of its vehicles by 2-2.5%, while Toyota Kirloskar Motor has also decided to increase the prices of its vehicles by 4%. Apart from this, Mercedes-Benz India is going to increase the prices of all its cars. BMW is also going to increase the price of all its cars by 3.5% from April 1.
6) Medicines too expensive
The prices of around 800 life saving drugs will increase by 10%. It also includes essential medicines like antibiotics to pain killers. All these medicines fall under the category of schedule medicines i.e. essential medicines.
7) 30% Tax on Crypto
Virtual digital assets or crypto will be taxed at 30%. If a person makes profit on selling crypto currency, then he will have to pay tax on it. 1% TDS will also be deducted from July 1 on sales.
8. Rules for investing in mutual funds changed
Now you will not be able to make payment for investment in mutual funds through cheque, bank draft or any other physical medium. Mutual fund transaction aggregation portal MF Utilities (MFU) has discontinued the payment facility through cheque-demand draft etc. with effect from March 31, 2022. To invest in mutual funds from today, you will have to pay only through UPI or Netbanking.
9) Wireless Earbuds and Refrigerator Can Be Expensive
In the budget of the year 2022, the import duty has been increased on some parts used in wireless earbuds. In such a situation, the production cost will increase, after which all the brands can increase the prices of their earbuds. Apart from this, the duty on direct import of headphones has been increased. This simply means that now it is going to be expensive for customers to buy headphones. Apart from this, the government has increased the import duty on the parts used in the compressor. Due to this, refrigerators will also become expensive in the country.
10) Link Bank Account with Small Savings Schemes
If you run small savings schemes like Time Deposit, Senior Citizen Saving Scheme or Monthly Scheme in the post office, then definitely get these accounts linked with the Savings Account or Post Office Savings Account. Now the money of these schemes will be available in the savings account only. You cannot take interest money in cash by going to the post office. On linking the savings account, the interest money will be transferred electronically.
11) Axis Bank Changes Rules For Savings Accounts
Axis Bank has increased the limit of average monthly balance for savings accounts from Rs 10,000 to Rs 12,000. AXIS Bank has increased the minimum balance limit for Easy Savings and Equivalent Schemes in metro/urban cities. This change will be applicable to only those schemes, in which the average balance is Rs 10,000.
12) KYC of Bank and Demat Account
KYC has been made mandatory for demat and bank account holders. As per the rules, if your KYC is not updated then your bank account may get closed. At the same time, if the KYC of your demat account is not done then the demat account will be deactivated. With this you will not be able to trade in the stock market. Even if a person buys shares of a company, then these shares will not be able to transfer to the account. This will be done only after the KYC is completed and verified.