The new financial year begins on April 1st. Many changes are occurring in the areas of common people, banking, and the automobile industry as a result of this. Purchasing a car and travelling on the highway has become prohibitively expensive in recent years. Aside from that, if you invest money in crypto currency, you will be subject to a 30% tax on the profits you make. We’re going to tell you about 12 such changes that are happening right now and will have a direct impact on your life.
Travel is costly.
It will be costly to travel on the National Highway. From 12 p.m. today, the National Highways Authority of India (NHAI) increased the toll tax by Rs 10 to Rs 65. It has been raised from Rs 10 to Rs 15 for small vehicles and from Rs 65 to Rs 70 for commercial vehicles.
Additional tax benefits will not be available when purchasing a low-cost home.
You will no longer be eligible for a tax break on the interest you pay on your home loan. The benefit of a 1.5 lakh additional deduction under section 80EEA of the Income Tax Act will be phased out. If the house’s value is less than 45 lakhs, the interest payment can be claimed as a deduction up to 1.5 lakhs under Section 80EEA of the Income Tax Act. This deduction or exemption was in addition to the Rs 2 lakh exemption provided by section 24B.
The PF interest will be subject to taxation.
Employees who have deposited more than Rs 2.5 lakh in their PF account will be required to pay income tax on the interest earned. For tax purposes, the total will be divided into two parts. In one, the contribution is tax-free, while in the other, the contribution is taxable if it exceeds Rs 2.5 lakh. This limit will be Rs 5 lakh for government employees. Here’s where you can learn all about the math.
Penalty for failing to link Aadhaar and PAN
Linking your PAN to your Aadhaar will now result in a penalty. Until June 30, 2022, it will be Rs 500. Following that, a penalty of 1000 rupees must be paid. If a PAN number is not linked by March 31, 2023, it will become inactive.
Purchasing a car becomes prohibitively expensive.
Tata Motors has decided to raise its vehicle prices by 2-2.5 percent, while Toyota Kirloskar Motor has decided to raise its vehicle prices by 4%. Apart from that, Mercedes-Benz India will raise the prices of all of its vehicles. From April 1, BMW will raise the price of all of its vehicles by 3.5 percent.
Medicines are prohibitively expensive
Around 800 life-saving drugs will see a 10% increase in price. It also includes necessary medications such as antibiotics and pain relievers. All of these medications are classified as schedule medicines, or essential medicines.
Cryptocurrency is subject to a 30% tax.
Virtual digital assets, also known as crypto, will be taxed at a rate of 30%. If a person earns money by selling crypto currency, he must pay taxes on it. From July 1, a 1% TDS will be deducted from sales.