Income Tax Rules Change: Multiple rules related to income tax are changing from July, find out the details
Income Tax Rules Change: Many of the country's income tax rules will change from July. Enforcing these rules will make sense in your pocket as well. Let's not know about these changes
Double fine for linking Aadhaar-Pan: A fine of Rs.500 has to be paid for linking Aadhaar and Pan by June 30. However, from July 1, the fine will be increased to one thousand rupees. If you have not yet linked Aadhaar card and PAN card, do this.
According to Section 234H of the Income Tax Act (March 2021, Finance Bill), failure to link PAN with Aadhaar by March 31 will result in a fine of up to Rs 1,000. However, such PAN cards will be valid for 1 more year. These will cover ITR files, refund claims and other income tax work through March 2023 or FY 2022-23.
10 percent TDS on gifts: 10 percent TDS on business gifts from 1 July. This tax will also apply to social media ‘influencers’ and doctors. Social media influencers have to pay TDS only when a company offers a product for their marketing purposes. On the other hand, TDS will not apply if the product is returned to the company.
TDS must be paid in cryptocurrency: Under the new section 194S of the IT Act, from 1 July, if the transaction for cryptocurrency exceeds Rs.10,000 per annum, the transaction will be charged at the rate of one per cent. The Income Tax Department has issued a notification for virtual digital assets. All NFTs or digital currencies will come under its purview.