Income Tax Rules: These 3 big rules related to income tax will be implemented from today, know what will be the effect on you

New Income Tax Rules: With the end of the first quarter of the financial year 2022-23 today i.e. on June 30, 3 big rules related to income tax will be implemented from July 1, 2022. Let us inform that Union Finance Minister Nirmala Sitharaman had announced in the Budget 2022-23 regarding these three rules to be implemented from July 1.

Today i.e. on June 30, with the end of the first quarter of the financial year 2022-23, 3 big rules related to income tax will be implemented from July 1 , 2022 . Let us inform that Union Finance Minister Nirmala Sitharaman had announced in the Budget 2022-23 regarding these three rules to be implemented from July 1. One of the 3 rules is such, which will affect every common man of the country. Whereas the second rule will affect people investing in cryptocurrencies. At the same time, the third rule is for doctors and social media influencers. Let us know about the three rules that will come into force from tomorrow, which are going to have a direct impact on the common man as well as crypto investors, doctors and social media influencers.

Delay in linking PAN-Aadhaar will have to pay double fine

According to the rules, the last date for linking PAN and Aadhar card is June 30, 2022. If a person does not link his PAN and Aadhaar by June 30, then he will have to pay a fine of Rs 1000 instead of Rs 500. It simply means to say that you have only today to link PAN and Aadhaar. If you do not link your PAN and Aadhaar today, then tomorrow i.e. from July 1, 2022, you will have to pay double the fine. 

Additional TDS of 1% to be deducted on cryptocurrency transactions

The Government of India had implemented the rule of 30 percent income tax on transactions done in cryptocurrencies with effect from April 1, 2022. But the government is going to give new tension to the investors transacting in cryptocurrencies from July 1. Yes, the government is going to introduce the rule of 1 percent extra TDS on transactions done through cryptocurrency from July 1. The point to be noted here is that TDS will be deducted for all, be it profit or loss for those transacting in crypto. However, those who suffer losses in crypto transactions will be able to claim a refund. Experts advise for investors trading in cryptocurrencies that they should file ITR without delay if they enter this world.

10% TDS will be deducted on profit of more than 20 thousand in a year

Presenting the Budget 2022-23 in Parliament, the Finance Minister introduced section 194R in the Income Tax Act 1961. This is a completely new rule in the income tax rules, under which TDS of 10 percent will have to be paid on the benefits received by doctors and social media influencers. However, this rule will be applicable only to those doctors and social media influencers, whose annual profit will be more than 20 thousand rupees.