Financial Year 2022-23: Major Changes Introduced In 10 Sectors From April 1; Check Out Impact On People !

With the beginning of the new month, the new financial year has started from April 1, 2022, and with this, many big and important changes are taking place. Let us tell you that the direct impact of these changes is going to be on the common people and their pockets. There will be changes in many important areas including tax, rules of banks, cooking gas, home loan, GST and PF accounts or say new rules will be applicable. Let’s take a look at the rules and changes that will affect you directly.

1. Tax exemption will not be available on home loan

If you are dreaming of buying an expensive home, then now it can be a bit expensive. The Central government is going to stop giving the benefit of tax exemption under section 80EEA to home buyers from April 1.

2. LPG prices will increase

New rates have been released once again for LPG on 1st April. The price of commercial LPG cylinder has increased by up to Rs 250.  last time the rate of domestic LPG cylinder was changed on 6 October 2021. Whereas the rates of commercial cylinders have been increasing and decreasing.

3. Medicines will be expensive

The prices of about 800 important medicines are going to increase by 10.7%. These also include paracetamol, the basic medicine for fever. The National Pharmaceutical Price in Authority (NPPA) has given its approval for changes in the Wholesale Price Index of these drugs.

4. Mutual funds will only have digital payments

Payment for investment in mutual funds cannot be made through cheque, bank draft or any other physical medium from April 1. After this, you will only get the facility of UPI or Net Banking to deposit the amount.

5. Automobiles companies will increase the price

Tata Motors has said that it will increase the prices of its commercial vehicles by 2.5%. Mercedes-Benz India will increase the prices of the vehicles by up to 3%. Toyota has also announced a price hike of up to 4%, while BMW will increase the prices by 3.5%.

6. Shock to the customers of Axis bank

Axis bank has increased the limit of minimum balance in the account from Rs 10,000 to Rs 12,000. According to the information given on the website of Axis Bank, the bank has also changed the prescribed limit of free cash withdrawal to Rs 4 lakh or Rs 1.5 lakh.

7. Cash money will not be available in the post office

From April 1 this year, the Interest money cannot be taken in cash by visiting the post office. Once the bank account is linked, the interest amount will be transferred to the account digitally. The government has mandated the use of a bank account for depositing monthly, 3 months and annual interest.

8. Tax on PF Account

Now a tax-free contribution cap of up to 2.5 lakh is being imposed on the e-PF account. If the contribution exceeds this, the interest income will be taxed. At the same time, the limit of tax-free contribution to GPF of government employees has been kept at Rs 5 lakh annually.

9. Tax on earning from Crypto

Finance minister Nirmala Sitharaman had announced the imposition of a 30% tax on all virtual digital assets or crypto in the budget of 2022-23. Under this, if the investor gains on selling cryptocurrency, then he will have to pay tax to the government. TDS will also be deducted at the rate of 1% of his sale.

10. GST e-challan rule changed

(Central Board of Indirect Taxes and Customs) has reduced the turnover limit for issuance of e-challan under GST to Rs 20 crore from the earlier prescribed limit of Rs 50 crore. This rule will also come into effect from 1st April 2022