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New Fiscal Year Will Bring Changes In These Sectors; Impact On Daily Life

From April 1 that is tomorrow, new fiscal year is starting. The rules are changing from banking to tax and post office

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The new financial year is starting from 1st April 2022. With this, many big changes will also be seen in April. The rules of PF account, GST, etc will change. This is going to have a direct impact on the everyday life of common people.


Mutual Funds

From April 1, the rules related to investing in mutual funds are changing. Payment will not be made in mutual funds through cheque, bank draft or any other physical medium. Payment in mutual funds can be made only through UPI or Net Banking.


Medicines

In the new financial year, the common man may face another major setback. Because getting treatment from April will also become expensive. The prices of medicines will increase from April 1. The prices of many medicines like pain killers, antibiotics, anti-virus are being increased by more than 10 per cent. According to the report, the prices of 800 essential medicines are increasing.


PF Tax

Tax will be applicable on PF account. Actually, from April 1, 2022, the PF account will be divided into two parts. The Central Board of Direct Taxes is implementing Income Tax Rule 2021 (25th Amendment). Under this, the PF account is being divided into two parts. According to which, up to Rs 2.5 lakh in the EPF account will be tax free. But if the PF contribution is above this, then interest income will be taxed.


Crypto Tax

Earnings from cryptocurrency will be taxed from 1st April 2022. Significantly, while presenting the General Budget 2022-23, Finance Minister Nirmala Sitharaman had made it clear that in the new financial year all virtual digital assets or crypto assets will be taxed up to 30 per cent. That is, 30 per cent of the profit made on selling crypto assets will have to be paid by the investor as tax.


Post Office

From April 1, 2022, the monthly income scheme of the Post Office, the monthly income from the Senior Citizens Savings Scheme will not be available in cash. It will now be directly transferred to the Savings Account. For this, the post office account will have to be linked with the savings account.


LPG Prices

The price of LPG changes on the first of every month. In such a situation, there may be a change in the price of gas on April 1, 2022 as well. Oil prices have risen due to the Russia-Ukraine war. In such a situation, it is expected that the price of LPG may also increase.


Axis Bank Rules

With effect from April 1, 2022, changes are also being made in the rules of salary or savings account of Axis Bank. The minimum balance in the savings account will be increased from Rs 10000 to 12000. Apart from this, Axis Bank has also changed the stipulated limit for free cash transactions to four free transactions or Rs 1.5 lakh.


E-Invoice Rules

The Central Board of Indirect Taxes and Customs has reduced the turnover limit for issuance of e-invoices under GST from Rs 50 crore to Rs 20 crore. Hence it will be also applicable from 1st April, 2022.


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fiscal year banking sector provident funds