6 New Income Tax Rules From April 1

#1. Taxation on virtual digital assets

In Budget 2022, the government said it would tax income from the transfer of any virtual digital asset, including cryptocurrency. 

#2. Higher tax benefit on NPS

From 2022-23, state government employees can claim tax breaks of up to 14 percent of their basic salary.

#3. Clarity on EPFO tax break-up

Starting in FY23, interest earned on your annual employees’ provident fund (EPF) contribution of over Rs 2.5 lakh (Rs 5 lakh for government employees) is subject to tax.

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#4. Tax relief on Covid-19 treatment expenses

The finance ministry said income-tax will not be charged on the amount received by a taxpayer from her employer for Covid-19 treatment expenses.

#5. Updated income tax returns

Now, one can file an updated return within two years of the end of an assessment year.

#6. No more deduction under section 80EEA from April 1, 2022

No more deduction under section 80EEA from April 1, 2022.

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