April 1 marks the commencement of a new financial year and it brings several new regulations into effect in the country every year. This year too the government has also rolled out changes from tax rules, EPF to KYC norms, and Covid relaxations.
Below is the list of some of these changes effective from April 1, 2022.
End To COVID restrictions
After more than two years, the covid-19 restriction has officially ended with steady decline of the pandemic in the country. However, masks, social distancing, hand hygiene measures will continue.
PAN - Aadhaar Linking
From today onwards, Permanent Account Number (PAN) holders who have not linked their Aadhaar can update their biometric data in PAN by paying Rs 500 up to three months from 1st April 2022 and a fee of Rs.1000 thereafter. The Central Board of Direct Taxes (CBDT) has however extended the linking deadline to March 31, 2023.
Taxation on Cryptocurrencies
As per the announcement in the Budget for 2022-23, profits on virtual digital assets (VDA) or cryptocurrencies will attract 30% tax and 1% TDS from today
Tax On PF
According to the notification of the Central Board of Direct Taxes, if the interest on the PF contribution of an employee is more than Rs 2.5 lakh in a year, it will attract tax from today onwards.
GAS prices will increase
The prices of petrol, diesel, and LPG are going to increase from April 1. The price of natural gas price is expected to rise from $2.9 to $5.93.
Vehicles become costlier
Auto companies will increase the price of vehicles from April 1, 2022. Similarly, the scrappage policy will be applicable for government vehicles from today
Medicines now expensive
Over 800 drugs under the National List of Essential Medicines (NLEM) will see a price rise from April. This may include pain killers, antibiotics, anti-virus, etc. The prices of selected medicines are going to increase by more than 10 percent
No IT returns for senior citizens aged 75 years and above
Senior citizens above the age of 75 will now do not have to file income tax returns with the condition that a declaration must be given to the bank that the individual uses.
Restrictions on Bank accounts
Bank account holders will not be able to operate their bank accounts if they are not KYC compliant. The government has not allowed any further extension for periodic KYC updation