Salaries will change by 1, salaries will decrease, but savings will increase; Maybe applicable from the new financial year. Salaries will decrease, but savings will increase, new pay laws may come into force from the new fiscal year; There will be many changes including interest on PF
A lot is going to change in the country from April 1, a lot of rules are going to change the law and they are going to have a direct impact on your pocket.
So here in this article, we are going to give you this type of information which is related to your salary from your budget, then you should definitely read this information because it will prove to be very good and effective for you.
There are several major changes going to implements under 1 April 2022 New Rules including salary structure and income tax rules
There are several major changes going to implements including salary structure and income tax rules from April 1. the savings will increase and may decrease in the salary of the common people. Under the ‘Pay Code Act’ passed in 2019, the basic salary of an employee will inevitably be 50% of his CTC (Cost to Company).
1 April 2022 New Rules
These changes are going to happen
- Pre-filled return form: To simplify the process of filing income tax returns, the individual taxpayer will be given a pre-filled ITR form. Failure to file ITR will now result in double the TDS.
- It has to be told in ITR: Share trading, mutual fund transactions, dividend income and post office deposits or NBFC deposits in the new financial year will have to be reported in the ITR. Information will also appear in Form 26AS.
- The same PANs that are linked to Aadhaar will run: If someone’s PAN is not linked to Aadhaar, one can become useless from April. The last date for linking is 31 March.
- Checkbook-IFSC Code of seven banks: Due to the merger of banks, the account holders of Dena Bank, Vijaya Bank, Corporation Bank, Andhra Bank, Oriental Bank of Commerce, United Bank of Commerce or Allahabad Bank will have to get a new passbook and checkbook from April 1.
- Two air bags in all cars: All cars will also have to be fitted with airbags for the seat next to the driver.
- Working hours 12, four or five days a week: New labor laws may also apply. Under this, the daily working hours can be 12. However, there is a provision to do ‘working day’ four or five a week.
- Tax on income from interest on PF: Five lakhs per financial year PF. Interest income will not be taxed till the investment is made. If the employee invests in more PF than this, then the income from interest will be taxed.
- LTC Incashment: The exemption period granted to employees under the Vacation Travel Concession (LTC) voucher is till 31 March 2022.
- Relief in ITR for the elderly: Now the elderly pensioners over 75 years are exempted from filing Income Tax Return (ITR). This facility will be available only to those whose source of income is pension and interest thereon. The exemption will be available when the interest income comes to the same bank in which the pension account is held.
- E-invoice mandatory: E-invoice will be compulsory for all such businessmen from April 1 in Business to Business (B2B) business. Especially those whose turnover is more than Rs 50 crores.
- 5 percent toll rate increased: There will be a 5 percent increase in all toll rates across the country from April 1. At the same time, monthly pass rates will also increase. Example: 20 km Monthly pass of Rs. 285 instead of 275. Will be made in
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