INCOME TAX RULES AMEND FROM JULY 2022

The government proposed three key adjustments to the income tax regulations in the Union Budget 2022. They are currently scheduled to take effect on July 1, 2022. While the late charge for connecting PAN-Aadhaar will increase, physicians and influencers would be required to pay 10% TDS on the profits of sales promotions.

Tax on cryptocurrency assets

From 1 July, 1% TDS will be imposed on payments exceeding Rs 10,000 made towards virtual digital assets or cryptocurrencies. Section 194S of the income tax (I-T) Act was added by the Finance Act of 2022, which established provision for 1% TDS.

Linking of PAN-Aadhar attracts double charges

The deadline for linking Aadhaar and PAN was June 30, 2022. Those who connect their PAN with Aadhaar between March 31, 2022 and June 30, 2022 would be required to pay a Rs 500 late charge, according CBDT rules. Those who failed to connect their PAN and Aadhaar by 30 June 2022 are subject to a Rs 1,000 fine anytime they link their PAN and Aadhaar.

Influencers, music groups, and physicians subject to 10% TDS

Any individual who offers more than Rs 20,000 in perks or perquisites to a resident stemming from the latter’s business or profession must pay 10% TDS. Doctors and influential individuals must be cognizant of the benefits they obtain.

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