There is bad news for those unable to submit the ITRs for fiscal year 2020-21 (AY 2021-22). The same applies to higher TDS, which must apply to specific income, since the revision rules, which apply from 1 April 2022. The last date for the performance was December 31, 2021. The government had introduced a new section, 194R, in the 2022-2023 budget, requiring anyone who grants more than Rs 20,000 to a resident in a year to deduct the 10% withholding tax if the beneficiary receives such a benefit from the company or profession. The guidelines explain the circumstances under which the new TDS provision, which will come into force on July 1, will apply. This new TDS provision was introduced in Budget 2022-2023 to broaden the tax base and ensure that recipients of these promotional expenses by businesses report it on their tax returns and pay tax on the value of the benefit. 2] TDS for cryptocurrencies: Following the introduction of a flat 30% income tax on cryptocurrencies from April 1, 2022, the Indian government had proposed an additional 1% TDS for cryptocurrency transactions in the 2022 EU budget, regardless of the investor`s profit or loss. The draft budget entered into force today. However, an investor could request reimbursement of TDS charged for transactions involving losses. Therefore, a cryptocurrency investor is advised to deposit ITR when they have made cryptocurrency transactions.
1] Double tariff for the PAN-Aadhaar route: The last date for the PAN Aadhaar route expired on 30 June 20222. According to CBDT guidelines, a person tying their NAP to Aadhaar after March 31, 2022 before June 30, 2022 must pay a $500 late fee. However, if a person does not connect PAN to Aadhaar by June 30, 2022, they will have to pay a double fine of $1,000 for PAN Aadhaar seedlings as of July 1, 2022. Since we are now at T2FY22, you have to pay ₹1,000 for PAN Aadhaar seeding. BS Web Team | New Delhi Last updated on 30 Jun 2022 13:37 IST Here we list 3 important changes to the income tax rules as of today: The government had proposed three major changes to income tax rules in the 2022 EU budget. They must now become a reality from 1 July 2022. As late fees to link PAN Aadhaar skyrocket, doctors and influencers will have to pay 10% TDS on the benefits of their promotion. Q.10 – Section 194R comes into force on July 1, 2022. The second reservation to paragraph (I) of section 194R of the Act, which provides for the provision of the same section, does not apply if the value or all of the value of the benefit granted or appears to be granted to a resident during the financial year does not exceed Rs 25,000.
It is not transparent how this limit of 25000 should be calculated for the 2022-23 fiscal year? 3] I-T Rule Change for Doctors and Influencers: In the 2022 Union Budget, the Indian government inserted a new Section 194R into the Income Tax Act, 1961. This new section offers a 10% TTY for benefits earned through sales promotions for physicians and social media influencers. This budget proposal will apply from 1 July 2022, i.e. today. However, TDS is only applicable if the cost of the service in the individual fiscal year is ₹20,000 or more. 2. The provision was announced in Budget 2022. This clause was inserted in the 2022 Finance Act to broaden the tax base. In addition, it has been ensured that individuals benefiting from these promotions disclose their benefits in their tax returns and pay taxes based on the value of the benefit or product. Income tax rules: Following the launch of T2FY23, three major changes to the income tax rules proposed in the 2022 EU budget have become a reality.
One of the rules is to double the late fees for the PAN Aadhaar link. To date, late fees for PAN Aadhaar seedlings have increased from $500 to $1,000. The latest TDS regulations would come into force on July 1, 2022. The government introduced new section 194R of the TDS in the Income Tax Act in Budget 2022-2023. The amended section stipulated that a TDS of 10% was to be deducted from any person who grants a benefit or remuneration of more than Rs 20,000 per annum to a resident. According to Kamlesh C. Varshney, Joint Secretary of the Treasury, the Department should dispel doubts about the applicability of the latest TDS in terms of benefits and requirements. To resolve the issue under Article 194R, the CBDT gives a detailed approach with Circular No. 12 of 2022 dated June 16, 2022. The root of the guidelines is given as follows: In this blog, we share the latest TDS rate chart for fiscal year 2022-23 and valuation year 2023-24 to help you calculate and pay TDS error-free.
Sujit Bangar, founder of Taxbuddy.com, explained: “As of July 1, 20222, TDS was offered at 1% for cryptocurrency transactions. The important point to note is that we can sell cryptocurrency at a profit or loss, but TDS in the amount of 1% would certainly happen. We may request refunds of TDS made on loss-making transactions.