*Tax Rules changes effective from 01.04.2022 that you should know...*
# *NPS* : State Govt Employees will now be able to claim deduction for NPS Contribution by the employee up to 14% of the Basic Salary + DA
# *EPF* : If the contribution by employees to their EPF account is more than 2.5 lakhs in FY 2021-22 and onwards, then the interest earned on the excess contribution will be taxable in their hands. A new EPF account will be opened for this effect.
# *ITR* : Tax payers can now file an updated ITR for errors and mistakes done at the time filing original ITR. They can now file and updated ITR within 2 years from the end of relevant assessment year.
# *VDA / CRYPTO* : Gains from Virtual Digital Assets / Crypto Currencies would be subject to a flat 30% Income Tax. Further, no deduction in respect of any expenditure (except cost of acquisition), will be allowed.
If you receive a gift in form of crypto currency or any other Digital Virtual Asset, will be liable to tax as a Gift.
# *Interest on Small Savings* : Any Interest earned from Postal Saving Schemes (TD, MIS, SCSS) etc... will not be paid in CASH.
By: via @AlliesFin Serve Stock Market
