Check Out the Recent Changes in PF, GST Post Office, and Banking Rules That Can Affect You Directly
With the beginning of the new financial year, many big and important announcements related to ITR have been made. The changes have been done in tax, GST rules, PF account, post office, and banking, and the new rules have been effective from April 1st, 2022. These changes are going to affect the common man’s pocket. Let’s check out how the changes in ITR rules can affect you.
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Exemption of Tax Benefits for Home Buyers
If you are planning to buy your dream home, you may need to pay a bit more. As per changes effective From April 1st, 2022, the central government won’t give the benefit of tax exemption under the first section 80 EEA to the home buyers.
Changes in Post Office Rules
If you have invested in the Small Savings Schemes of the Post Office, you need to know that these changes are effective from April 1, 2022. The interest amount of the Post Office Monthly Income Scheme (POMIS), term deposit accounts, and Senior Citizens Savings Scheme (SCSS) will only be transferred to the savings account. So, beneficiaries, who haven’t linked their saving account yet need to link their saving accounts to receive the interest amount. Also, from now on, the Interest amount won’t be provided in cash, instead, it’ll be directly transferred to the linked saving account.
Tax on PF account
From April 1st, 2022, the PF account will be split into two parts, which will now be taxed. Now, the tax-free PF contribution in the EPF account will be up to an amount of 2.5 lakhs. If the contribution is more than this, then tax is lived on the interest amount. For government employees, the tax-free contribution limit is up to an amount of Rs 5 lakh annually.
Minimum Account Balance Limit
At the beginning of this financial year, Axis Bank increased the minimum account balance limit from Rs 10,000 to Rs 12,000. Also, it has given only four free transactions in a month. Moreover, Punjab National Bank is implementing PPS in the new financial year. From April 1st and onward, verification will be required for the checks of Rs 10 lakh and above.
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