Income Tax Rules 2022: Here are 10 changes from crypto tax to EPF interest rate.
India has entered the new fiscal year from April 1, 2022. With the new beginning, Income Tax Department has introduced new Income Tax rules and regulations. From Crypto tax to tax on Employee's Provident Fund (EPF), here are ten changes in the Income Tax rules in India.
1. Tax on Cryptocurrencies: From April 1, a flat 30 per cent tax will be levied on crypto assets. These will be considered the new-age asset class. According to a report by Mint, the investors may stay in the investment for longer periods of time in order to boost their income despite taxation.
2. Transfer of virtual assets: In the Budget 2022, Finance Minister Nirmala Sitharaman had put forth the government's stance on the transfer of virtual currencies. From April 1, the loss incurred from the transfer of any virtual asset will not be allowed to be set off against any other income. This also includes any gain from the sale of virtual tokens. More clearly, virtual tokens will be considered like any other capital assets, which would need the investors to pay capital gains tax.
