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What are The Income Tax Rules Changes from July 1, 2022_Academy tax4wealth

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Some new rules related to Income Tax have been implemented by the Government of India from 1st July, 2022, which are related to the general public and the digital economy of the future. Let us know about the various dimensions of these new changes For more info visit, – PowerPoint PPT presentation

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Title: What are The Income Tax Rules Changes from July 1, 2022_Academy tax4wealth


1
7/11/22, 351 PM
What are The Income Tax Rules Changes from July
1, 2022 Academy Tax4wealth
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What are The Income Tax Rules Changes from July
1, 2022
The rules are changed from time to time by the
government in the context of changing economic
conditions, accurate monitoring system and new
tax reforms, future requirements. Some income
tax rules have also been changed by the
Government of India from July 1, 2022. Which is
linked to the general public and the digital
economy of the future. Everyone should be aware
of these changes. Let us know about these new
rules of change related to income tax. Also
read, A Complete Analysis of Section 194R of
Income Tax. Contents included in the blog
1. Three main changes were announced in the budget
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7/11/22, 351 PM
What are The Income Tax Rules Changes from July
1, 2022 Academy Tax4wealth
2. If you have not been able to link PAN-Aadhaar,
till now you will have to pay double the
fine Blog Categories.
Courses Categories Blog 3. Now one percent TDS
will have to be paid on crypto currency
transactions
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4. TDS of 10 on benefits of doctors and social
media influencers
Salary class
5. Conclusion
Income Tax Saving
6. FAQs
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1. Three main changes were announced in the
budget Significantly, in the Budget 2022-23,
Union Finance Minister Nirmala Sitharaman had
announced about three main new rules to be
implemented from July 1, 2022. Now three new main
rules related to income tax have come into
existence from 1st July, 2022. In which the
first rule is related to the linking of Aadhaar
and PAN, which is directly related to the
general public of the country, while the second
rule is related to crypto currency, which will
affect those investing in crypto currency. The
third new rule is related to TDS, which pertains
to doctors and social media influencers.
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2. If you have not been able to link PAN Aadhar,
till now you will
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have to pay double the fine According to the
instructions of the government, by June 30, 2022,
all people had to get PAN linked with Aadhaar.
Earlier, where the fine was Rs 500 till June 30,
2022. Now from July 1, 2022, the penalty for
linking PAN with Aadhaar will be Rs 1000.
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Mutual Fund Courses 3. Now one percent TDS will
also have to be paid on crypto currency Company
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transactions Earlier, the Government of India
had implemented the rule of 30 percent income
tax on transactions on crypto currency from 1
April, 2022. But now from July 1, 2022, the
government has implemented the rule of one
percent additional TDS on the transaction of
cryptocurrency. That is, where there will be a
transaction, TDS will also have to be deducted.
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TDS of 1 per cent will be deducted from July 1,
2022 on payment of more than Rs 10,000 for
crypto currency in a year. But it has to be kept
in mind that TDS will be deducted for all,
whether profit or loss, for those transacting in
crypto. It is a different fact that those who
will suffer loss in crypto currency transaction
can claim for refund. But for this refund,
cryptocurrency traders will have to file an
income tax return. Also, if the buyer does not
have PAN at the time of transfer of
cryptocurrency, tax at the rate of 20 per cent
will have to be paid. If the buyer has not filed
income tax return, then TDS at the rate of 5 per
cent will have to be paid. Through TDS on crypto
currency, the government is trying to monitor
the transactions in crypto currency.
Also looking for taxation on crypto currency?
Click here ?? Taxation on Cryptocurrency in India.
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7/11/22, 351 PM
What are The Income Tax Rules Changes from July
1, 2022 Academy Tax4wealth
4. 10 TDS on benefits of doctors and social
media influencers Popular Tags. This rule is the
most recent of the amended rules related to
income tax
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which started from July 1, 2022. According to
this rule, TDS of 10 percent will have to be
paid on the benefits received by doctors and
social media influencers. But it is worth noting
that this rule will be applicable only to those
doctors and influencers whose profit in a year is
more than Rs 20,000. Also, with effect from July
1, 2022, 10 per cent TDS will be deducted from
doctors and social media influencers on receiving
gifts through business. That is, doctors will
also have to pay TDS on gifts received from
pharmaceutical companies and medical
representatives.
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  • Conclusion
  • The government is considering the linking of
    Aadhaar and PAN as a mandatory fact to keep the
    identity of the taxpayers accurate. Its really
    important to Know The Consequences of Not Linking
    a PAN Card with An Aadhaar Card. At the same
    time, the government also wishes to have a
    watchful monitoring of cryptocurrency. That's why
    the government is bringing TDS system on trading
    of cryptocurrencies. The government is also
    trying to monitor the earnings of doctors and
    social media influencers. Therefore, TDS system
    was imposed on them too. It is better that the
    general public should be aware of the new changes
    especially regarding income tax.
  • The government needs resources for the operation
    of public welfare schemes, while economic
    monitoring is also the need of the hour. So the
    government brings new new rules with time.
    Citizens should understand those new rules and
    ensure the payment of taxes on time.
  • FAQs
  • Ques - What is TDS?
  • TDS means tax is deducted at source. That is, tax
    is deducted at the place of earning itself and
    deposited with the government in the name of the
    earner. To learn more about the TDS or you want
    to know the procedure, how to file TDS return
    online join Income Tax Certification Course.
  • Ques- Why is the government promoting the TDS
    system?
  • The government is trying to increase the scope of
    its monitoring by increasing the TDS system. in
    order to discourage the attempts of tax evasion.
  • Section 80C is considered the popular section
    among the taxpayers as it can reduce taxable
    income with the help of tax-saving investments.
    click here to know the Deductions under Income
    Tax .
  • Ques- Why is the government showing so much
    commitment towards linking Aadhaar and PAN?
  • The government is trying to keep a close watch on
    the personal identity of the citizens and the
    status of tax payment by them so that adequate

resources for public welfare schemes can be
obtained from revenue income.
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7/11/22, 351 PM
What are The Income Tax Rules Changes from July
1, 2022 Academy Tax4wealth
4. What is Crypto Currency? Cryptocurrency is a
type of digital currency, which is managed by a
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  • decentralized system. In this, every transaction
    is verified by digital signature and its record
    is kept with the help of cryptography.
  • Why is the government bringing TDS system even on
    cryptocurrency transactions?
  • India's economy is going digital. In the future,
    the business of cryptocurrency is going to
    increase in India as well. The government is
    also bringing it under the purview of TDS system
    to monitor the business of cryptocurrency.
  • What is the government's objective to introduce
    TDS system on Social Media Influencers and
    Doctors?
  • Earnings of Social Media Influencers is a new
    fact whose data is not systematically with the
    government. For accurate monitoring of the
    earnings of doctors and social media influencers,
    the government is bringing them under the TDS
    system.
  • What means of social media influencer?
  • Influencers in social media are people who have
    built a reputation for their knowledge and
    expertise on a specific topic. They make regular
    posts about that topic on their preferred social
    media channels and generate large followings of
    enthusiastic, engaged people who pay close
    attention to their views. Brands love social
    media influencers because they can create trends
    and encourage their followers to buy products
    they promote.
  • Also read, Section 19 4Q Tax deduction on the
    purchase of goods and FAQs.

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7/11/22, 351 PM
What are The Income Tax Rules Changes from July
1, 2022 Academy Tax4wealth
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