3 New Income Taxes From 1 July In India – You Must Know

If you are looking for, 3 New Income Taxes From 1 July In India Updates? So here is the full details of new tax changes.

Indian government is now focusing to tax multiple things in India. So if you are paying income tax, you should definitely know about this new type of taxes.

3 New Income Taxes From 1 July

• TDS On Crypto
• Aadhaar-PAN Linking Fine
• TDS On Influences & Doctors
• GST On E-Gaming

TDS On Crypto

Finance Minister Nirmala Sitharaman proposed to tax crypto & NFT and all type of virtual transaction at 1% tax. Non-fungible tokens, Cryptocurrency and digital assets will come under this tax. If your transaction exceed 10,000 rupees, this tax will apply to your money.

Earlier, the government also proposed 30% income tax on cryptocurrency transactions. So if you are in loss or in profit, you need to pay the tax. It’s become more difficult to earn from cryptocurrency in India. You should read the all rules on the official Govt website for crypto.

Aadhaar- PAN Linking Fine

From the 3 New Income Taxes From 1 July In India, Aadhaar-PAN Linking Fine is next. Majority of Indians already linked their Aadhaar card with Pan card. So if you are planning to link your Aadhaar card with Pan card after 1 July 2022, you have to pay ₹1000 fine.

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The Fine was ₹500 before 1 July 2022. Thousands of people made their Pan card with their Aadhar card.

TDS On Influences & Doctors

So if you are a doctor or an influencer, now you need to pay 10% TDS on your Freebies. If you returned the product after the review, you don’t have to pay any tax. Thousands of influencer and doctor gets free promotional products, Doctors also get free samples of medicines.

The tax will deduct under section 194R.

What Is Section 194R?

Deduction of tax in case of any benefit or perquisite is provided and aggregate value of such benefit/perquisite exceeds Rs.20,000. So, You only have to pay TDS, if your product value is above ₹20,000.

GST On E-Gaming

The government is also planning to charge tax on E-Gaming. Gaming is become big profession in India. Government can start GST on E-Gaming from August. Till now, no rules out regarding this new GST.