- A fee of Rs 1,000 would be required, if the PAN-Aadhaar link is completed on or after July 1, 2022. If you link your PAN to your Aadhaar on or before June 30, 2022, you will be charged Rs 500. Further, if the PAN is not linked with Aadhaar by March 31, 2023, then next year starting April 1, 2023, your PAN will become inoperative. Once your PAN becomes inoperative, you will not be able to file an income tax returns, open a bank account, invest in mutual funds, etc.
- In the Finance Act 2022, a new TDS section 194R (TDS on benefits or perquisite provided) has been inserted in the Income Tax Act, and which has been made applicable w.e.f 1.7.2022. It requires deduction of tax at source at the rate of 10 percent by any person, providing any benefit or perquisite exceeding Rs 20,000 in a year to a resident, arising from the business or profession of such resident.
- The Finance Act, 2022 introduced Section 194S in The Income Tax Act, 1961, under which a TDS of 1 percent will be levied on the transfer of Virtual Digital Assets (Cryptocurrency Transactions) which will come into effect from July 1 2022 if the value of transactions exceeds Rs 10,000 in a year.
