FCS Deepak Pratap Singh
Quick Summary
LETS CONSIDER SOME IMPORTANT CHANGES FOR FY 2022-23 1. NPS CONTRIBUTION For the central government employees, the government was already contributing 14% of employees wages towards employees NPS account. Starting this FY, state government employees will receive a 14% contribution into their NP
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
For state government employees, the deduction for employer contribution to NPS has been increased from 10% to 14% of their wages, aligning them with central government employees. An additional deduction of up to Rs. 50,000 is available for NPS Tier I account investments under section 80CCD (1B).
For FY 2022-23, the interest earned on Employees' Provident Fund (EPF) contributions exceeding Rs. 2.5 lakh per year will be taxable. For government employees, this limit is Rs. 5 lakh. The EPF account will be split into taxable and non-taxable accounts based on contribution levels.
Taxpayers can now file an updated return within two years from the end of the relevant assessment year by paying an additional tax. This allows for voluntary declaration of missed income or rectification of errors, but not for claiming refunds or increasing losses.
Income from the transfer of Virtual Digital Assets, including cryptocurrencies and NFTs, is taxed at a flat rate of 30%. A 1% TDS is applicable on payments for VDA transfers from July 1, 2022. Losses from one VDA cannot be set off against income from another, and gifts of VDAs are taxable in the recipient's hands.
From April 1, 2022, it is mandatory to link a Post Office Savings Account or Bank Account for crediting interest from schemes like MIS, SCSS, and Time Deposits. Cash withdrawals of interest are no longer permitted; interest will only be credited to linked accounts.
CAclubindia
