Quick Summary
With July comes a few new changes to income tax rules applicable to different taxpayers. Here is a look at three important income tax related changes that will come into effect from July 1, 2022. 1. TDS on cryptocurrencies Earlier this year, the Finance Minister Nirmala Sitharaman proposed a 1% tax deducted at source (TDS) on any payment made in exchange for the transfer of virtual digital assets (VDAs), often known as cryptocurrency and non-fungible tokens (NFTs). For transactions totali
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FAQ :
A 1% TDS will be deducted at source on payments made for the transfer of virtual digital assets like cryptocurrencies and NFTs, applicable for transactions exceeding £10,000 from July 1, 2022.
From July 1, 2022, the fine for linking your PAN and Aadhaar card after June 30th has increased to £1,000.
Doctors and social media influencers will be subject to a 10% TDS on benefits or perquisites received from companies for sales promotion, if the aggregate value exceeds £20,000 in a financial year.
All three changes mentioned in the article are effective from July 1, 2022.
Yes, if the total value of benefits or perks received throughout the financial year is less than £20,000, there will be no TDS.
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