4 Money Changes That Impact In July
- 03-Jul-2022
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New Delhi: Everybody needs to keep an eye on their finances this July as the government has changed several norms related to taxes. Read on to know 5 changes to keep in mind in July.
Social Media Influencers to be taxed for samples
- It is very common that social media influencers to get paid in kind by companies. This includes air tickets, mobile phones, and other products. From July 1, the influencers will have to disclose all these gifts in their ITR and TDS will be applicable to these.
- If the benefits exceed Rs 20,000 per annum, a 10 per cent TDS will be charged under Section 194R. This is also applicable to doctors receiving free samples of medicines.
- However, if the product has been returned after use, no TDS will be applicable on this.
ITR Filing 2021-22
- The due date to file the Income Tax Return (ITR 2021-22) is July 31, 2022. If this deadline is missed, one can also file ITR till December 31 but a penalty of Rs 5,000 will be applicable. If the income is less than Rs 5 lakh, the penalty will be Rs 1,000.
Aadhaar-Pan Link: Double penalty
- Now, if you have not linked your PAN and Aadhar Card, you will have to pay a penalty of Rs 1,000. This was Rs 500 before July 1, 2022. The last date to do so without penalty was March 31, 2022.
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TDS on cryptocurrency in India
- From July 1, crypto investors will have to pay 1 per cent TDS on the transfer of VDAs or cryptocurrencies. The announcement was made by Finance Minister Nirmala Sitharaman in Budget 2022.
- The onus of paying the tax lies with the buyer. The payment will be deducted before the money is transferred to the seller.
- It is also applicable to the transfer of NFTs.
