With the beginning of the new financial year several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday.
The revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1.
Assessees will have an option to update their income tax returns in case there is any omission in original ITR. This would also provide opportunity to voluntarily disclose such income by filing an updated tax return with additional tax calculated based on the delay.
From April 1, income from transfer of virtual digital assets or cryptocurrencies will be taxable at 30 per cent. Such income will be taxable even if taxpayersâ€™ total income is below the threshold limit of Rs 2.50 lakh.
From Friday, expenses incurred for earning exempt income will not be allowed as a deduction. The tax treatment of first time homebuyers as per Finance Act 2022 will come into effect from Friday.