NEW DELHI: Several regulations are likely to roll out from April, 1 2022, the first day of fiscal 2022-23 even as some of the special dispensations allowed during the pandemic come to an and. Below is a list of some of the key rules that will impact both individuals and businesses.
For individuals:
Aadhaar-PAN: If you have not linked your Aadhaar card with your PAN by today, i.e. March 31, 2022, be prepared to face a penalty of Rs 500 during April-June, and Rs 1,000 till March 2023.
Crypto tax: New crypto tax law imposing a 30% tax rate on income from the transfer of virtual digital assets comes into effect tomorrow. Also, crypto losses cannot be used to offset gains.
KYC norms: Accounts held with RBI and Sebi-regulated financial entities most be compliant with KYC norms with updated addresses and ID proof by March 31 ( banks were asked not to take action during the pandemic)
Motor insurance: After a two-year hiatus, third party motor insurance will become dearer. While costs for petrol and diesel vehicles will rise, electric vehicles will get cheaper cover.
PO A/Cs: Post office deposits must be linked to a savings account, either with the post office or any bank, to receive interest
Income Tax Returns: The final day for filing pending returns is today, i.e. March 31, 2022-The last chance for those who missed the December 30,2021 deadline date for filing original returns for AY2021-2022.
For businesses:
Mutual fund industry: Mutual funds to implement Sebi’s new risk management framework. This prescribes systems, procedures and practices in various areas.
Emissions: Stricter pollution norms come into effect from April 1, requiring carmakers to cut carbon emissions by 13% to 113gm/km
Invoicing: It will be mandatory for businesses with a turnover of over Rs 20 crore ( up from Rs 50 crore earlier) to adopt e-invoicing
A/c audits: Accounting software used by companies must record audit trails and logs of each transaction
Luxury car prices: Mercedes Benz and Audi have already announced higher prices from 1 April. More luxury carmakers may follow suit.
Related Party norms: Sebi’s revised norms for disclosure of related-party deals come into play. Large companies will have to take shareholder permission for such deals.