TDS on cryptos, IT disclosures, credit card rules, PAN Aadhaar linking – all that’s changed in July

Jul 4, 2022

By: Bhakti Makwana and Debolina Chakroborty

Key financial rule changes

From tax on cryptocurrency to freebies received by social media influencers, there have been several changes effective from July. Here are the key financial rule changes.

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TDS on cryptocurrency

From now on crypto investors will be charged 1 percent TDS (tax deducted at source) on cryptos like Bitcoin, Shibu, Dogecoin etc. This is in addition to the current 30 percent tax on crypto assets.

Credit: BCCL

IT returns

The end of the current month July 31, 2022 is the last date to file your income tax return for FY22. Remember if you miss the deadline one needs to file it by December 31 with a penalty of ₹5,000.

Credit: BCCL

​IT rule change for doctors, social media influencers

Freebies like air tickets, mobile phones and other products received by influencers as gifts will now be taxed along with 10 percent TDS as they need to disclose these in their IT returns. It applies the same to doctors who receive free medicine samples.

Credit: BCCL

PAN Aadhaar linking fine doubled

If you have not linked your PAN and Aadhaar card by now, the penalty has risen to ₹1,000 from ₹500.

Credit: BCCL

Credit card rules

Several guidelines have come into effect for credit card companies to help customers. This includes companies to not send credit cards without consent, customers can choose a billing date cycle, if credit card is not closed after customer request the company will pay ₹500 every month till it is closed.

Credit: BCCL

Demat account deactivation

Investor’s demat account will be deactivated in case of incomplete KYC update like filling details -- name, address, PAN, valid mobile number, email id, income range etc.

Credit: BCCL

LPG cylinder price cut

Prices of cooking gas cylinders have been reduced in several states from July 1.

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Mutual fund investment

From now on while making an investment into mutual funds or even SIPs, investors will have to pay directly from their bank account. Until now, money used to be transferred from the trading account of the platform.

Credit: BCCL

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