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Home > Income Tax > Help Center > Tax Changes in FY 2022-23Last Updated: Dec 23rd 2023

New Tax Rules effective from 1st April 2022

Starting from 1st April 2022 (FY 2022-23), new tax rules related to Income tax, GST, and company compliance are in effect. Tax rule changes from crypto tax, applicability of e-Invoicing, taxability of EPF withdrawal, Updated IT Returns, to Sr. Citizens IT Filing.

For Latest FY 2024-25, refer New Tax Rules effective from 1st Apr 2024.

Tax Update |

This document covers

  1. Tax on Virtual Digital Assets
  2. Introduction of new Income Tax 'Updated' Return Type
  3. Deduction from affordable housing u/s 80EEA
  4. Sr. Citizen's IT Filing
  5. PAN Aadhaar Linking
  6. Taxability on Interest from Employee Provident Contribution
  7. Tax relief on COVID-19 treatment expenses
  8. e-Invoicing under GST

1. Tax on Virtual Digital Assets (Cryptos)

Cryptos are a subset of Virtual Digital Assets, are under regulatory lens for the last 2 years, are now decided to tax on the gains from Crypto trading. Income Tax will be levied @ 30% + Surcharge + Cess effective 01st Apr 2022 on the transfer of such.

TDS will be deducted @ 1% on sale consideration effective 01st Jul 2022 such tax being deducted at the developer / intermediary / broker / or gift giver.

Govt is mulling on GST on crypto transactions and is expected to be announced in coming months.

2. Introduction of new Income Tax 'Updated' Return Type

Until now there are three (3) Income tax return types one can use to file their income tax return namely, Original, Belated, Revised.

  1. 'Original' return type can be filed until original due date for an assessment year, typically, it's Jul 31st.
  2. An individual can file only one 'Original' IT return and use the 'Revised' IT return type until the belated IT return due date is over.
  3. 'Belated' return can be filed if the 'Original' return was not filed before the original due date.

Now the taxpayers can file 'Updated' return within 2 years from the end of relevant assessment year. But the updated return cannot be filed if there is any tax refund or loss or any impact of reducing tax.

In case of additional income being reported in the 'Updated' return type, additional tax of 25% would be levied if filed with in 1st year after the end of the assessment year, and 50% for the 2nd such year.

More on IT Filing for AY 2022-23

New ITR forms were released and portal has enabled ITR preparation for FY 2021-22 (AY 2022-23) to prepare and eFile your ITR.

If you are salaried, Form 16s are released by your employer. But actual forms are available from IT Department, hence your Form 16 data is probably available at the starting of the tax season.

Now @, you can bring your form 16 and other data directly from IT Department using PAN, Date of Birth and OTP. Start today.

3. Deduction from affordable housing u/s 80EEA

Additional interest deduction of Rs 1.5 Lakh u/s 80EEA for the first-time buyers of affordable houses is discontinued from FY 2022-23. If you are planning to take affordable housing in FY 2022-23, you cannot claim 80EEA deduction

4. Sr. Citizen's IT Filing

Senior Citizens aged 75 years or more are exempted from Tax filing for FY 2021-22 if they fulfill certain conditions and having income only from pension, Interest from savings, RD and fixed deposits.

More on Sr. Citizen's IT Filing

Refer the Budget 2021 announcement @ Senior Citizens to be exempted from filing ITR and the related tax slabs for Sr. Citizens and our view on such change.

5. PAN Aadhaar Linking

The taxpayers are given an opportunity to link their PAN with Aadhaar till March 2023 with payment of prescribed fee. PAN of taxpayer who fails to intimate their Aadhaar will become inoperative after March 2023

Not linked yet ?

If not linked your PAN and Aadhaar yet, link your pan and aadhaar in just few mins using 3 different methods.

6. Taxability on Interest from Employee Provident Contribution

Interest on Employee Provident Contribution exceeding Rs 2.5 Lakh is taxable effective from 01st Apr 2022

7. Tax relief on COVID-19 treatment expenses

Income tax exemption has been provided to people who received money from employer and / or well-wishers in case of death of an earning member of a family due to COVID-19. Such exemption is limited to Rs. 10 Lakhs for all family members within 12 months from the date of death.

Cash vs Bank ?

Yes, it's important to have the money received from the friends & family or well-wishers have the traceability through bank or other digital means.

8. e-Invoicing under GST

e-Invoicing under GST is mandatory for the business whose turnover is more than 20 crores effective 1st Apr 2022

CBIC has been promoting and reducing the e-Invoicing applicability threshold for the last 2 years to increase the productivity, efficiencies in GST eco-system.

There are some exceptions to the mandatory requirement to follow e-Invoicing, sectors such as transportation, insurance & banking companies, other financial institutions, non-banking financial companies, goods transportation agencies, and passenger transportation services are exempt from e-invoicing. In addition, units in special economic zones too are exempt from the mandatory e-Invoicing procedures.

How to get help from

Disclaimer: This article provides an overview and general guidance, not exhaustive for brevity. Please refer Income Tax Act, GST Act, Companies Act and other tax compliance acts, Rules, and Notifications for details.