TDS on crypto
On June 22, 2022, the Central Board of Direct Taxes (CBDT) published a circular outlining the tax deduction procedure for transfer of Virtual Digital Assets (VDA) and cryptocurrencies. From July 1, 2022, the new TDS rules with respect to VDA and crypto will be applicable.
As per the new law, the buyer of a Virtual Digital Asset (VDA) is required to deduct 1% of the amount paid to the seller (resident Indian) as Deduction at Source (TDS). Tax is required to be deducted at the time of credit of the amount or at the time of payment to the resident individual, whichever is earlier. The CBDT said tax would be deducted only if the amount paid exceeds the specified limit.
Read more:
How TDS will work on crypto, virtual digital assets from July 1, 2022
Linking PAN-Aadhaar with Penalty
If someone links PAN with Aadhaar after April 1, 2022 (before June 30, 2022), the linkage will cost you Rs 500. And after July 1, 2022, linking PAN with Aadhaar will cost you Rs 1,000.
Read also:
PAN Aadhar linking penalty beyond July 1: How to pay penalty amount
Demat KYC Deadline
The deadline for making existing demat and trading accounts KYC-compliant is June 30, 2022.
A demat, trading account holder is required to update the following KYC features by June 30:
a name
b) address
c) pan
d) Valid mobile number
e) Valid Email ID
f) Income Limit
All 6-KYC features have been made mandatory for new accounts opened from June 1, 2021.
Read more:
KYC deadline extended for demat accounts: One-time extension valid till this date
new credit card rules
Credit Card Billing Rules: RBI said, “In order to avoid repeated complaints about late challans, the card issuer may propose to issue bills and account details through internet/mobile banking with the informed authorization of the cardholder.” Card issuers should put in place a system to ensure that the cardholder receives the billing details.”
Credit Card Closure Rules: Banks are required to honor credit card cancellation requests by immediately contacting the customer through email, SMS, or any other channel.
Customers must have access to a variety of channels, including a helpline, a dedicated email address, Interactive Voice Response (IVR), a prominent link on the website, Internet banking, a mobile app, or any other form, and cannot be coerced Have to use a special method.
Read more:
Rules for closure of new credit cards with effect from July 01, 2022
NPS Risk Profiling
According to a PFRDA circular, customers will face different levels of risk while investing in different asset classes of pension fund schemes. As a result, it is expected that adequate disclosure of the risks involved in various NPS schemes will be provided so that the subscribers are aware of them.
These risk levels will help in providing accurate information about the risks involved in various NPS schemes before participating. Till July 15, 2022, the new rule will be applicable to all existing schemes in categories E, C, G and A.