From banking to investment, 5 major rule changes that will impact you from April 1

The current financial year (FY) is going to end on March 31. And with the new financial year (2022-23) starting from April 1, 2022, several changes related to your money will be happening.

Therefore, you should know about all these new changes before new the financial year begins so that you do not suffer any kind of economical loss. The changes include post office scheme, banking and investment.

1. Changes in post office scheme

From 1st April, the rules of some schemes of the post office are being changed. Under the rules applicable from April 1, now customers will have to open a savings account or bank account to invest in Time Deposit Account, Senior Citizen Savings Scheme and Monthly Income Scheme.

Along with this, the interest which was earlier available on the amount deposited in small savings will now be deposited in the savings account or bank account of the post office.

Besides, it has also been made mandatory to link the already existing bank account or post office account with the small savings account of the post office.

2. Tax on Cryptocurrency

Starting April 1, 2022, all forms of virtual digital assets (VDA), including Cryptocurrency, NFTs sold for profit will be taxed at 30 per cent. Apart from this, whenever a crypto asset is sold, then 1% TDS will also be deducted.

During her Union Budget speech this year, Finance Minister Nirmala Sitharaman had made this announcement.

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3. Buying home to get costlier

From April 1, buying a house will become expensive as the central government is going to stop the benefit of tax exemption under section 80EEA to first time home buyers.   

4. Over 800 medicines to get expensive

The prices of more than 800 medicines, including pain killers, antibiotics, anti-virus, will increase by more than 10 percent from April 1.

On Friday, the National Pharmaceutical Pricing Authority (NPPA had announced a 10.7 per cent change in the Wholesale Price Index (WPI) for the calendar year 2021 over the same period in 2020.

5. Axis Bank changed this rule

Axis Bank has increased the limit of monthly balance for savings account from Rs 10,000 to Rs 12,000. These rules of the bank will be applicable from 1st April 2022.