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New Income Tax rules to be effective from April 1: Tax on crypto-assets to filing of updated IT return, here are 7 major changes in IT rules

From the filing of the updated returns, income tax on crypto-assets to tax relief for cooperatives and startups as well as for Covid-19 treatment, here are 7 major changes in the Income Tax rules.

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New Income Tax rules to be effective from April 1

The new measures in the Union Budget 2022 related to income tax (IT) will enter into force on April 1, 2022, for the next fiscal year 2022-23. From the filing of the updated returns, income tax on crypto-assets to tax relief for cooperatives and startups as well as for Covid-19 treatment, here are 7 major changes in the Income Tax rules.

  1. Tax on Crypto assets and Crypto gifts

The budget 2022 which introduced a provision for a 30 percent tax on the transfer of digital assets will now be effective from April 1, 2022. The Budget also included a provision for a 1 percent TDS on payments made in relation to the transfer of cryptos/digital assets beyond a limit of INR 50000 per year for specified persons. Specified persons/HUFs will be compelled to have their finances audited as a result of the IT Act. If you receive a cryptocurrency or other virtual digital asset as a gift, it will be subject to taxation as a gift.

  1. Filing of updated IT Return

A new provision permits taxpayers to file an updated return if they make any error, omission, or make a mistake on their income tax returns. Taxpayers now have two years from the end of the relevant assessment year to file an updated return.

  1. Tax of Provident Fund account

From April 1, the Central Board of Direct Taxes (CBDT) will adopt Income-tax (25th Amendment) Rule 2021. It means that the Employee Provident Fund (EPF) account will have a tax-free contribution limit of up to Rs 2.5 lakh. The interest income will be taxed if the payment is higher than the above-mentioned amount.

Read Also: Petrol, diesel prices surge again: Petrol to cost Rs 101.81 per litre in Delhi, check rates in your city here

  1. Tax relief for people with disability

The new regulations provide for the availability of an annuity or lump sum to a differently-abled individual during the subscriber’s lifetime, i.e. after the latter’s parent or guardian reaches the age of 60.

  1. Tax relief for Covid-19 treatment

Individuals who have received monetary assistance for COVID therapy will be eligible for tax relief under the provision, which will take effect on April 1, 2020. The money received by the relatives of COVID victims will be tax-free up to INR 10 lakh. This applies to families who received the money within 12 months of the deceased person’s death.

  1. Surcharge on LTCG

Long-term capital gains on the sale of listed stock or mutual funds are currently subject to a 15 percent surcharge. This cap will apply to long-term capital gains on all assets beginning April 1, 2022.

  1. Tax relief for Startups

Startups founded before March 31, 2022 will receive an additional year of tax benefits in addition to the three years already granted (out of 10 years from incorporation).

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Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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PayTm share price slips 2 per cent over SEBI warning

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Paytm

The share price of PayTm fell by nearly 2 per cent on Tuesday following a warning from the the Securities and Exchange Board of India (SEBI).

PayTm’s parent One 97 Communication had got SEBI’s administrative warning letter on some transactions involving the PayTm Payments Bank during fiscal year 2021-2022. The bourses reacted strongly leading to PayTm shares falling by 1.88% to Rs 460.80 per share on the Bombay Stock Exchange.

SEBI said it had noted the violation with concern and said these matters are being viewed very seriously. The regulator warned the company to exercise caution going forward and improve compliance to rules to prevent similar incidents in the future.

The markets regulator added that failure to comply with rules may force it to invoke enforcement actions as per the law.

In its response to SEBI, PayTm said in a media release that it has always followed listing regulations, as well as any change to these rules over time. The company said it would keep up its commitment to maintain and follow high standards of compliance. Paytm said it intends to provide an adequate response to SEBI on this matter.

PayTm said it has always followed Regulation 23 along with Regulation 4(1)(h) of the SEBI Listing Regulations, without including any change made to these rules over time. Paytm added that the letter from  SEBI has no influence on its finances, operations or other activities in any way.

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Zomato, Swiggy hike platform fee by 6% 

After the hike, the platform fee would be Rs 6 per order from an earlier Rs 5 per order.

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The food delivery majors, Zomato and Swiggy, have recently increased their platform fee by 6 per cent for food orders initially in Delhi and Bengaluru.

The food giant is currently charging in the national capital and IT hub, Bengaluru, the platform fee is distinct from delivery fee, goods and services GST, handling charge and restaurant charges.

After the hike, the platform fee would be Rs 6 per order from an earlier Rs 5 per order. Gradually, the higher platform fee is expected to roll out to other cities as well.

Notably, this fee is applicable universally to all food orders, irrespective of customer enrollment in loyalty programmes offered by both food giants. The charges directly contribute to the companies’ revenue streams and cost management efforts. The platform fee goes to the food aggregators to apparently control costs and increase revenues.

In April, they charged Rs 5 per order, but now it’s been increased by Rs 6 per order. That’s a 20% increase in fees for food delivery. This change in their strategy to adjust the price in a market as they expand their services.

Increase in platform fees, impacting how much customers pay for their food deliveries across the board. When customers order food using the app, they will notice different charges, besides the platform fees. These include delivery fees, handling fees, GST (Goods and Services Tax), and charges from the restaurant.

The charges earned by the platform, directly go to the food delivery app, helping to manage all expenses and boost their wages. The food delivery platform aimed to make between Rs 1.25 to Rs 1.5 crore per day through the fee, the app charges.

In August last year, Zomato introduced platform fees of Rs 2 per order for the first time. In October, they raised their platform fees from Rs 2 to Rs 3 in most and in major cities. Additionally,  Zomato is a quick commerce platform.

According to reports, Zomato stock reached its highest price of Rs 232 on the Bombay Stock Exchange. This achievement has made Zomato founder and CEO, Deepinder Goyal, a billionaire. The company has experienced a strong upward trend over the past years, driven largely by the expansion and success of its quick commerce subsidiary in Blinkit.

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