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Income tax changes effective from July 1

Before discussing major Income tax changes effective from July 1st let discuss what Income tax is. An income tax is a direct tax levied by the government on the earnings of its inhabitants. The Income Tax Act of 1961 requires the national government to collect this tax. The government can adjust the income levels and tax rates in the Union Budget every year. New effective alterations have been decided to apply to tax changes from July 1. Income does not just refer to monetary compensation. The most recent rule pertaining to TDS would take effect on July 1, 2022. In Budget 2022-23, the government stated the new TDS section 194R in the Income Tax Act. The modified clause stated that any individual who provides any benefit or perquisite worth more than Rs 20,000 per year to a resident must deduct a 10% TDS. Check Out:- https://blog.jydigitek.com/3-major-income-tax-changes-effective-from-july/