From July 1, many major changes are taking place in the rules ranging from banking, TDS, license to cash withdrawal. Any change in the rate of interest on small savings schemes from the price of LPG is going to have a direct impact on your everyday life and pocket. First thing about SBI.
Will have to pay more for cash withdrawal and check usage
SBI customers will find it expensive to withdraw cash from July 1. At the same time, more money will have to be paid for using the check. SBI is going to change the rules from July 1. Now extra charges will have to be paid for withdrawing money from the bank more than four times, which also includes the ATMs of the bank. After four withdrawals, you will have to pay a charge of Rs 15 plus GST on every withdrawal. All new service charges will be applicable to Basic Savings Bank Deposit account holders. These account holders will have to pay Rs 40 plus GST charge for taking 10 checks.
New IFSC code has to be used
Syndicate Bank has merged with Canara Bank, so now the bank’s IFC code is going to change from July 1. In such a situation, the existing IFC code of Syndicate Bank branches will work only till 30 June 2021.
TDS, TCS will be deducted more
Income Tax Department is preparing to collect more TDS, TCS from July 1 from those who do not file returns. This rule will be applicable to those taxpayers whose annual TDS is Rs 50,000 or more. For those who do not file income tax returns, there is a provision of tax deduction at the rate applicable. Minimum 5 percent or double of the rates given in the concerned section, whichever is higher, will be the rate.
Online application for making learning license
Now you will not need to go to RTO to get a learning license. Along with applying online, the test can also be given from home. After passing the test, the learning license will reach your home. However, for a permanent license, the vehicle has to be shown driving on the track. The new system is being implemented in many states from July.
Possible deduction of interest on small savings
If you have invested in small savings schemes like PPF, National Savings Certificates or Sukanya Samriddhi, then the government can cut the interest rate. It is believed that the problem is being created due to higher interest on small savings schemes than banks. However, there is no confirmation from the government about this yet.
LPG prices may change
On the first of every month, the central government announces the price of LPG cylinder. Last month, the government had cut the price of 19 kg commercial cylinder by Rs 122. This time also, there is every possibility of a change in gas prices from July 1, as the price of crude oil continues to rise.
increase in vehicle prices
After the rise in the prices of steel, plastic and aluminum, auto companies are going to increase the prices of vehicles from next month. Maruti has also announced to increase the prices of its vehicles. Hero Motorcorp has also decided to increase the price of its two-wheeler from July 1. This will be the third hike from the company this year.
Unique identification of every piece of jewelery will be mandatory
Whether the jewelry is stolen or lost, its real owner can be easily identified. Actually, just as all the citizens of the country have been identified through the UID in the Aadhar card, in the same way, from July 1, the government is going to make the Unique Identification (UID) of every piece of jewelery mandatory.
