The coming month is also bringing many changes related to your financial health. From next month, new rules regarding investment in the stock market will be implemented, then new taxes will be applicable on cryptocurrencies and gifts. Apart from this, the prices of LPG, CNG and air fuel may also change.
New Delhi. Tomorrow i.e. on July 1, not only the month is changing, but there are many other changes related to the financial sector, which will have a direct impact on your life and pocket. This includes many things including changes in banking rules, implementation of new investment rules and changes in the prices of LPG, CNG. What are the major changes that will be heavy on your pocket, read here at a glance-
LPG prices will increase!
Government petroleum companies review the prices of LPG every 15 days and increase or decrease its price according to the price of the global market. On July 1, there will be a change in their prices which may increase or decrease. Companies review the prices of both domestic LPG and commercial LPG cylinders.
CNG-ATF can also be expensive
Government companies can also change the prices of CNG i.e. Compressed Natural Gas on the lines of LPG. Although the prices of CNG have been increased 12 times in 2022, but companies can revise its prices again on July 1. Apart from CNG, the prices of air fuel can also be increased. Right now ATF prices are at their record level.
TDS on investment in cryptocurrency
After July 1, 2022, if the transaction for cryptocurrency exceeds Rs 10,000 in a year, then it will be charged one percent. Income Tax Department has issued notification of TDS rules for Virtual Digital Assets (VDA). All NFT or digital currencies will come under its ambit.
TDS will change on gift too
From July 1, TDS will have to be paid at the rate of 10 percent on gifts received through business. This tax will also apply to social media influencers and doctors. Social Media Influencers will have to pay TDS when they retain the marketing products given by the company. TDS will not be charged if the product is returned. Doctors will also have to pay TDS on gifts received from companies and medical representatives.
Demat account will be frozen without KYC
The last date for conducting KYC for Demat account and trading account is 30 June 2022. Accounts which will not have eKYC will become inactive and trading in the stock market will not be done through such accounts from July 1. It is also necessary to withdraw shares and securities held in demat account.
Penalty on Aadhaar-PAN link will be doubled
The last date for linking PAN card and Aadhaar card with fine is 30 June 2022. For completing this work by June 30, a fine of Rs 500 will be imposed, but if you link PAN with Aadhaar after July 1, 2022, you will have to pay a fine of Rs 1000.
AC will become more expensive
The Bureau of Energy Efficiency has changed the energy rating rules for ACs from July 1. With this, AC prices can increase by up to 10%. Actually, after the new rule, the 5 star rating of AC will be changed to 4 stars. Apart from this, the prices of some two-wheelers including Hero MotoCorp may also increase. The company has announced to increase the price of the bike by Rs 3,000.
