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Sushmita Goswami | Jun 28, 2022 | Views 1

These Important Rules will Change From July 1, Know how much it Will Affect Your Pocket

These Important Rules will Change From July 1, Know how much it Will Affect Your Pocket

Many financial transactional rules will change from July 1. You’ll have to pay a price for some of the change regulations. The modifications will also have an impact on people who use credit and debit cards, invest in cryptocurrencies, and have PAN cards. As a result, it’s crucial that you are well informed of the new regulations.

TDS on Cryptocurrencies

Investors in cryptocurrencies will suffer a major setback starting on July 1. All cryptocurrency transactions must start paying 1% TDS starting the following month. Whether or not it is sold for a profit paying 1% TDS is mandatory. Let us tell you that from the year 2022-23, it has been decided to levy a 30 percent capital gains tax on income from cryptocurrencies. TDS of 1% will also be required on cryptocurrency transactions as of July 1.

The Aadhar-PAN Link

You only have one week left if you haven’t linked your Aadhar card to your PAN card yet. Link your PAN and Aadhaar right away. Aadhaar PAN linkage must be completed by June 30, 2022. Let us inform you that if you link your PAN Aadhaar on or before 30th June, you will be charged Rs. 500 fine. But if you link your PAN Aadhaar after 30th June then you will have to pay twice.

Demat accounts that lack KYC will expire

The deadline for completing KYC for trading and Demat accounts is June 30, 2022. Share trading will not be possible with the aid of accounts that do not have e-KYC from July 1. The facility is given to hold shares and securities in a Demat account. If you do not finish the KYC process for your personal Demat account and trading account by June 30 in this circumstance, you can run into issues after that date.

ACs will cost more starting on July 1st

Starting from next month, Air Conditions will be costly. Actually, the BEE, or Bureau of Energy Efficiency, modified the guidelines for air conditioner energy ratings. The new policy will take effect on July 1st. As a result, starting on July 1, 5-star air conditioners will only receive a 4-star rating. The cost of air conditioning in India is predicted to rise by 7–10% in the upcoming years as a result of the new energy efficiency regulations.

Office hours will change, starting from 01 July

The country is in the last stage of establishing four labor regulations. If all goes according to plan, the new Labor Code regulations will take effect on July 1. Its implementation may have an impact on in-hand salaries, employee work schedules, PF contributions, gratuities, etc. The proposal claims that a suggestion has been made to raise the maximum number of working hours to 12. Employees will have to work 48 hours in 4 days i.e. 12 hours every day. Half an hour’s rest is also proposed to the employees after every five hours.

TDS regulations will alter

TDS will be due at a rate of 10% on gifts received from businesses starting on July 1, 2022. Both doctors and social media influencers will be subject to this tax. When holding the products given to the social media influencers by the corporation for marketing objectives, then social media influencers must pay TDS. TDS won’t have to be paid if they return the item.

Prices for two-wheelers will

The world’s largest manufacturer of two-wheelers, Hero MotoCorp, has previously disclosed a price hike on its vehicle. The cost of the company’s automobiles will increase by up to Rs 3,000. According to the corporation, it was forced to make this choice because of rising inflation. In the future, other companies may also increase its price as Hero MotoCorp.

The information from debit and credit cards cannot be kept.

Starting from July 1, card information cannot be saved by payment gateways, merchants, payment aggregators, or acquiring banks. E-commerce businesses won’t be able to store the card information of their clients securely when this rule will be put into the effect. The information of regular consumers will be protected in this way.

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