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30 June 2021

Speaking of work: Banking and tax rules will change from July 1, making buying cars and bikes more expensive; These 9 changes will happen next month

Speaking of work: Banking and tax rules will change from July 1, making buying cars and bikes more expensive; These 9 changes will happen next month

Many changes are going to take place across the country from 1st July. It will have a direct effect on your pocket. So you need to know the rules already. Withdrawals from IDBI and SBI banks will be expensive from July 1. Here are 9 changes that will affect you.

The SBI also changed the rules

From July 1, customers will be charged extra for withdrawing money from ATMs and using check books. All these rules will apply to Basic Savings Account Deposit (BSBD) account. Withdraw 4 times from SBI ATM or bank branch will be free. After that, after free limit, cash withdrawal will be charged at Rs. 15 and GST. Apart from that, you will now have to pay extra to get a check book.

Withdrawing money from IDBI Bank will be expensive

IDBI Bank is going to change the check leaf charge, savings account charge, and locker charge from July 1. The bank has reduced the free facility for cash deposits (home and non-home) to 5-5 times in the semi-urban and rural branches from the current 7 and 10 respectively.

In addition, customers will now only receive a free 20-page check book each year. Customers will then have to pay Rs 5 for each check. Apart from that, senior citizens will get a discount on the locker when their monthly average balance (MAB) is 10 thousand.

Syndicate Bank customers will have to use the new IFSC code

Syndicate Bank has merged with Canara Bank, so the bank's IFSC code will change from July 1. Syndicate Bank customers will now have to get a new IFSC code for their bank branch.

Like the base the unique identification of each piece of jewelery will be inevitable

If the jewelry is stolen and lost, it will now be easier to identify its real owner, although this will happen if it has not been melted down and given a new look. Just as all the citizens of the country are identified by UID in the Aadhaar card, the government is going to make UID mandatory for every piece of jewelery from July 1.

LPG cylinder prices may change

On the first day of every month the Central Government announces the price of LPG cylinders. Last month, the government reduced the price of a 19-kg commercial LPG cylinder by Rs 122.

Interest rates on small savings schemes can be reduced

Small savings can be a tweak to those who invest in small savings schemes. The government also cut interest rates in March for the April-June quarter, but later withdrew the cut. PPF, Sukanya Samrudhi Yojana, Kisan Vikas Patra, Senior Citizen Savings Scheme, National Savings Certificate, Monthly Income Scheme, Time Deposit and Recurring Deposit Scheme come under Small Savings Scheme.

Prices of Maruti and Hero vehicles will go up

The country's largest carmaker Maruti Suzuki India's car and Hero's bike will become more expensive from July 1. The ex-showroom price of Hero scooters and motorcycles is going up to Rs 3,000 and Maruti will also increase the price of many of its segments.

TDS will be deducted on purchases above Rs 50 lakh

Section-194Q has recently been added to the Income Tax Act. This section deals with the TDS applicable to the payment of a pre-determined price for the purchase of an item. Under the new section, 0.10 per cent TDS will be deducted on commercial purchases above Rs 50 lakh. If an executive's turnover was Rs 100 million or more last year, he will be able to buy goods worth over Rs 50 lakh this year. TDS will be deducted if more than this is sold.

The 206ab section will also apply from 1 July. Under this, if the seller has not filed an income tax return for two years, the TDS will be 5%, which is five per cent of the previous TDS of 0.10, which means that the rate of TDS will increase 50 times.

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Apply online to create a learning license

You no longer need to go to the RTO to create a learning license. The test can be taken from home along with applying online. After passing the test, the learning license will reach your home. However for a permanent license you have to show up driving on the track.

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