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From the coming July 1, many rules and regulations are going to change in the country. These rules will be from your financial transactions. After the implementation of these rules, some burden may also fall on your pocket. From July 1, those using credit and debit cards for transactions, investing in cryptocurrencies and PAN card holders will also be covered under the changes. In such a situation, it becomes necessary for everyone to know about these rules. If you ignore these things then it can be difficult and you may also have to suffer financial loss. Let us know what will be the effect of the change in the rules on you?
1. 10% TDS to be paid on gifts
With effect from July 1, 2022, gifts received from businesses will be tax deducted at source (TDS) at the rate of 10 per cent. This tax will be applicable to social media influencers and doctors. Social Media Influencers will be required to pay TDS when they keep the products given to them for marketing purposes on behalf of a company. On the other hand, if the given product is returned to the company, then TDS will not be applicable.
2. Payment gateway and online businesses will not be able to save debit and credit card details
From July 1, payment gateways, merchants, payment aggregators and acquiring banks will be banned from saving customer card details. Keeping in view the safety of bank customers, Reserve Bank of India has made a provision for the use of card tokenization in debit card and credit card transactions from July 1, 2022. The replacement of card descriptions with tokens is called tokenization, which is considered a secure method of card transactions. After the implementation of this rule, companies selling online goods will not be able to keep the card details of their customers safe with them. By doing this the data of common man will be safe.
3. TDS will have to be paid if you spend more than ten thousand on cryptocurrencies in a year
Under the new section 194S of the IT Act, from July 1, 2022, if transactions for cryptocurrencies exceed Rs 10,000 in a year, then one per cent will be charged. Income Tax Department has notified the disclosure norms of TDS for Virtual Digital Assets (VDA). All NFTs or digital currencies will come under its ambit.
4. Investors will not be able to update KYC of Demat account
The last date for completion of KYC for Demat account and trading account is 30 June 2022. Earlier, KYC compliance for demat accounts was to be completed by March 31, 2022. But later the market regulator Securities and Exchange Board of India extended its deadline. It is known that the facility is given to hold shares and securities in the demat account. In such a situation, if you do not complete the KYC process of your own demat account and trading account by June 30, then after June 30, you may face problems.
5. If you do not link Aadhaar PAN by June 30, you will have to pay double the fine
The last date for linking PAN card and Aadhaar card with fine has been fixed by the government as March 31, 2023. But if you do this after 30 June 2022 i.e. after 1 July 2022 then you will have to pay double the fine. Let us tell you that there is a provision of fine of Rs 500 for linking PAN and Aadhaar, but if you do not finish this work by June 30, then from July 1, you will have to pay a fine of Rs 1,000 for linking these documents.
6. May increase working hours
From July 1, the government can implement the new labor code. After the implementation of the four new labor codes, the working hours for the workers may increase, as the new labor code has made a provision of 12 hours of work instead of eight hours. Companies can ask their employees to work 12 hours a day instead of eight, but they will have to give employees three days off in a week instead.
7. There may be reduction in in hand salary
If the new labor code is implemented from July 1, then the in-hand salary of workers can also be reduced. After the implementation of the new labor code, companies will have to increase the basic salary of their workers to at least 50 percent of the gross salary. By doing this, the contribution of the employee in PF and gratuity will increase and more amount will be deducted in these items from his salary. Doing this is good for the future of the employees, but it can reduce the amount of salary currently credited in their account by 7 to 10 percent.
8. LPG cylinder prices may change
From July 1, the prices of LPG cylinders in the country may also change. On the first of every month, the oil marketing companies take a decision to change the price of LPG cylinder. Let us tell you that LPG prices vary from state to state due to tax. There is a possibility that the price of cylinders may change due to fluctuation in tax rates.
9. Prices of two wheelers to increase
From July 1, the prices of two wheelers in the country will also increase. Hero MotoCorp, the two-wheeler giant in India, has already announced an increase in the price of its vehicles. The company has decided to increase the prices of its brands by up to Rs 3,000. The company has taken this decision to reduce the impact of rising inflation and rising raw material prices. It has been said to increase the prices of two wheelers according to different models and market conditions. Like Hero MotoCorp, other companies can also increase the prices of their vehicles.
10. Air conditioners will also become expensive
ACs will also become expensive in the country from July 1. Bureau of Energy Efficiency BEE has changed the rules for energy rating for air conditioners. These changes are to come into effect from July 1. After the implementation of the new rules i.e. from July 1, the rating of 5-star ACs will directly reduce to 4-star. After the implementation of the new energy efficiency guidelines, the prices of ACs in the country may increase by up to 10 percent.