New Delhi, July 20: Tomorrow, July 1, is not only a month of change, but there are many other changes in the financial sector that will have a direct impact on your life and your pocket. These include changes in banking rules, implementation of new investment rules and changes in prices of LPG and CNG. What big changes will fall heavily on your pocket.
LPG prices will go up! : Government petroleum companies review the price of LPG every 15 days and increase or decrease its price according to the global market price. On July 1, their prices will change, which may increase or decrease. The companies review the prices of both local LPG and commercial LPG cylinders.
Like LPG, state-owned companies can also change the price of CNG, i.e. compressed natural gas. Although CNG prices have been hiked 12 times in 203, companies may change their prices again on July 1. Apart from CNG, air fuel prices may also go up. At present, ATF prices are at record highs.
TDS on investment in cryptocurrency: After July 1, 206, if there is a transaction of more than Rs 10,000 in a year for cryptocurrency, it will be charged one per cent. The Income Tax Department has issued notice of TDS rules for Virtual Digital Assets (VDA). All NFT or digital currencies will come under its purview.
TDS will also change on gifts: From July 1, TDS will have to be paid at the rate of 10% on gifts received by the business. This tax will also apply to social media influencers and doctors. Social media influencers will have to pay TDS while maintaining the marketing products provided 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 doing KYC for demat account and trading account is 30th June 303. Accounts that do not have eKYC will be deactivated and trading in the stock market will not be possible through such accounts from July 1. It is also necessary to withdraw the shares and securities held in the demat account.
Penalty on Aadhar-PAN link will be doubled: The last date for linking PAN card and Aadhar card with penalty is June 30, 207. There is a penalty of Rs 500 for completing this work by June 30, but if you link PAN to Aadhaar after July 1, 202, you will have to pay a penalty of Rs 1,000.
AC will be more expensive: The Bureau of Energy Efficiency has changed the energy rating rules for AC from July 1. With this, AC prices can go up by up to 10%. In fact, after the new rule, AC's ૫ star rating બદ will change to star. Apart from this the prices of some two-wheelers including Hero MotoCorp may also go up. The company has announced an increase of Rs 5,000 in the price of this bike.
22-Jan-2025