Changes From July 1: These Seven Big Changes Will Happen From July 1, Know What Will Be The Effect On Your Pocket 

1st Jul 22 - Jibin Jibin

Business General News
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From July 01, 2022, many rules related to financial transactions and online payments will change in the country. Also many products will become expensive. After the implementation of these rules, some burden may also fall on your pocket. Let’s know about these changes

1. Token system will be applicable for online payment


From July 1, online shopping companies, merchants and payment gateways will not be able to store credit and debit card data on their platforms. Keeping in view the safety of bank customers, Reserve Bank of India is going to start card tokenization system on July 1. Under this, the card details will be converted into tokens. This will be a secure method of online transaction.


2. Double penalty for linking Aadhaar-PAN


The Central Government has fixed 31 March 2023 as the last date for linking PAN and Aadhar card with fine. There is a provision of fine of Rs 500 for linking it by 30 June 2022. But from July 1, this fine will increase to one thousand rupees. If you haven’t linked it yet, do it before July 1.


 


3. 10% TDS to be paid on gifts


10 percent TDS will have to be paid from 01 July 2022 on gifts received from business and miscellaneous businesses. This tax will also apply to social media influencers and doctors. Social Media Influencers will be required to pay TDS only when a company provides a product to them for marketing purposes. On the other hand, TDS will not be applicable if the given product is returned to the company.


4. TDS to be paid on cryptocurrencies


Under the new section 194S of the IT Act, from July 01, 2022, if the transaction for cryptocurrency exceeds Rs 10,000 in a year, then it will be charged at one percent. Income Tax Department has released the notification for Virtual Digital Assets. All NFTs or digital currencies will come under its ambit.


5. Will not be able to update KYC of Demat account


If you have not yet completed the KYC for Demat and Trading Account, do it by 30th June in any case. Because after July 01, you will not be able to update KYC. After that you may face trouble. Earlier, KYC for demat accounts was to be completed by March 31, 2022, but SEBI extended the deadline to June 30.


6. Prices of two wheelers to increase


The prices of two wheelers in the country will increase from July 1. Hero MotoCorp has decided to increase the prices of its vehicles by up to Rs. The company has taken this decision in view of rising inflation and rising raw material prices. Like Hero MotoCorp, other companies can also increase the prices of their vehicles.


 


7. AC prices will also increase


Along with two wheelers, ACs will also become expensive in the country from July 1. The Bureau of Energy Efficiency has changed the energy rating rules for air conditioners (ACs). These changes will come into effect from July 1. After this the rating of 5 star AC will be reduced to 4 stars directly. After the implementation of the new energy efficiency, AC prices may increase by up to 10 percent.

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