Many new changes will be implemented from July 1 that can have a direct impact on your personal finance. These changes in rules can impact your in-hand salary, investment and cost of purchase. Here are the details.
PAN-Aadhaar Linking
If you haven’t linked your PAN card with Aadhaar, now is the time. If you don’t do that till 30 June, you will have to pay a fine of Rs 1,000. If you do that before June 30, you will have to pay only Rs 500.
Tax deduction on Cryptocurrency
From July 1, all crypto transactions will be taxed. The government will levy a TDS of 1 percent. This tax will have to be paid even if you make a loss on your investment. The government has already levied the capital gain tax on crypto income.
Labour code: It is likely that four new labour codes will be implemented from July 1. Under this the in-hand salary will likely be reduced as the provident fund will be calculated on the basis of basic salary will be 50 percent of your total salary. It will also make it mandatory to provide three days off to those who work 12 hours every day. The employees will be given a half-an-hour break after 5 hours of work.
AC may get expensive from July 1
The Bureau of Energy Efficiency has changed the energy rating rules. Under this rule the five-star rated ACs will automatically be deemed as four-star ACs. Hence, AC companies may increase upto 10 percent of AC prices.
LPG prices
LPG prices may be increased on July 1. The government revises the prices on the first day of every month.
Demat Account KYC
Your Demat account will be shut down temporarily if you have not completed your KYC process till June 30. You won’t be able to trade from July 1.
