1 July Financial Changes: Half a year of the year 2022 has passed and today is the first of July. Many types of financial changes are going to happen in the country from today, which is important for you to know. This includes changes from double penalty on PAN-Aadhaar linking to deactivation of non-KYC accounts. A big change is going to happen in the form of tax on cryptocurrencies from today and you have to be ready for changes like ending of exemption on property tax in Delhi. Here you are being given information about all those changes.
Linking PAN-Aadhaar will have to pay double penalty from today
From today, double penalty will have to be paid for linking PAN card with Aadhaar. Yesterday, till June 30, 2022, a fine of Rs 500 had to be paid for linking it, which has increased from today to Rs 1000. It can be linked by visiting the website of Income Tax Department.
Tax will be payable on all cryptocurrency transactions
From today, July 1, 2022, TDS will have to be paid on all crypto transactions whether it is sold for profit or loss. 1 percent TDS will have to be paid on transactions above Rs 10,000. If the buyer does not have PAN at the time of transfer of cryptocurrency, tax at the rate of 20 per cent will have to be paid. And if the buyer has not filed income tax return, then TDS at the rate of 5 per cent will have to be paid. Investors who do not sell cryptocurrencies for profit will also have to pay tax. Investors investing in such crypto will have to pay one per cent TDS.
Buying two-wheeler and AC will be expensive
The prices of two-wheelers vehicles are increasing from July 1, under which Hero MotoCorp has increased the price by up to Rs 3000. Apart from this, buying 5 star AC is getting costlier by 10 percent from today and this decision can increase the burden on your pocket.
Home Loan EMI Expensive
From today, EMIs will become expensive for those home loan customers whose home loan reset date is July 1, 2022. Those whose home loan reset date is 1st July will have to pay more EMI than this month.
Property Tax Expensive in Delhi
If you pay property tax in Delhi on or after July 1, 2022, you will not be entitled to the 15% discount. Till June 30, 2022, you were getting 15 per cent discount on property tax.
demat account kyc
If you have not done KYC of your demat trading account then your demat account will be deactivated from today. SEBI has given time till June 30, 2022 to investors to get KYC done for existing demat accounts and trading accounts. If you have not completed the KYC of demat accounts, then from today i.e. July 1, these accounts will be deactivated.
Doctors and Social Media Influencers will have to pay 10 percent TDS
Doctors and Social Media Influencers will have to pay 10 percent TDS from today. Doctors and Social Media Influencers who get benefits from the company for promoting sales will have to pay 10 per cent TDS. According to the CBDT, on receiving any profit or benefit in the form of a commodity exceeding Rs 20,000, the person providing this benefit will have to pay 10 TDS after deducting it. If the value of the benefit is less than Rs 20,000, then no TDS will be required to be paid.
No RBI approval for debit cards
From today, banks can issue debit cards to any customer even with the approval of their board and they will not need the approval of Reserve Bank of India for this. Bank debit cards can be given only to customers with savings and current accounts.