Money Supply Rule in India : If you do a job then you must know your tax rules. Some rules have been changed in the month of September, which you must keep an eye on. If you use debit card and credit card for daily transactions, then this month will be special for you. Many important changes are going to come in the month of September which will have a direct impact on your pocket.
30 days with the taxpayer
Let us tell you that if you want to verify the tax return, and you declare that the information given by you in the return form is correct. You should know that this is according to the provisions of Income Tax Act-1961.
what is the rule
The deadline for verification of tax returns filed on or after August 1, 2022 (ie after the date of July 31) has been reduced from 120 days to 30 days. If, if you have filed your income tax return on 8th August, then you have to verify the return before 7th September. The 30-day verification window starts from the day you submit your income tax return.
Timely return verification
For tax returns as on July 31, 2022, the deadline to verify the return remains the same, i.e. 120 days from the date of filing the tax return. How much do you delay in return verification? Similarly, the refund will be credited late to your bank account. If you do not do the verification on time, your return will not be considered as filed.
Tokenize your cards
You will have to change your credit and debit card data this September. If you use online, point-of-sale (POS) or in an app transaction. Unique tokens have to be used for secure transactions. According to RBI, the token rule comes into effect from October 1. Under this, all merchant websites will be prohibited from saving your card number, CVV or last date on their servers for processing online transactions. Now the user has to save a token. If the merchant or company wants to use your data for further payment, then the same token will have to be saved.
Debit card fee hiked
From this September, several banks have increased the annual fee and issuance fee on debit cards. This increase is due to a steep increase in the cost of semiconductor chips used in cards and other inputs.