1st July Financial Changes: A lot has changed in your life from today 1st July as many economic changes have been implemented. These include a tax on cryptocurrencies for a double penalty on PAN-Aadhaar linking.
July 1 Financial changes: Half a year of the year 2022 has passed and today is July 1. There are going to be many economic changes in the country from today, which is important for you to know. This includes adjustments like the deletion of non-KYC accounts and a double penalty for PAN-Aadhaar linkage. There is going to be a big change in the form of tax on cryptocurrencies from today and you have to be ready for changes like abolishing the exemption on property tax in Delhi. Here you are being informed about all those changes.
For linking PAN-Aadhaar, the double penalty will have to be paid from today. By visiting the website of the Income Tax Department.
TDS will have to be paid on all transactions
Cryptocurrencies, whether sold for profit or loss, as of July 1, 2022. TDS of 1 percent 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 percent will have to be paid. Additionally, TDS at a rate of 5% must be paid if the buyer has not submitted an income tax return. Taxes will also be due from investors who do not profitably sell their cryptocurrency holdings. Investors in such cryptocurrencies will be required to pay 1% TDS.
I will be in a two-wheeler and AC
The prices of expensive two-wheelers are increasing since July 1, under which Hero MotoCorp has increased the price by up to Rs 3000. In addition, purchasing a five-star air conditioner will cost you 10% more starting today, which will put more strain on your finances.
Home Loan EMI Expensive
From today, the EMIs of those home loan customers whose home loan reset date is July 1, 2022, will become costlier. Those whose home loan reset date is July 1, will have to pay more EMI than this month.
Property tax is expensive in Delhi
If you pay property tax in Delhi on or after July 1, 2022, you will not be entitled to a 15% rebate. Till June 30, 2022, you were getting a 15% rebate in property tax.
Demat Account KYC
If you have not done KYC of your Demat Trading Account, your Demat Account will be deactivated from today. SEBI has given investors time till June 30, 2022, to get KYC done for existing Demat accounts and trading accounts. Demat accounts will become dormant as of today, July 1, if you have not finished the KYC process.
Influencers on social media and doctors will both be subject to 10% TDS.
From today, doctors and social media influencers will have to pay 10 percent TDS. To boost sales, doctors and social media influencers who benefit from the company will have to pay 10 percent TDS. According to the CBDT, on receiving any profit or benefit in kind in excess of Rs 20,000, the person providing this benefit will have to deduct it and pay 10 TDS. If the value of profit is less than Rs 20,000, then no TDS will be required to be paid.
RBI approval will not be applicable on debit cards.
Today, banks can issue debit cards to any customer even with the approval of their board and for this, they will not need the approval of the Reserve Bank of India. Customers with savings and current accounts are the only ones who can receive bank debit cards.
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