Today from July 1, 2022, many major changes have been implemented in the country. These financial changes will have a direct impact on the general public of the country. With one percent TDS levied on cryptocurrency transactions, buying air conditioners has also become costly today.
The month of July has started and today many big economic changes have been implemented from the first day of the month, which is going to have a direct impact on you and some are going to increase the burden on your pocket. Today, the government has implemented TDS on cryptocurrencies and gifts.
Crypto investors have got another setback from today after the government imposed 30 percent tax on one percent TDS on cryptocurrencies. Actually, investors have to pay TDS at the rate of 1 percent on all types of crypto transactions, whether the crypto asset is sold for profit or loss. Actually, the motive behind this decision of the government is that by doing so, it will be able to keep an eye on those transacting in cryptocurrencies.
10 percent TDS on gifts
Talking about the second major change, from July 1, 2022, the tax deducted at source (TDS) rule has been implemented at the rate of 10 percent on gifts received from businessmen. This tax will be applicable to social media influencers and doctors. Social media influencers will have to pay TDS on gifts given by a company for marketing purposes, while this rule applies to free drug samples, foreign flight tickets or other expensive gifts received by doctors. What will happen?
Air conditioner (AC) will be expensive to buy
To keep your home cool from today, you will no longer have to shell out more to buy an air conditioner. Actually, the Bureau of Energy Efficiency (BEE) has changed the energy rating rules for air conditioners, which have come into effect from 1 July 2022. Accordingly, the rating of 5-star ACs will directly become 4-star. With the new energy efficiency guidelines, AC prices in India may see an increase of up to 10 percent in the times to come.
Single-use plastic The use of single-use plastic has been completely banned in India today. The government had already made it clear that no relaxation would be given in this. This decision of the government has dealt a big blow to the companies manufacturing and selling packaged juices, soft drinks, and dairy products. After the implementation of this ban, beverage companies will not be able to sell their products with plastic straws today.
Double penalty on PAN-Aadhaar link
Those who have not linked their PAN with an Aadhar card will have to pay a fine of Rs 1000 for doing this work from today. Till June 30, for linking PAN with Aadhar card, half of it i.e. 500 rupees had to be fined. In this regard, instructions have been given by the government many times, in spite of this, if you have missed doing this work, then the burden on you has increased.
LPG cylinder price change
On the 1st of every month, the prices of gas cylinders have been revised even today. Companies have increased the price of commercial cylinders by Rs 198 today. However, there has been no change in the prices of subsidized cylinders. After this decision, the price of a 19 kg commercial cylinder in the capital Delhi has gone up to Rs 2021. Earlier their price was Rs 2219.
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