New Delhi : Be ready for the new installment of inflation from the coming month. Various types of duties are going to increase and inflation on many fronts may flare up again due to tax and other reasons. Let us tell you how inflation is going to flare up from July.
Double fee payable on july aadhar pan linking
Aadhaar-PAN linking is now mandatory by law. Aadhar-PAN linking date is over on March 31. But with the new system, the government has fixed 30 June 2022 as the last date to link PAN card and Aadhar card with fine. 500 till June 30 with a fine of Rs.500. If you link PAN with Aadhaar after July 1, 2022, you will have to pay a fine of Rs 1000.
Now TDS on business gifts also
In this age of social media, if you are an influencer and various product companies give you a gift as a gift, or you are a doctor to whom drug companies give samples, then you are now under TDS. With effect from July 1, 2022, TDS will have to be paid at the rate of 10% on gifts received from business. The condition here is that if the influencer returns the gadget or other product given by the company, then they will not have to pay this tax.
Your debit and credit card data will be safe
Today more or less every urban man uses plastic money. If you are also a credit or debit card user and shop on e-commerce, then your data security is going to change from 1st July. Now payment gateways, merchants, payment aggregators and acquiring banks will no longer be able to save the card details. With this, the data of the common consumer will be safe.
TDS on crypto investment
Despite the huge turmoil in the crypto currency sector, a large number of people are investing in it. According to the crypto market, there are more than 90 million crypto investors in India. Under the new changes, from July 1, 2022, if you have done a transaction of more than Rs 10,000 in cryptocurrency in a year, then you will have to pay one percent TDS. Income Tax Department has notified the disclosure norms of TDS for Virtual Digital Assets (VDA). All NFTs or digital currencies will come under its purview.
Demat will be disabled without KYC
From July 1, the demat account of many people investing in the stock market can be closed. KYC will be mandatory for all demat accounts from July 1. Its last date ends on 30 June 2022. Explain that the facility of holding shares and securities is given in the demat account.
Rising price of two wheelers
Two-wheeler maker Hero MotoCorp is increasing the prices of its vehicles. The company has decided to increase the amount up to Rs. The company has taken this decision to reduce the impact of rising inflation and rising commodity prices. The increase in the prices of two wheelers will be decided on different models and market conditions.
Price of cylinder may change (LPG Gas Cylinder Price)
From July, the price of cylinder in the country can also change. Oil marketing companies review the prices of LPG cylinders on the first of every month. It is noteworthy that the prices of domestic LPG vary from state to state due to tax.