PAN-Aadhaar, Credit Card, Crypto Tax LPG Pricing – 5 Big Changes From Today

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After the start of T2FY22, a good number of banking, financial and tax rules will change today. From July 1, 2022, the PAN-Aadhaar route would now charge a late fee of 1000 instead of 500 and there will be an additional 1% TDS levied on all digital asset transactions. To ensure the security of credit and debit card data, the Reserve Bank of India has introduced tokenization of card transactions from today. Meanwhile, the central government has reduced commercial LPG gas cylinders by 198 per cylinder from July 1, 2022.

Here we list 5 big changes from July 1 that can have a direct impact on your finances:

1]Double penalty for Aadhaar-PAN binding: After the expiry of the last PAN-Aadhaar binding date on June 30, 2022, a PAN cardholder will now be required to pay 1,000 for linking their PAN to a unique 12-digit UIDAI number. Previously it was 500 only. Thus, from today, it will be necessary to pay a double penalty for having sown a PAN with an Aadhaar number.

2]Tax rules on crypto-currencies: After the imposition of a 30% flat income tax on cryptocurrencies from April 1, 2022, the Indian government had proposed a 1% TDS surcharge on cryptocurrency transactions in the budget of union 2022, regardless of the gain or loss suffered by the investor. The proposed budget entered into force from today. However, an investor could claim reimbursement of TDS levied on transactions involving losses.

3]Modification of taxation rules for doctors, influencers: In the 2022 Union Budget, the central government inserted a new Section 194R into the Income Tax Act 1961. This new section offers 10% TDS on benefits received via sales promotion on doctors and social media influencers. This budget proposal became applicable from July 1, 2022, i.e. today. However, the EAT will only be applicable when the cost of the service is 20,000 or more in a fiscal year.

4]Changes to credit and debit card rules: The RBI has imposed the tokenization of card transactions from today which aims to ensure the security of credit and debit card data. Last year, India’s central bank introduced this layer of security by allowing card issuers to work as TSPs (Token Service Providers) for their debit and credit cardholders.

5]LP cylinder price: The Indian government has reduced the prices of commercial 19kg LPG cylinders by almost 198. From 1 July 2022, a 19 kg commercial LPG cylinder in Delhi will cost 2021 per cylinder instead of 2219 per cylinder. This 19 kg commercial LPG cylinder will cost 2140 instead of 2,322 in Kolkata while in Mumbai it will cost less 1981 instead of 2,171.50.

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