From July 1, several new changes have been announced that can have a direct impact on your personal finance. The new labour laws have come into effect from today. Now it is upto the states to implement the labour codes. The fine for Aadhaar-PAN linking has been increased two-fold. New rules for cryptocurrency transactions, operation of demat accounts have also taken effect. Here are 7 things that have changed from today.
Commercial gas cylinders become cheaper
The prices for commercial gas cylinders have decreased. In Delhi, the price of the 19-kg gas cylinder has decreased from Rs 2,219 to Rs 2,2021. In Kolkata, the price has come down to 2140. In Mumbai, the price has come down below the 2000-mark. In Chennai, the new gas cylinder price is Rs 2186.
Aadhaar-PAN linking fine
From July 1, the fine for late linking of Aadhaar and PAN cards has been increased to Rs 1,000. Till June 30, it was Rs 500.
TDS on cryptocurrency
The Centre will now deduct a TDS of 1 percent on all cryptocurrency transactions of more than Rs 10,000. This means all transactions will be charged irrespective of profit and loss. All digital currencies will come under the new rule's purview.
Demat account KYC rule
Demat and trading accounts that have not undergone the KYC procedure will be deactivated. The last date for the KYC was June 30. So if someone hasn't got the KYC done, she will have to get it done ASAP in order to trade on the stock market.
Hero increased prices of motorcycles
The prices of Hero motorcycles have increased by Rs 3,000. Since the company sells the highest number of bikes in the country, the decision impacts the masses. The prices were increased due to an increase in the prices of raw material.
10 percent TDS on gifts
Doctors and social media influencers would have to pay a 10 percent TDS on gifts received from businesses. Doctors and businesses normally receive marketing gifts. They won't be required to pay the tax if they return the gifts.
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