Biggest Business & Finance Related Changes From June 1 You Should Know: LPG price, Income Tax, Gold Hallmarking & More
Several changes like LPG cylinder pricing, a new interface of filing returns of income tax department, gold hallmarking as well as interest on small savings which impact a common man, shall witness a few changes.
In addition to this, economic activities may see a boost as several states like Madhya Pradesh, Uttar Pradesh and Delhi shall undergo ease in lockdown restrictions. These states shall see opening up of institutions, manufacturing factories and construction work.
New PF rules
If you are employed, this news is very useful to you. EPFO has changed the rules for Provident Fund account holders. Under the new law, the employer is now required to link the entire employee account with the Aadhaar card from June 1st.
Price of LPG cylinder may go up
Currently, the price of LPG for a 14.2 kg gas cylinder in Delhi is ?809. However, there are chances that price of gas can be increased from 50 to 100 rupees per cylinder due to rise in fuel prices. Every month these prices are announced by oil companies.
Air travel to become expensive
The airfare hike to minimum limit of airfare to 16 per cent has been approved by the central government. This limit was previously 13 percent and with the new update, air travel shall become expensive from June 1. No increase in the upper fare limit has been made by the Ministry of Civil Aviation.
Change in interest rates of small savings scheme
There was an oversight error on the part of Centre is what the government said, and hence withdrew its order of changing interest rates of government schemes such as PPF, NSC, Sukanya Samriddhi Yojana. After this decision, this rollback of the move seems to be linked with five Indian states. New rates shall be applicable till 30 June.
Bank of Baroda Payment Process
From June 1, big changes in cheque payment rules have been made by Bank of Baroda. From first date of next month, ‘Positive Pay Confirmation’ shall be implemented by the bank. However, for the sake of convenience, this shall only be applicable to payments above 50000. The issuer of the cheque, according to the information given on the bank’s website, shall have to give the information of the beneficiaries in advance. This move is expected to reduce time taken and prevent cheque frauds.
Gold hallmarking rules
Due to Covid-19 pandemic, the date of mandatory hallmarking deadline of gold jewelery and artifacts which was previously June 1 has been moved to June 15 by the central government. Consumer affairs minister Piyush Goyal headed the meeting in which this decision was taken.
The extension in date for the introduction of hallmarking was then sought by trade union Confederation of All India Traders and the jewelery industry from the government.
ITR’s new website
Existing website www.incometaxindiaefilling.gov.in shall be unfunctional from June 1 to 6. A new website, which is believed to be more user friendly and advanced, shall be launched on June 7.