From CNG-PNG Rates to PAN-aadhaar linking! Prepare for Changes in Your Pocketbook as New Rules Take Effect from Today

PAN Aadhaar Linking New Rules: The month of July will start with a lot of big changes as June is ready to come to an end. These modifications (Rules Change From July 1), which will go into effect on July 1, 2023, the first day of the month, will have an immediate effect on your pocketbook.

Let's look at the changes that will take effect on July 1st, 2023

• LPG Gas: The costs of cooking gas are routinely reviewed and revised by oil and gas distribution firms, often on the first of every month. This time, a potential change in LPG prices is anticipated on July 1. Companies have provided relief by lowering the cost of 19 kg commercial LPG gas cylinders for the previous two months in a row. The price of the cylinder decreased by Rs 83.5 on June 1 of 2023, whereas the commercial cylinder's price decreased by Rs 172 on May 1 of 2023.
• CNG-PNG: On the first day of the month, or July 1st, rates for CNG and PNG also changed in addition to those for LPG. On the first of every month, Mahanagar Gas Limited (MGL) in Mumbai and Indraprastha Gas Limited (IGL) in Delhi update their tariffs.
• 20% TCS on credit card: Foreign credit card charges will now be subject to Tax Collected at Source (TCS), according a new rule. This means that TCS will charge up to 20% for expenses over Rs. 7 lakhs.
• Income Tax Return (ITR) filing deadline: Each and every taxpayer must submit their Income Tax Return (ITR). In July, the tax return filing deadline will soon be here. Make sure to submit your ITR by July 31st if you haven't already.
• HDFC Bank and HDFC merger: The merger between HDFC Bank and HDFC is scheduled to go into effect on July 1, 2023, according to Deepak Parikh, chairman of the HDFC Group. The top management teams of HDFC Bank and HDFC have both indicated their support for this merger, pointing out its advantages for the financial firms, their shareholders, clients, and the economy as a whole.
• RBI Floating Rate Savings Bonds: The fixed deposit, or FD, is now regarded as one of the best financial options. Regardless, all banks give their clients high interest rates on this. An investment instrument will now earn better interest than a federal deposit starting on July 1, 2023. Even though the interest rates on these bonds are not constant, despite their name, and occasionally fluctuate, we are talking about the RBI Floating Rate Savings Bonds 2022. Interest is currently paid at a rate of 7.35 percent, but starting on July 1 that rate will climb to 8.05 percent. This interest rate will change again on July 1st, which is every six months.
• Quality Control Order (QCO): Regarding the sixth modification, the production and distribution of subpar footwear may be outlawed nationwide as of July 1, 2023. The Quality Control Order (QCO), which will go into effect nationwide on July 1st, has been announced by the central government. All shoe businesses will then have to adhere to the quality control order regulations.
• PAN- Aadhaar card link: As of today, June 30, 2023, PAN and Aadhaar must be linked. It is crucial to finish the connection process because failure to do so would result in the PAN being rendered useless as of July 1, 2023.

Get Ready for Exciting Changes in Your Kitchen from July 1

Changes to the kitchen in your house, footwear purchases, and bank policies will all have an effect on you. You must be aware of the relevant information in this situation.

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