TDS , Income tax rules Major changes affects from July 2021
To begin with SBI ATM withdrawal charges to ITR filing, several changes are scheduled from this month onwards. Besides this, a lot of other changes are also going to take place in the banking sector. According to the updates, the State Bank of India has improved its rules and charges for cash withdrawals from its Automated Teller Machines (ATMs) and branches. And the Central government said that certain taxpayers may face Tax Deduction at Source (TDS) at higher rates from July. Furthermore, the LPG cylinder rates will also be changed. A detailed list of key changes that will come into effect from July are given below
1. SBI ATM withdrawal charges
The customers of SBI must note that charges will be imposed against cash withdrawals from SBI branches as well as ATMs. The Bank has mentioned earlier that the account holders will be able to have four free cash withdrawals from the bank’s ATMs and branches. After using the free withdrawals, the bank will charge Rs 15 plus Goods and Services Tax (GST) for every withdrawal each month.
2. Cheque Book usage charges
This is not only for ATM withdrawals. The savings account holders with SBI will have controlled free cheque-book usage from this month. According to the fresh guidelines from the bank, an account holder can only utilize 10 cheque-books in a financial year. Despite that, if you want to use more cheque-books, then you are supposed to pay a charge of Rs 40 plus GST for the next 10 leaves or Rs 75 plus GST for the following 25 leaves.
3. Income Tax Return
The Central government is on the way to impose a higher tax deduction at source (TDS) rate for those who have not deposited their income tax returns (ITR) for the past two years. The Centre has established this change as part of the income tax rules by the Finance Act, 2021. As per the new guidelines, the change will be made towards taxpayers whose TDS deductions each year surpasses Rs 50,000.
4. IFSC Code
Syndicate Bank’s IFSC codes have been completely changed since July 1 in the wake of Syndicate Bank’s merger with Canara Bank. Syndicate Bank account holders can obtain new IFSC codes by contacting Canara Bank Customer Care. Corporation Banks merging with Union Bank will also get the new IFSC code.
5. Driving License Exam
As per the information announced earlier in the driving license examination, there is no need to go to the RTO office to get the learner’s license from July 1. Take the test online at home
If you pass the exam, you can download the Learner’s License instantly from the website.
