From July 1, many rules and regulations are going to be changed in the country. Yes, and these rules will be from your financial transactions. At the same time, after the implementation of these rules, some of the burdens can also fall on your pocket. Today we are going to tell you about them.
10% TDS on gifts- From July 1, 2022, gifts received from businesses will have to pay the tax deducted at the rate of 10% at the rate of 10%. Yes and this tax will be applicable to social media influencers and doctors. Apart from this, it will be necessary for social media influencers to pay TDS when they keep the products given to them for the purpose of marketing on behalf of a company. Yes, and if the given product is returned to the company, then TDS will not be applicable.
Payment gateways and online businesses will not be able to do debit and credit card details- From July 1, payment gateways, merchants, payment aggregators and acquiring banks will be banned from saving the card details of customers. In fact, keeping in view the safety of bank customers, the Reserve Bank of India has made a provision for the use of card tokenization in debit card and credit card transactions from July 1, 2022. At the same time, changing the card description with a token is called tokenization, it is considered a safe way of transactions from the card.
If you spend more than 10,000 rupees a year on cryptocurrencies, you will have to pay TDS- From July 1, 2022, onwards, if the transactions made for cryptocurrencies under the new Section 194S of the IT Act are more than Rs 10,000 in a year, then it will be charged one per cent. Yes, and the Income Tax Department has notified disclosure norms of TDS for Virtual Digital Assets (VDA). All NFTs or digital currencies will come under its ambit.
Investors will not be able to update the KYC of the Demat account - The last date for completion of KYC for the Demat account and trading account is June 30, 2022. Yes, and earlier the KYC compliance for Demat accounts was to be completed by March 31, 2022, though later the market regulator Securities and Exchange Board of India extended the deadline.
If you do not link your Aadhaar PAN by June 30, you will have to pay double the penalty - The last date for linking the pan card and Aadhaar card with a fine has been fixed by the government on March 31, 2023. However, if you do so after June 30, 2022, i.e. after July 1, 2022, you will have to pay double the fine. Yes and let us tell you that there is a provision of a fine of Rs 500 for linking PAN and Aadhaar, but if you do not finish this work by June 30, then from July 1, you will have to pay a fine of Rs 1,000 for linking these documents.