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9 Changes That Will Influence Your Personal Finance From Today

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Some significant changes will take effect from June 1st, and they will have a serious influence on your budget. Here are some more changes that have taken effect as of today, ranging from adjustments in LPG cylinder prices to banking services and air travel.

 

EPF Rules

If you are employed, this information is extremely beneficial to you. The EPFO has modified the regulations for those who have Provident Fund accounts. From June 1, the employer must link every employee's account with the Aadhaar card, according to the recent amendment.

LPG Price Change

The price of LPG may potentially fluctuate dramatically in the current month. These prices are announced on the 1st and 15th of every month. A 14.2 kilogramme of LPG cylinder costs Rs 809 in Delhi at the moment. The price of 19 kilogramme LPG cylinders can also be altered, in addition to 14.2-kilogramme cylinders. Based on the surge in fuel prices, it is anticipated that the price of gas may be dramatically raised.

Air travel expenses

Domestic flights will become more expensive as the Ministry of Civil Aviation (MoCA) has agreed to increase the lower limit on domestic airfares from 13% to 16%, which will take effect on June 1. According to a MoCA directive, the price for domestic travel of less than 40 minutes would be increased by Rs 2,300 to Rs 2,600, which is a 13% increase over the present rate. The central government has agreed to raise the minimum airfare ceiling to 16%. The airfare will be raised from 13 per cent to 16 per cent respectively.

 

Interest rates of small savings schemes

The interest rates of small savings schemes were modified in March, however, the government then reversed its decision, claiming that the move was due to a mistake on the side of the Centre. Every three months, the government alters the interest rates on these schemes. As a result, beginning June 1, the interest rates on these schemes are expected to alter.

Cheque payment rules of Bank of Baroda

From June 1, the Bank of Baroda will make significant modifications to its cheque payment policies. From the start of next month, the bank will introduce 'Positive Pay Confirmation.' The bank has stated, however, that the 'positive pay confirmation' requirement would only apply to payments over Rs 50,000 for the ease of customers. As per the bank's website, the originator of the cheque will now be required to provide the beneficiaries' details in advance. This, according to the bank, will probably be quicker. Customers would be required to confirm the specifics of a cheque transaction above Rs 2 lakh, however, those making payments beyond Rs 50,000 will be able to use the Positive Pay System. Customers who submit a cheque for more than Rs 50,000 will be able to verify the specifics with the lender starting from June 1.

Gold hallmarking

Due to the Covid-19 outbreak, the central government has pushed back the statutory hallmarking date for gold jewellery and antiques to June 15. Consumer affairs minister Piyush Goyal convened over the meeting which made the decision. It was supposed to go into effect on June 1st. The jewellery industry and traders affiliated with the trade union Confederation of All India Traders had petitioned the government to delay the implementation of hallmarking. The government has agreed to their request in light of the current scenario.

New ITR filing portal

The current website www.incometaxindiaefilling.gov.in would be unavailable from June 1 to 6, signalling a substantial shift in Income Tax return filing. The government will launch its new website, www.incometaxgov.in, on June 7. Officials claim that the new website would be more sophisticated and user-friendly than the previous one.

Google photo storage

According to Google, any photographs or videos stored in high quality before June 1, 2021, will not count against the 15 GB of free storage or the additional storage purchased. Photos and videos that were backed up before June 1, 2021, will remain free and unaffected by the storage restriction.

9 Changes That Will Influence Your Personal Finance From Today

Major income tax dates for taxpayers

Because the due date is May 31, you cannot file an amended or late ITR for FY 2019-20 after June 1. e-filing portal 2.0: The ITR e-filing website has been revamped by the Income Tax Department. From June 7, a new-look e-filing website will be available. On June 7, 2021, the new e-filing portal https://incometax.gov.in will replace the Department's current portal https://incometaxindiaefiling.gov.in. From June 1st to June 6th, E-Filing services will be suspended. The deadline to file a State of Financial Transaction pursuant to Section 285BA is June 30. The deadline for submitting a statement of reportable account has been extended until June 30, 2021. The deadline for filing TDS Statements for the fourth quarter of FY 2020-21 has been extended to June 30, 2021.

Read more about: personal finance
Story first published: Tuesday, June 1, 2021, 10:08 [IST]
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