From July 1, 2022, there will be changes in many rules related to financial transactions. These rules include rules related to TDS, PAN card, demat account and credit and debit cards. Since the change in these rules will have a direct effect on you, it is important to know about them.
Crypto investors will have to pay TDS
After July 1, 2022, if the transaction done for cryptocurrency exceeds Rs 10,000 in a year, then it will be charged at one percent. Income Tax Department has notified the disclosure norms of TDS for Virtual Digital Assets (VDA). All NFT or digital currencies will come under its ambit.
Debit and credit card details will not be able to save
From July 1, payment gateways, merchants, payment aggregators and acquiring banks will not be able to save card details. After the implementation of this rule, e-commerce companies will not be able to keep the card details of their customers safe with them. This will protect the data of the common consumer.
Demat accounts without KYC will become inactive
The last date for conducting KYC for Demat account and trading account is 30 June 2022. Accounts which will not have eKYC till this date will become inactive and from July 1, share trading will not be done with the help of such account. Facility is provided for holding shares and securities in a demat account. In such a situation, if you do not complete the KYC process of your own demat account and trading account by June 30, then after June 30, you may face problems.
Double penalty for linking Aadhaar-PAN
The last date for linking PAN card and Aadhaar card with fine is 30 June 2022. There is a fine of Rs 500 till 30 June. If you link PAN with Aadhaar after July 1, 2022, you will have to pay a fine of Rs 1000.
Prices of two wheelers will increase
From July 1, two-wheeler giant Hero MotoCorp has already announced an increase in the price of its vehicles. The company’s vehicles will become expensive by up to Rs 3,000. The company has said that the company has had to take this decision due to the ever-increasing inflation. Like Hero MotoCorp, other companies can also increase the prices of their vehicles.