9 Changes That Will Influence Your Personal Finance From Today


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planning

oi-Vipul Das

| Published: Tuesday, June 1, 2021, 10:08 am

Some major changes will take effect June 1st and will have a serious impact on your budget. Here are some more changes that have taken effect to date, from adjustments to LPG bottle prices to banking services and air travel.

EPF rules

If you are employed, this information will be extremely useful to you. The EPFO ​​has changed the rules for those who have accounts with Provident Fund. From June 1st, the employer must link each employee's account to the Aadhaar card in accordance with the latest change.

LPG price change

The price of liquefied gas can fluctuate dramatically this month. These prices will be announced on the 1st and 15th of each month. A 14.2 kilogram LPG bottle currently costs Rs 809 in Delhi. In addition to 14.2 kilogram bottles, the price for 19 kilogram LPG bottles can also be changed. Due to the rise in fuel prices, the price of gas is expected to rise dramatically.

Air travel expenses

Domestic flights are getting more expensive as the Department of Civil Aviation (MoCA) has agreed to raise the lower limit for domestic flights from 13% to 16%, which comes into effect June 1st. According to a MoCA policy, the price of domestic flights applies. The trip of less than 40 minutes would be increased by 2300 rupees to 2300 rupees, an increase of 13% over the current rate. The central government has agreed to raise the minimum price limit to 16%. The airfare will be increased from 13 to 16 percent.

Interest rates for small savings plans

The interest rates for small savings plans changed in March. However, the government overturned its decision, claiming the move was due to a mistake on the centre's side. The government changes the interest rates on these systems every three months. As a result, the interest rates on these systems are expected to change starting June 1st.

Check the Bank of Baroda's payment rules

Starting June 1st, the Bank of Baroda will be making significant changes to its check payment policy. From the beginning of next month the bank will introduce a "Positive Pay Confirmation". However, the bank has stated that the "positive payment confirmation" requirement would only apply to payments over Rs 50,000 to make things easier for customers. According to the bank's website, the originator of the check must now provide the beneficiary's details in advance. This will likely go faster, according to the bank. Customers would need to confirm the details of a check transaction for Rs 2 lakh. However, anyone who makes payments over Rs 50,000 can use the Positive Pay system. Customers who submit a check for Rs 50,000 will be able to check the details with the lender starting June 1st.

Gold stamp

Due to the Covid-19 outbreak, the central government has postponed the legal labeling date for gold jewelry and antiques to June 15. Consumer Affairs Minister Piyush Goyal met during the meeting that made the decision. It should come into effect on June 1st. The jewelry industry and traders affiliated with the Confederation of All India Traders had petitioned the government to delay the implementation of the labeling. The government has agreed to their request given the current scenario.

New ITR registration portal

The current website www.incometaxindiaefilling.gov.in would not be available June 1-6, signaling a significant postponement in filing income tax returns. The government will launch its new website www.incometaxgov.in on June 7th. Officials claim the new website is more sophisticated and user-friendly than the previous one.

Google photo storage

According to Google, photos or videos saved in high quality prior to June 1, 2021 will not count towards the 15 GB of free space or additional space purchased. Photos and videos backed up before June 1, 2021 will remain free and will not be affected by the storage limit.

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Important income tax dates for taxpayers

Since the due date is May 31, you cannot file an amended or delayed ITR for the 2019-20 fiscal year after June 1. E-Filing Portal 2.0: The ITR E-Filing website has been revised by the Income Tax Department. A redesigned e-filing website will be available from June 7th. On June 7, 2021, the new e-filing portal https://incometax.gov.in will replace the current portal of the department https://incometaxindiaefiling.gov.in. From June 1st to 6th, the e-filing services will be discontinued. The deadline for filing a Financial Transaction Status under Section 285BA is June 30th. The deadline for submitting a bank statement has been extended to June 30, 2021. The deadline for filing TDS statements for the fourth quarter of fiscal 2020-21 has been extended to June 30, 2021.

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First published: Tuesday, June 1, 2021, 10:08 a.m.

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