Here are the top changes from June 1 that will directly impact your budget and monetary affairs.
Like every month, some major changes will take place from June 1 which will have a direct effect on your money matters. From changes in LPG cylinder price to the way people avail banking services, there are some other changes that will come into effect from June 1.
Here are the top changes that will directly impact your budget and monetary affairs.
1. LPG cylinder price change
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At present, the price of a 14.2 kg LPG cylinder in Delhi is Rs 809. Oil companies review LPG rates on the 1st and 15th of every month. Along with 14.2 kg cylinders, the price of 19 kg LPG cylinders can also be changed.
2. Interest rates of Small Savings Schemes
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Interest rates of several Small Saving Schemes such as the PPF, NSC, KVP and Sukanya Samriddhi are up for a change in the month of June. The government changes the interest rates of these schemes every three months. However, there have been many instances when the interest rates go unchanged for the next month.
3. New PF rules
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If you are employed, then this news is very useful for you. The EPFO has changed the rules for Provident Fund account holders. According to the new rule, now the employer is required to link every employee's account with the Aadhaar card from June 1.
4. Income tax's e-tax filing site
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The official e-tax filing site of the Income Tax Department will not work from June 1 to 6, 2021, as the department is moving to a new modern platform. The Income Tax Department will launch the new website of ITR from June 7. The URL of the updated website will be www.incometaxgov.in.
5. Bank of Baroda's cheque payment rules
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From June 1, Bank of Baroda will make 'Positive pay confirmation' mandatory in order to prevent fraud incidents during payments made via cheques. The bank said that under this, if the payment of more than Rs 2 lakh is made via cheque, then the customer will have to reconfirm the cheque details.
6. Domestic air travel to become costlier
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Flights within the country are set to become costlier as the Ministry of Civil Aviation (MoCA) has decided to raise the lower limit on domestic airfares from 13 per cent to 16 per cent, which will come into effect from June 1.
As per an order by MoCA, "Fare for domestic travel less than 40 minutes of duration will be hiked by ? 2,300 to ? 2,600, which is 13 per cent of the current fare."
7. Google Photos ending free storage
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Right now Google offers unlimited high quality storage for free. The biggest change in Google Photos storage policy after June 1 is that photos and videos backed up in high quality or express quality after this date will be counted in 15GB storage that users get with their Google account, which also includes Gmail and Google Drive.
