From increased PF to PAN-aadhaar linking: Check 8 rule changes from July 1

As June is about to end, the month of July will begin with a lot of significant changes. Your wallet will be directly impacted by these changes (Rules Change From July 1), which will take effect on July 1, 2023, the first day of the month. You will be impacted by changes to your home's kitchen, footwear purchases, and bank policies. It is crucial for you to know facts about them in this case. 

Let's take a look into what alterations await you from July 1st, 2023.

LPG gas: Oil and gas distribution companies regularly review and revise the prices of cooking gas usually on the first of every month. This time, on July 1, it is expected that there might be a change in the prices of LPG. For the last two consecutive months, companies had given relief by cutting the price of 19 kg commercial LPG gas cylinders. On June 1, 2023, the cylinder was made cheaper by Rs 83.5, while earlier on May 1, 2023, the price of commercial cylinder was reduced by Rs 172. 

CNG-PNG: Along with the prices of LPG, a change can also be seen in the prices of CNG and PNG on the first date of the month i.e. 1st of July. Indraprastha Gas Limited (IGL) in Delhi and Mahanagar Gas Limited (MGL) in Mumbai revise the prices and issue new prices on the first day of every month. 

20% TCS on credit card: New rule will be implemented, subjecting credit card expenses abroad to Tax Collected at Source (TCS). This means that for expenditure above 7 lakhs, TCS charges up to 20% will be levied.

Income Tax Return (ITR) filing deadline: Every taxpayer is required to file their Income Tax Return (ITR). The deadline for filing the income tax return is approaching in July. If you haven't filed your ITR yet, make sure to complete it by July 31st.

HDFC Bank and HDFC merger: The merger between HDFC Bank and HDFC is set to take effect from July 1, 2023. , as announced by HDFC Group Chairman, Deepak Parikh. Both the top management teams of HDFC Bank and HDFC have expressed their confidence in this merger, highlighting its positive impact on the financial companies, their shareholders, customers, and the overall economy.

RBI Floating Rate Savings Bonds: In today's time, among the best investment options, fixed deposit ie FD is given more importance. Be that as it may, all the banks offer great interest to the customers on these. Now from July 1, 2023, an investment instrument is going to get better interest than FD. We are talking about RBI Floating Rate Savings Bonds 2022, even though its interest rates are not constant like the name and they keep changing from time to time. At present, interest is being given at the rate of 7.35 per cent, which can be increased to 8.05 per cent from July 1. The next date for change in this interest rate which changes every six months is July 1st.

Quality Control Order (QCO): Talking about the fifth change, from July 1, 2023, manufacturing and sale of poor quality footwear can be banned across the country. The Central Government has announced the implementation of the Quality Control Order (QCO) across the country, to be implemented from July 1. After this, it will be necessary for all footwear companies to follow the quality control order rules. 

PAN- Aadhaar card link: The deadline to link PAN with Aadhaar is today, June 30, 2023. It is important to complete the linking process as any non-compliance will mean that the PAN will become inoperative from July 1, 2023.