From SBI ATM withdrawal charges to Income Tax Return: Major changes from July 1 that will affect your daily life

Come July 1, some major changes will take place which will have a direct effect on your money matters. From changes in LPG cylinder price and SBI ATM withdrawal charges to ITR filing, there are some other changes that will come into effect from July 1.

Here’s a detailed list of key changes that will come into effect from July 1:

LPG Cylinder Price: The price of liquefied petroleum gas (LPG) cylinders will change as the price is decided on the first of every month. However, there no such announcement as yet but it is expected the price will change.

SBI ATM withdrawal charges: State Bank of India customers must note that charges will be imposed against cash withdrawals from SBI’s ATMs as well as the branches. The bank has already mentioned that the account holders will be eligible for four free cash withdrawals from the bank’s ATMs and branches. After exhausting the free withdrawals, the SBI will charge Rs 15 plus GST for each withdrawal each month. 

Cheque Book usage charges: The savings account holders with SBI will have limited free cheque-book usage from next month. The new guidelines mention that an account holder can only use 10 chequebooks in a financial year. However, if you want to use more chequebooks, then you will have to pay a charge of Rs 40 plus GST for the next 10 leaves or Rs 75 plus GST for the subsequent 25 leaves.

Income Tax Return: From July 1, the Central government is going to impose a higher tax deduction at source (TDS) rate for those who are yet to deposit their income tax returns (ITR) for the past two years. The Centre has introduced this change as part of the income tax rules by the Finance Act, 2021. According to the new guidelines, the change will be implemented towards taxpayers whose TDS deductions each year exceed Rs 50,000.

IFSC Code: Another important thing for the bank customer is that they will get a new IFSC code from next month. As the Syndicate Bank and Canara Bank are getting merged, the account holders of the former will get new IFSC codes from July 2021.