These six changes are going to happen from today, this will affect your pocket like this

Today i.e. from July 1, 2022, many changes related to your pocket are going to happen.

Today i.e. from July 1, 2022, many changes related to your pocket are going to happen. These are important changes, which every citizen should be aware of. These financial changes are related to taxation, stock market and salary.

Today i.e. from July 1, 2022, many changes related to your pocket are going to happen. These are important changes, which every citizen should be aware of. These financial changes taxation, stock market (Share Market) and related to salary. Where the central government is certain that cryptocurrency ,Cryptocurrency, Tax on capital gains generated from transactions (tax) will be imposed. At the same time, the government has not given any confirmation on the new labor code. Let us know what changes are going to happen from July 1.

PAN-Aadhaar linking will be costly

The deadline for keeping PAN active without linking it with Aadhaar was extended till March 31, 2023. This was announced by the Central Board of Direct Taxes (CBDT) through a notification dated March 29, 2022. But if you link your PAN with Aadhaar on or before 30 June 2022, then you had to pay a charge of Rs 500. At the same time, if you link Aadhaar and PAN today i.e. on or after July 1, 2022, then you will need to pay Rs 1,000. That is, if you link your Aadhaar and PAN by June 30, then there will be less penalty.

TDS on crypto transactions

The Income Tax Department has issued a detailed guideline regarding TDS deducted on Virtual Digital Asset (VDA). It has been told that what information will be included in the TDS on VDA or cryptocurrency. It will be necessary to mention the date of transfer of cryptocurrency and mode of payment along with TDS. From July 1, 1% TDS will be deducted on the payment of VDA or cryptocurrency. However, this tax will be deducted only if the payment for cryptocurrencies is more than Rs 10,000 in a year. A new provision has been announced in this budget. Accordingly, section 194S has been added to the IT Act. Here TDS stands for Deduction at Source.

Your trading account may be closed

If you had not done KYC of your demat-trading account, then you had time till June 30 to do so. Earlier its deadline was 31 March 2022. Now whatever demat or trading accounts are opened or are being opened, it is necessary to give six types of information. In this information, it is necessary to mention name, address, PAN, valid mobile number, earnings, correct email id. Also, the Aadhaar number of the customers should be linked with their PAN.

According to the rules, if an account holder does not update these information in the demat and trading account, then his account will be made inactive. The shares or portfolio that are already in his account will continue to be there, but will not be able to do any new type of trading. This account will be activated again only when the KYC details are updated in it.

new labor code

There is going to be a lot of change regarding the rules of salary, leave, PF etc. of salaried people. A new wage code has been made by the government and it is being told that it will be applicable from today i.e. July 1. However, no official announcement has been made regarding this yet. Let us inform that under the first 29 Central Labor Act, rules were made for the employed people. Now the government has changed them into 4 new codes by mixing them. The new 4 codes made by the government include Industrial Relations Code, Health and Working Conditions Code, Social Security Code and Code on Wages. Some new concepts have been introduced in labor codes. The biggest change in this is the expansion of the definition of wage.

The government has decided that now it is necessary to have 50 percent of the basic salary in the salary structure, due to which the in-hand salary of the people will be reduced.

Apart from this, 48 ​​hours have been fixed by the government as Working R. If 6 days work is done then your shift will be 8 hours. If you work only for four days and take week off for three days, then in such a situation you will have to work for 12 hours.

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Income Tax Rules for Social Media Influencers and Doctors

Doctors, YouTubers and influencers, who get free things from companies, will have to pay tax for these items from July 1. If a social media influencer gets a car, mobile, clothes etc., then they will have to pay 10 per cent TDS. However, if the product is returned after using the Services, it will not be covered under section 194R.