The month of July has started and today from the first day of the month many big financial changes have been implemented, which are going to affect you directly, while some are going to increase the burden on your pocket. From today, the government has implemented TDS on cryptocurrencies and gifts.
1% TDS on cryptocurrencies
Crypto investors have suffered another setback from today after the government imposed a tax of 30 percent on cryptocurrencies. Actually, investors will have to pay TDS at the rate of 1 percent on all types of crypto transactions, whether the crypto asset is sold for profit or loss. Actually, the motive behind this decision of the government is that by doing so, it will be able to monitor those who transact in cryptocurrencies.
10% TDS on gift
Talking about the second major change, from July 1, 2022, the tax deducted at source (TDS) rule has been implemented at the rate of 10 percent on gifts received from businesses. This tax will be applicable on social media influencers and doctors. Social media influencers will be required to pay TDS when a gift is given by a company for marketing purposes, while this rule applies to free drug samples, foreign flight tickets or other expensive gifts received by doctors. Will happen.
Buying Air Conditioner (AC) will be expensive
To keep your house cool from today, now you will have to loose more pockets to buy air conditioners. Actually, the Bureau of Energy Efficiency (BEE) has changed the Energy Rating Rules for Air Conditioners, which have come into effect from 1 July 2022. According to this, the rating of 5-star AC will directly become 4-star. With the new energy efficiency guidelines, AC prices in India can see an increase of up to 10 percent.
Ban on single use plastic
The use of single use plastic has been completely banned in India from today. The government had already made it clear that no exemption is going to be given in this. Due to this decision of the government, companies manufacturing and selling packaged juices, soft drinks and dairy products have suffered a major setback. After the implementation of this ban, beverage companies will not be able to sell their products with plastic straws from today.
Penalty doubled on PAN-Aadhaar link
Those who have not linked their PAN with Aadhar card, they will have to pay a fine of Rs 1000 for doing this work from today. Till June 30, linking PAN with Aadhar card had to pay half of it i.e. a fine of Rs 500. Many times instructions have been given by the government regarding this, despite this, if you have missed doing this work, then the burden on your pocket has increased.
LPG cylinder price change
Like the first of every month, the prices of gas cylinders have been revised even today. Companies have increased the price of commercial cylinders by Rs 198 today. However, there has been no change in the prices of subsidized cylinders. After this decision, the price of 19 kg commercial cylinder in the capital Delhi has gone up to Rs 2021. Earlier their prices were Rs 2219.