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- SBI will charge cash withdrawal more than 4 times in a month; Checkbook is no longer free, car bike will also be expensive
New Delhi17 hours ago
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There will also be a change in TDS rules for businessmen.
Many rules are going to change in banking and income tax from the first of July. Among them, the new rules of State Bank of India, which has the largest number of customers, are prominent. The bank is now going to levy charges on cash withdrawals more than four times in a month. Apart from this, changes will also be applicable in TDS (Tax Deduction at Source) rules for businessmen. Similarly, like every month, the prices of domestic gas cylinders will also change from July 1.
Banking: SBI will charge for withdrawing money for the 5th time
- State Bank of India branch or ATM, now you will be able to withdraw cash only four times in a month. After this, on every withdrawal Rs 15 plus GST (Goods and Excise Tax) charges will be deducted from your account by the bank.
- Banks will now charge Rs 40 plus GST charges for a check book of 10 pages free of cost. If the check book is taken in emergency, then the charge will be 50 rupees. Yes, if you withdraw money from the home branch through check book, then the fee can be waived. This rule will not apply to senior citizens. They will get the check book for free as before.
- Syndicate Bank has been merged with Canara Bank, Corporation and Andhra Banks with Union Bank. Now the customers of these banks will have to get a new check book. Update IFSC code will also have to be used.
Vehicles: Maruti and Hero will increase the prices of vehicles
Cars of the country’s largest carmaker Maruti Suzuki India and Hero’s bikes will become expensive from July 1. Hero is increasing the ex-showroom prices of scooters and motorcycles by up to Rs. At the same time, Maruti will also increase the prices of many of its segment cars.
Fuel: LPG cylinder prices to change
Like every month, the prices of LPG cylinders will change from July 1. Although how much this change will be, it has not yet been told by the oil companies. But due to the increase in the price of crude oil in the international market, the increase in prices is believed to be certain.
Income Tax: TDS will be deducted on purchases above 50 lakhs
- Section-194Q has been added recently in the Income Tax Act. This section deals with the TDS levied on payment of a price already paid for the purchase of an item.
- Under the new section, 0.10 percent TDS will be deducted on business purchases above Rs 50 lakh. If the turnover of a businessman was 10 crores or more last year, then this year he will be able to buy goods up to 50 lakhs. Sales above this will happen, TDS will be deducted.
- From July 1, 206 AB section will also come into effect. Under this, if the seller has not filed income tax return for two years, then this TDS will become 5%. That is, the TDS which was 0.10 earlier, being five percent means that the rate of TDS will increase 50 times.