Discover 8 crucial rule changes effective July 1 2023, covering topics like increased PF, PAN-Aadhaar linking, and more. Stay updated and navigate these important updates with ease.
As of the end of June, July brings significant changes and updates. These changes will directly impact your wallet (effective from July 1, as regulations change), starting on the first day of July 2023. Your household expenses, grocery purchases, and bank policies will be affected by these changes. It’s crucial for you to understand the realities surrounding these developments.
Let’s take a look at the changes that will be taking place starting July 1, 2023.
Gas companies and fuel stations will review and revise the prices of cooking gas cylinders on the first date of each month without fail. This time, there will be a revision in LPG prices from July 1. Companies have reduced the prices of 19-kilogram commercial LPG cylinders in the last two months. Effective June 1, 2023, the cylinder price has been reduced to Rs. 83.5, and previously, from May 1, 2023, the commercial cylinder price has been reduced to Rs. 172.
Alongside LPG prices, there will also be changes in the rates of CNG and PNG starting from July 1, 2023. Indraprastha Gas Limited (IGL) in Delhi and Mahanagar Gas Limited (MGL) in Mumbai will announce revised rates on the first date of each month.
20% TCS on Credit Card:
A new provision has been introduced that applies Tax Collected at Source (TCS) to credit card expenses incurred abroad. If you spend more than 7 lakhs, you will be charged a TCS of up to 20%.
Income Tax Returns (ITR) Filing Deadline:
Every taxpayer must file their income tax returns (ITR) by the deadline in order to disclose their income. The deadline for filing ITR is approaching in July. If you haven’t filed your ITR yet, make sure to complete it by July 31.
HDFC Bank and HDFC Merger:
HDFC Bank and HDFC Limited’s merger will come into effect from July 1, 2023, as announced by Deepak Parekh, Chairman of HDFC Group. Both the top management teams of HDFC Bank and HDFC have expressed their confidence in this merger, assuring financial companies, stakeholders, customers, and the overall economic system of its beneficial outcomes.