Several rules that have a major impact in the lives of common man are going to change from June 1. These rules range from stringent bank cheques rules to EPFO-Aadhaar linking to name a few.
Since these rules are going to affect your everyday life, it is important to know more about these changes in detail.
Bank of Baroda cheque payment rules
As per Bank of Baroda notification, stringent rules of cheque payment is going kick in from June 1. Bank of Baroda has said that from June 1, the bank is going to make Positive Pay confirmation mandatory. Under this, if the payment of more than Rs 2 lakh is made through cheque, then the customer will have to confirm again. The transaction will be completed only when this process completes. Otherwise the cheque will be cancelled.
EPFO-Aadhaar link
According to the new EPFO rule, every account holder should have his or her PF account linked to the Aadhaar Card. It will be the responsibility of the employer to ask the employees to verify their PF account. If by June 1, the employees fail to do so, then they may suffer several losses –one such being that the employer contribution to the PF account may also be stopped. A notification in this regard has also been released by EPFO.
Income tax’s e-tax filing site
The official e-tax filing site of the Income Tax Department will not work from June 1 to June 6 because the tax department is moving to a new modern platform. The IT department’s new website http://INCOMETAX.GOV.IN will kick start on June 7.
LPG Cylinder Price change
Oil companies are likely to change the prices of LPG cylinder from June 1, just like how they update it on the 1st of every month. However, many times the rates remain unchanged too. At present, the price of a 14.2 KG LPG cylinder, which is commonly used in our households, is Rs 809 in Delhi.
YouTube Tax
Though not applicable to all the YouTubers, however if you are an Indian YouTuber, gaining views from US audiences for your, you will be liable for a 15 percent tax on your earnings (for the said viewership) by the video making platform.
Google Photos free unlimited storage service to end
Google is ending its free unlimited cloud storage for ‘Photos’. Users will now only get a 15 GB free space to upload their photos and videos on the Google Photos platform. However, they can buy the Google One subscription which is priced at Rs 130 per month or Rs 1300 a year to continue enjoying unlimited cloud storage on Google Photos.
Costlier Air Travel
Civil Aviation Ministry on Friday (May 28) has increased the lower limit on fares of domestic air travel by 15%. The revision of rates will come into effect from June 1, according to an official order by the ministry.
