PAN-Aadhar, credit cards, cryptocurrency taxes, and LPG prices: 5 significant changes starting Today

A significant shift that will have a direct influence on one’s money is the RBI’s implementation of tokenization of card transactions.

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A significant number of banking, financial, and income tax rules will change today as Q2FY22 begins. From July 1, 2022, PAN-Aadhaar linking will now cost ₹1,000 rupees instead of ₹500, and all transactions involving digital assets will be subject to an additional 1% TDS. The Reserve Bank of India has begun to tokenize card transactions as of right now in order to guarantee the security of credit card and debit card data. As of July 1, 2022, the central government would charge ₹198 less per business LPG gas cylinder.

Here we list out 5 big changes from July 1 that may impact your finances directly:

Double penalty for PAN-Aadhar Linking: A PAN card holder will now be required to pay ₹1,000 to link his PAN with a 12-digit unique UIDAI number after the PAN-Aadhaar linking deadline of June 30, 2022, has passed. Before, it was just 500. Therefore, starting today, there will be a double penalty for tying an Aadhaar number to a PAN.

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Taxation regulations for cryptocurrencies: The Government of India (GoI) had proposed an additional 1% TDS on cryptocurrency transactions in the union budget 2022, regardless of the gain or loss experienced by the investor, after the imposition of a 30% flat income tax on cryptocurrencies from 1st April 2022. The proposed budget is now in effect as of today. An investor could, however, request a refund of TDS that was imposed on transactions that resulted in losses.

Taxation rules for doctors and influencers are changing: The national government added a new section 194R to the Income Tax Act of 1961 in the Union Budget of 2022. The 10% TDS on advantages obtained from sales promotion on physicians and social media influencers is proposed in this new section. This budget plan is now operative as of today, July 1, 2022. However, the TDS will only be applicable if the benefit’s cost is ₹20,000 or more in a given fiscal year.

Changes in Credit Card, Debit Card rules: The RBI has mandated tokenization of card transactions beginning today in an effort to guarantee the security of credit and debit card data. The Indian central bank allowed card issuers to serve as TSPs (Token Service Providers) to its debit and credit card holders last year, thereby introducing this security layer.

LP cylinder price: The cost of a 19 kg commercial LPG cylinder has decreased by about 198 rupees thanks to government pricing cuts. A 19 KG commercial LPG cylinder in Delhi will cost 2021 per cylinder starting on July 1st, 2022, as opposed to 2219 per cylinder. In Kolkata, this 19 kilogramme commercial LPG cylinder will cost ₹2140 rather than ₹2,322, while in Mumbai, it would only cost ₹1981 rather than ₹2,171.50.