Pan-Aadhaar Liaison, Income Tax Rules, Credit Card – list of changes from July 1

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Since July 1, changes have been made to the rules relating to Pan-Aadhaar bonding, income tax and credit cards.

Pan-Aadhaar bonding rules have changed.

The month of July begins today and with it the second quarter of the financial year also begins. There are a number of changes to the rules relating to Pan-Aadhaar bonding, income tax, credit cards and TDS on crypto assets, which come into effect on Friday.

Here are the changes that take place from July 1st.

PAN-AADHAAR LINK

If you have not linked your PAN to Aadhaar yet, from Friday, you will have to pay a fine of Rs 1,000. The fine was Rs 500 till June 30.

READ ALSO | Chain PAN Aadhaar: Double punishment from July 1

CREDIT CARD

According to the RBI Notice published on “Credit Card and Debit Card – Issuance and Conduct”, the rules relating to the issuance, closing and billing cycle of credit cards.

READ ALSO | New credit card rules from July 1: everything you need to know

TDS ON VIRTUAL DIGITAL ASSET

The Finance Act 2022 inserted a new section 194S into the Income Tax Act 1961 with effect from 1 July 2022.

The new section requires a person, who is responsible for paying any resident any sum in consideration for the transfer of a virtual digital asset (VDA), to deduct an amount equal to one percent of that sum as tax on the revenue. The tax deduction must be made at the time of crediting this sum to the resident’s account or at the time of payment, whichever comes first, according to a circular issued by the Central Board of Direct Taxes dated June 22, 2022.

INCOME TAX RULE

The Income Tax Department said doctors, influencers and personalities who receive free items from companies will have to pay taxes on those items starting July 1, 2022. A 10% TDS will be levied.

READ ALSO | Net salary, PF, working hours to modify? Key points on the new labor codes


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