Tax and Prices new Rules to come into effect from January 1st...
by Suryaa |
The new rules are coming into effect from January 1st. The details of them are as follows.
ATM charges: New charges are payable from 1 January 2022 if money is drawn at an ATM. Customers are now paying Rs.20 + GST ??on each transaction after crossing the transaction limit. From January 1, charges of Rs 21 + GST ??will be levied.
Gas prices: All the oil companies revise the prices of gas cylinders on the first day of every month. In some cases prices change even in the middle of the month. On January 1, it will be known whether the prices of gas cylinders will go up or down in the new year. Prices of Indian Gas, Bharat Gas and HP gas cylinders may go up or down.
PF Rules: EPFO ??has asked PF Account holders to update their nominee details by December 31, 2021. Failure to file the e-nomination may result in difficulties in obtaining the benefits due from the EPFO.
Kawasaki India: Kawasaki India has increased the price of motorcycles to Rs 23,000. The new prices will come into effect from January 1, 2022. The company has announced that the old rates will apply to customers who book by December 31, 2021 and receive delivery within 45 days.
Hero MotoCorp: Hero MotoCorp raises prices of motorcycles and scooters. The increased prices will take effect from January 4, 2022. If you want to buy a Hero MotoCorp scooter or bike, you have to pay up to Rs 2,000 extra on the ex-showroom price. Hero MotoCorp has increased the price of bikes and scooters by Rs 8,000 from July 2021 to date.
IT File: 31st December 2021 is the last date for taxpayers to file their income tax returns for the financial year 2020-21. If you file an ITR 2020-21 from January 1, 2022, you will have to pay a fine.
New Tax Rules: The new GST Rules will come into effect from January 1, 2022 for traders. It is learned that the Central Government has brought in more than ten amendments to the Central Goods and Services Tax Act. All these amendments will come into force in the new year.
Cash Deposit: India Post Payments Bank (IPPB) will be levying charges on cash deposit and cash withdrawal transactions from January 1, 2022. These charges are different for Basic Savings Account, Savings Account and Current Account. There is a free limit depending on the bank account. After crossing the free limit, you have to pay 0.50 per cent on cash withdrawals and cash deposits or at least Rs 25 per transaction.
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