From July 1, several changes are set to take place for bank customers, taxpayers and driving licence seekers.
Some of the changes are for account holders of Canara Bank, State Bank of India (SBI), and Syndicate Bank. TDS and TCS rules have also been changed from Thursday.
The tax-related changes modifications were announced by Finance Minister Nirmala Sitharaman in her Union Budget 2021 speech.
Also Read: SBI to charge for cash withdrawal after four transactions in a month from July 1
From charges on cheque book usage to SMS fees of Axis Bank, and even changes in IFSC codes for Syndicate Bank - below mentioned are the new rules that become applicable from July 1: -
1. TDS rules - From July 1, the government is going to levy a higher TDS on non-filers of income tax returns (ITRs) who have not filed their returns in the last two fiscal years. The new rule will come under the ambit of the Finance Act, 2021. This will also be applicable to taxpayers whose TDS deductions surpass Rs 50,000 per year. However, taxpayers will be given time to file their TDS for the last quarter of FY20-21. The deadline for the same is July 15. The new income tax website will give taxpayers the facility to check their status by using their PAN card number.
2. SBI's new ATM withdrawal rules - The State Bank of India has revised services charges for its Basic Savings Bank Deposit (BSBD) account holders. Charges will be imposed on withdrawals from SBI's ATMs and branches. Account holders will get four free cash withdrawals from the bank's ATMs as well as branches. They will have to pay Rs 15 plus GST on ATM cash withdrawal after using four free cash withdrawals. Pertaining to the bank's cheque book charges, SBI's BSBD account holders will have to pay Rs 40 plus GST for a 10-leaf cheque book, Rs 75 plus GST for a 25-leaf cheque book and Rs 50 plus GST for 10 leaves or part therefrom once they use the first 10 free cheque leaves, they are entitled to.
Also Read: SBI introduces changes to ATM cash wifdrawal, cheque books charges from July 1; Check out details
3. Syndicate Bank's IFSC code to change - The customers of Syndicate Bank will have to get new IFSC codes for their respective accounts. The change comes in the wake of the merger between Syndicate Bank and Canara Bank. Customers will have to use the new IFSC code for online transactions beginning July 1. As the erstwhile Syndicate Bank merges into Canara Bank, the customers have been apprised that IFSC codes starting with SYNB will be changed to CNRB.
4. Axis Bank's new SMS alert charges - Axis Bank has increased many charges for its customers with a savings bank account. Starting July 1, the bank will charge its account holders 25 paise for every SMS alert, excluding promotional texts or OTP messages. The 15 paise charge will be subject to a maximum of Rs 25 a month. The bank has also hiked cash withdrawal charges from ATMs beyond the free limit. The private sector lender has also raised the minimum balance requirements for several types of savings accounts.
5. Driver's license without test from July 1 - Driving license applicants will not have to visit their Regional Transport Office (RTO) from July 1. To get a permanent driving licence, the candidate can get it from a designated driving school after fulfilling the necessary conditions following the completion of the driving course.
The driver training centres are accredited by the transport ministry, where the candidates will be provided high-quality driving courses. Once the applicants clear the test, they will be exempted from driving tests at the time of getting a driving licence.