July 1 marks the start of a new quarter and with it a host of changes that affect your finances and budgeting. Here are the big changes you need to take note of-:
- LPG Cylinder Price hike: Price of domestic LPG cylinder with subsidy increased by ₹25.50 per cylinder. Domestic cylinder weighing 14.2 kg will now cost ₹834.50 in Delhi.
- TDS Norm Change: Government will impose a higher TDS for those who are yet to file their income tax returns (ITR) in the last two financial years. This new rule will come under the purview of the Finance Act, 2021 and it will also apply to taxpayers whose TDS deductions exceed Rs 50,000 per year. Taxpayers will be given time to file their TDS for the last quarter of FY20-21. The deadline for this is July 15.
- SBI ATM withdrawal charge: Bank to charge Rs 15 plus GST per cash withdrawal for transactions at bank branches, SBI ATMs, or from other banks’ ATM beyond 4 free cash withdrawals. Cheque books beyond 10 leafs will also be chargeable
- Axis Bank: Will charge customers 25 paise for every SMS alert subject to a maximum of ₹25 a month.
- Milk Price Hike: Amul has hiked its milk prices,by ₹ 2 per litre.In Ahmedabad, Amul Gold will now cost ₹ 58 per litre, Amul Taaza ₹ 46 per litre
The only relief to finances is that the govt has kept interest rates on small savings schemes, including NSC and PPF, unchanged. This is the fifth quarter (ending September 30, 2021) in a row that the finance ministry has retained the interest rate on various small savings schemes.