These 5 rules are going to change from July 1, which will affect your pocket!
The beginning of the month of July is just a few days away. The first of July will cause a significant blow to your wallet. It will cost a lot to pay your EMI. Your difficulty will increase if you trade cryptocurrencies. And if you don’t take care of these crucial PAN Aadhaar and Demat account responsibilities, you can run into issues. See what changes take effect on July 1, 2022.
Home loan EMI:
Starting on July 1, 2022, the EMI for borrowers whose reset date is that day will increase in cost. Beginning in July, home customers’ EMIs will increase in cost. All banks and housing finance companies have increased the cost of home loans as a result of the RBI’s decision to raise the repo rate. A higher EMI than this month is required for those whose home loan reset date is July 1.You would have had to pay an EMI of Rs 15,808 if you had previously taken up a home loan for Rs 20 lakh for 20 years at a rate of 7.25 percent. You will now be required to make an EMI payment of Rs 16,419 at a rate of 7.75 percent due to an increase in home loan interest rates of 0.5 percent. In other words, the monthly increase will be Rs 611, and the annual increase would be Rs 7332.
Demat Account KYC:
You have until June 30, 2022, if you haven’t completed the KYC for your demat trading account. You have until June 30 to complete your KYC for a demat trading account. The stock market’s regulatory body, SEBI, states that existing demat accounts and trading accounts can undergo KYC up till June 30, 2022. Demat account holders who haven’t been able to complete their KYC for their demat account up to now must do so during this one-time extension. Every demat account must complete KYC with six pieces of information. The six KYC standards have not yet been updated for all demat accounts, nevertheless. These six KYC elements must be updated by the owner of a demat or trading account. Your name, residence, PAN, mobile number, legitimate email address, and income cap. Beginning on June 1, 2021, all 6-KYC characteristics are required for newly established demat accounts.
Discount on Property Tax
For those who own their own homes and reside in Delhi, the Municipal Corporation of Delhi must be paid a discount on property taxes each year (MCD). Pay your property tax by June 30, 2022, if you want to receive a 15 percent discount. You will not be eligible for the 15% discount if you pay property taxes on or after July 1, 2022.
TDS On Cryptocurrency:
As of July 1, 2022, cryptocurrency investors will suffer a significant setback. All cryptocurrency transactions, whether sold for a profit or a loss, will be subject to a 1 percent TDS starting on July 1, 2022. From 2022 to 2023, revenue from cryptocurrency will be subject to a 30 percent capital gains tax. Additionally, beginning July 1, a TDS of 1% will be applied to all cryptocurrency transactions. Let us inform you that cryptocurrency investors will also be required to pay tax. To enable the government to track down the precise location of persons who trade in cryptocurrencies, investors in such cryptos will be required to pay a 1% TDS.
If you haven’t already, link your Aadhar and PAN cards as soon as possible, preferably by June 30, 2022. Because there will be a double penalty after June 30. Actually, associating Aadhaar with a PAN number would result in a Rs 500 fine starting on April 1, 2022. However, starting on July 1st, you would be required to pay a penalty of Rs 1,000 if you do not link by June 30, 2022. According to CBDT, this service is being provided to taxpayers so they can link Aadhaar with PAN by March 31, 2023, avoiding any difficulty to them. Penalty, however, must be paid.