From New PF Rule To Hike In Air Fare - Here Are 10 Key Changes In June To Impact Common Man

Some of the changes include pricing of LPG cylinder, a brand new portal of income tax department's website where returns are filed, hallmarking of gold among other key things.

Key Changes From June 1 To Impact Common Man

New Delhi: It’s time for the common man to gear up for certain changes in policy and schemes that will have a bearing on financial lives from June onwards. These changes include pricing of LPG cylinder, a brand new portal of income tax department's website where returns are filed, hallmarking of gold among other key things.

Let us take you through the major changes to be implemented from June 1

New PF rules

Here’s a piece of important news for Provident Fund account holders. According to the Employees' Provident Fund Organisation, the employer is required to link every employee's account with the Aadhaar card from June 1. In absence of failure to do so, it can lead to the stoppage of employer contribution credited to your account.

Price of LPG cylinder likely to go up

Cylinder prices may change on Monday. Significantly, on the first day of every month, the oil companies change the prices of LPG cylinders. In June, the price of LPG can also be changed drastically. As per the Hindustan Times report, it is likely that the price of gas can be increased from 50 to 100 rupees per cylinder. As of now, 14.2 kg gas cylinder in Delhi cost an individual Rs809.

Hike in airfare

Those looking to fly in destinations within the country from 1 June have to pay more for flights. The Ministry of Civil Aviation (MoCA) has decided to raise the lower limit on domestic airfares from 13 per cent to 16 per cent. Now, the lower limit for flights under 40 minutes of duration will be increased from Rs2,300 to Rs 2,600 — a hike of 13 per cent.

In a similar manner, flights with a duration between 40 minutes and 60 minutes will have a lower limit of Rs3,300 instead of the current Rs 2,900. Domestic flights of duration between 60-90, 90-120, 120-150, 150-180 and 180-210 minutes will have lower limits of Rs4,000,Rs4,700,Rs6,100,Rs7,400 and Rs8,700, respectively.

New website for ITR filing

In order to ease the ITR filing process for taxpayers, the Income-tax Department will launch its new portal e-filing 2.0 on June 7. The new website will replace the existing portal called incometaxindiaefiling.gov.in. It is to be noted that the e-filing services will be shut for six days between June 1 and 6. The new e-filing web portal would be made operational for taxpayers from June 7 onwards.

Change in IFSC Code

Canara Bank informed its customers that the IFSC codes of Syndicate Bank will be disabled on 1 July 2021. The customers of Syndicate Bank have been told to update their Bank Branch’s IFSC code by 30 June. "This is to inform that after the merger of Syndicate Bank with Canara Bank, all eSyndicate IFSC codes starting with SYNB have been changed. All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021," Canara Bank said.

Mandatory hallmarking of gold

Besides the above changes, the government has extended the mandatory hallmarking of gold jewellery deadline. It will be now implemented from 15 June onwards. It means jewellers will be allowed to sell only 14, 18 and 22 carats of gold jewellery.

Aadhaar PAN linking

After several extensions of the deadline since July 2017, the government has now kept the deadline for linking Aadhaar with a permanent account number (PAN) to the end-June. Linking the two is aimed to eliminate duplicate PAN numbers and help in tax assessment and administration.

Bank of Baroda made Positive pay confirmation mandatory

Bank of Baroda has made ‘Positive pay confirmation’ mandatory for its customers to prevent incidents of fraud during payments made through cheques from 1 June. The rule is applicable to the processing of cheques of more than Rs2 lakh.

Google storage policy changes

Another significant change that will impact our digital life is related to the IT giant Google. The company is making changes to its online storage policy from 1 June under which new photos and videos that will be uploaded on Google Photos will count toward the free 15 GB of storage. This usually comes with every Google Account or the additional storage that the user has purchased as a Google One member.

The free 15GB or the additional amount of data purchased is shared between Google Drive, Gmail and Photos.

YouTubers To Pay Tax to Google

YouTube creators who are not based in the US will be subject to US tax withholding or deductions from their monthly earnings. The additional tax is applicable to non-US-based creators will come into effect from June onwards.