These 11 rules will come into change from July 2022

These 11 rules will come into change from 1 July 2022

 These rules will come into force from July 1. Many big changes are going to take place from July 1.  However many things change on the first day of every month. This time not 1-2 but 11 things are going to change. 

New rules of Labor Code apply

 If all goes well, the new rules of the Labor Code will be implemented across the country from July 1.  With its implementation, the life of the person doing the job will be completely changed.  With this reduction in on hand salary, the contribution of PF will increase.  Apart from this, working hours will increase to 12 and weekend to three. Change in the price of gas cylinder.

Changes in online shopping

 

This change is for online shoppers.  From July 1, online shopping companies, merchants and payment gateways will no longer be able to securely store credit and debit card data on their platforms.  The RBI is going to launch a card tokenization system from July 1 to ensure the safety of consumers.  In this system card details will be changed to tokens. 

KYC of demat and trading account

 If you have not completed KYC of demat and trading account, get it done before 1st July.  KYC cannot be updated after July 1.  Failure to do so may result in trouble in the future.  Earlier the last date for KYC for demat accounts was 31st March 2022 but later it was extended to 30th June. 

Last date for linking PAN support

 

The last date for linking PAN and Aadhaar card is 31st March 2023.  But you will have to pay a penalty of Rs.1000 for linking by this date.  But there is a penalty of Rs 500 for linking the two documents till June 30.  If you haven't linked, do it before July 1st.

Gifts found in business

 From July 1, 2022, there is a provision of 10% TDS on gifts received from the business. This tax provision will also apply to social media influencers and doctors. TDS will not apply if the product provided by the company is returned.

 Investment in cryptocurrency

 If you have also invested in cryptocurrency then this is for you. After 30 per cent tax, crypto investors will face another big shock. In addition to taxes, those who invest in crypto will also have to pay 1% TDS. 

Update on Property Tax

 The change, which will take place from July 1, is for Delhiites. The government is offering a 15 per cent rebate on submission of property tax by June 30. You will not be able to avail this discount after 30th June i.e. from 1st July.

Increase in price of Hero MotoCorp

 Hero MotoCorp, the country's leading two-wheeler company, has decided to increase its price by up to Rs 3,000 from July 1. The decision has been taken by the company in view of rising raw material prices and rising inflation. Other companies are also likely to raise prices following the announcement of Hero MotoCorp.

AC will also become more expensive

 

AC will also become more expensive from July 1 amid rising heat. The Bureau of Energy Efficiency has changed the rules of energy rating for AC. Following these changes, effective July 1, the 5-star AC rating will be downgraded to 4-star. With this the price can go up by up to 10 per cent.

Commercial vehicles are expensive

 Tata Motors has also made commercial vehicles more expensive. Tata has announced a 1.5 to 2.5 per cent hike in the price of commercial vehicles. Increased prices depending on different models and variants will be applicable from July 1, 2022.

 The price of a gas cylinder varies on the first day of every month.  

Looking at the way prices have been rising over the last few months, it seems that this time around, prices may rise again from July 1.  The price of both non-subsidized gas cylinders and commercial gas cylinders is expected to go up this time.