What changes are coming into effect from July 1? How will the new rules impact your wallet?
Big changes from July 1: Significant financial changes are set to take effect from the start of the new month—July 1—which will notably impact the common man’s finances. These include the facility to withdraw PF funds via UPI.
New Rules (July 1): The first day of every month brings new regulations. As June draws to a close and July begins, several important financial rules are changing in India, directly affecting customers and taxpayers. These changes range from PF withdrawals via UPI to hikes in Dearness Allowance (DA) and adjustments in LPG prices. Let’s take a look at the changes coming into effect from July 1.
ITR Filing Deadline
The deadline for filing Income Tax Returns (ITR-1 and ITR-2) for salaried individuals and taxpayers not subject to an audit is July 31. This applies to salaried employees and individuals whose income is derived from sources such as capital gains, house property, or other non-business avenues that do not require an audit; they are required to file ITR-1 and ITR-2 forms.
Changes to HDFC Credit Card Rules
July 1 marks the beginning of the second quarter of the financial year. On this occasion, HDFC Bank is introducing changes to the rules governing its Regalia Gold and Diners Club Privilege credit cards. In addition to changes already implemented, new regulations regarding airport lounge access will come into effect from July 1.
Under the new rules, HDFC Bank Regalia Gold credit cardholders will need to meet a specific quarterly spending threshold to qualify for domestic airport lounge access starting July 1. Under this policy, customers must spend at least ₹60,000 in the preceding quarter to avail of free domestic airport lounge access in the following quarter.
Potential changes in LPG, CNG, and PNG prices
As is the practice on the first of every month, Oil Marketing Companies (OMCs) will review the prices of LPG cylinders, CNG, and PNG on July 1. Changes in the prices of domestic and commercial cylinders may be observed during this review. Additionally, new rates for Aviation Turbine Fuel (ATF) will be announced, which will significantly impact airfare prices.
PF withdrawals via UPI
Starting July 1, withdrawing Provident Fund (PF) money via UPI will become as easy as withdrawing cash from an ATM. The Employees’ Provident Fund Organisation (EPFO) is expected to launch its new digital platform, EPFO 3.0, in July. With the introduction of this facility, EPFO subscribers will be able to withdraw their PF funds using UPI. Once the new system is implemented, withdrawing PF money will take mere minutes instead of several days.
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