IFSC Code, Income Tax Rules, LPG Cylinder Price: 5 Key Things to Change From July

 







Starting from SBI ATM withdrawal charges to ITR filing, 5 things are going to change from next month. Apart from this, many other changes are also going to happen in the banking sector in July 2021. As per updates, the State Bank of India has revised its charges and rules for cash withdrawals from its Automated Teller Machines (ATMs) and branches. And the Central government said that certain taxpayers may face Tax Deduction at Source (TDS) at higher rates from next month. Moreover, the LPG cylinder prices will also be revised from next month. Here’s a detailed list of key changes that will come into effect from July 1

For the SBI customers, it must be noted that charges will be imposed against cash withdrawals from SBI’s ATMs as well as the branches. The Bank has already mentioned that the account holders will be eligible for four free cash withdrawals from the bank’s ATMs and branches. After exhausting the free withdrawals, the SBI will charge Rs 15 plus Goods and Services Tax (GST) for each withdrawal each month.

Not just the ATM withdrawals, the savings account holders with SBI will have limited free cheque-book usage from next month. As per the fresh guidelines from the bank, an account holder can only use 10 cheque-books in a financial year. However, if you want to use more cheque-books, then you will have to pay a charge of Rs 40 plus GST for the next 10 leaves or Rs 75 plus GST for the subsequent 25 leaves.

From July 2021, the price of liquefied petroleum gas (LPG) cylinders will change as the price is decided on the first of every month. However, there no such announcement as yet but it is expected the price will change.


Income Tax Return: From July 1, the Central government is going to impose a higher tax deduction at source (TDS) rate for those who are yet to deposit their income tax returns (ITR) for the past two years. The Centre has introduced this change as part of the income tax rules by the Finance Act, 2021. According to the new guidelines, the change will be implemented towards taxpayers whose TDS deductions each year exceeds Rs 50,000.

IFSC Code: Another important thing for the bank customer is that they will get new IFSC code from next month. As the Syndicate Bank and Canara Bank are getting merged, the account holders of the former will get new IFSC codes from July 2021.

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