New Rules Coming into Effect from July 1
From Tuesday, July 1, several important rules will change in India, which will have a direct impact on the common man. As we enter a new month, there will be changes including an increase in railway ticket prices, modifications in income tax return filing, new rules related to credit cards, and the requirement of Aadhaar for PAN applications. Let’s take a closer look at these changes.
Aadhaar Mandatory for New PAN
Starting July 1, if anyone wants to apply for a new PAN card, they will need to provide their Aadhaar number. The Central Board of Direct Taxes has made it mandatory for PAN applicants to verify their Aadhaar. Additionally, current PAN holders must link their Aadhaar with their PAN by December 31.
Changes in Train Ticket Booking Rules
There will be significant changes in railway ticket booking from July 1. Aadhaar verification will now be required for booking Tatkal tickets. This change aims to make it easier for passengers to obtain Tatkal tickets, which have often been a hassle to book. Furthermore, starting July 15, a two-step verification process will be implemented for all ticket bookings, whether online or offline. An OTP will be sent during the Tatkal booking process to confirm the ticket purchase.
Railway Ticket Prices Increased
In addition, the Railways has announced an increase in ticket prices. From July 1, non-AC class fares in mail and express trains will rise by 1 paisa, while all AC class fares will increase by 2 paise per kilometer. Passengers should be prepared to spend more on train travel.
Extension of ITR Filing Date
For taxpayers, the Central Board of Direct Taxes has extended the deadline for filing Income Tax Returns (ITR) from July 31 to September 15. This extension is expected to provide some relief to taxpayers who need more time to file their returns.
Changes in Credit Card Rules
From July 1, there will also be changes in credit card rules for various banks. For instance, SBI select premium cards will no longer offer air accident insurance when purchasing air tickets. Additionally, SBI is likely to introduce a minimum payment amount for bills.
ICICI Bank Changes
ICICI Bank will implement changes affecting ATM transactions. Customers will enjoy five free transactions at ICICI ATMs; beyond that, a fee of Rs 23 will be charged for cash withdrawals. Non-financial transactions will remain free. For non-bank ATMs, customers in metro cities will get three free transactions, while those in smaller towns will receive five. After these limits, charges of Rs 23 and Rs 8.5 per transaction will apply, respectively.
These changes will significantly affect daily life, so it’s important for everyone to stay informed and prepared.
