A number of changes are coming into effect today for taxpayers, bank clients, and those seeking a driver’s licence. The State Bank of India (SBI) has changed the fees and procedures for cash withdrawals from ATMs and branches. From next month, certain taxpayers may be subject to higher Tax Deduction at Source (TDS) rates.
The following are the major changes that will take effect today
1) The New TDS Rule
The non-filers of income tax returns who have not filed an ITR for the previous two fiscal years would be liable to a higher tax deducted at source (TDS) for the preceding two fiscal years as of today (July 1). Non-filers of income tax returns for the previous two financial years would be liable to increased TDS and TCS rates if the tax deduction was ₹50,000 or more in each of those two years, according to Budget 2021.
2) The new withdrawal rules at SBI ATM
Service charges for Basic Savings Bank Deposit (BSBD) account holders have been reduced by SBI. The increased fees, which take effect today (1 July), will apply to ATM withdrawals, cash withdrawals from branches, and cheque book transactions, according to the lender’s website. As a result, just four transactions each month will be free, whether from an ATM or a branch. Following that, the consumer must pay a fee of Rs. 15 plus GST.
3) Syndicate Bank customers will receive new IFSC codes and chequebooks.
Customers of the former Syndicate Bank, which merged with Canara Bank, would be required to use the new IFSC (Indian Financial System Code) for online transactions beginning July 1. Canara Bank has issued a notice that IFSC numbers beginning with SYNB will now be changed to CNRB as part of the transition process for Syndicate Bank customers. “Dear customer, replace e-syndicate cheque book and cheques issued to the third party as validity for presentation expires on 30.06.2021,” Canara Bank added.
4) Axis Bank has introduced new SMS alert prices
Following the new telecom regulatory authority’s new framework, Axis Bank recalculated its SMS prices. Customers would be charged 25 paise per SMS alert starting July 1, 2021, up to a maximum of 25 paise per month. This does not apply to promotional text messages or communications delivered to customers, as well as the OTP provided for transaction authentication.
5) New Rules for Driving License
You won’t need to go to your Regional Transport Office (RTO) to receive your learner’s permit any more. After completing the required criteria and completing the driving course, one can obtain a permanent driver’s licence from a designated driving school. The road ministry has issued guidelines for recognised driver training centres, which will provide candidates with high-quality driving instruction and, once the exam is passed, they will be exempt from driving tests when applying for a driver’s licence. These regulations will take effect on July 1, 2021.