Financial changes that came into effect from July 1 | All you need to know by ET NOW

Financial changes that came into effect from July 1 | All you need to know

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The COVID-19 crisis led to a cash crunch for a lot of individuals and Finance Minister Nirmala Sitharaman took cognisance of that by allowing for leeways on due dates, penalties, and charges. However, these waivers will be lifted from the 1st of July. Here are all the laws that come back into effect and all the new ones that you need know about: 1. No more free ATM withdrawals: The Finance Minister had allowed debit cardholders to withdraw cash from any bank's ATM free of charge. This relaxation has now ended. Charges and restrictions now apply 2. Minimum balance charge on savings accounts: Finance Minister had waived these charges for savings bank accounts to help citizens deal with the cash crunch during the lockdown. This waiver is now lifted so ensure you do keep a minimum balance or you will be charged a penalty 3. Higher interest on delayed tax payments: Finance Minister allowed the imposition of interest at a lower rate of 9% for delayed payments of Advance Tax and TDS up till 30th June. Any late payment from now will attract the regular 12% rate. 4. Section 194N of Income Tax Act kicks in: If aggregate cash withdrawals exceed `20 lk and tax returns have not been filed for the last 3 years, a TDS will be deducted 5. Stamp duty on shares and MFs: Shares and MFs purchased will attract 0.005% stamp duty and transfer of MF units will attract a 0.015% stamp duty 6. EPF Withdrawal: In order to help citizens cope with the lockdown, the Finance Minister had allowed withdrawal of 75% of PF balance or 3 weeks wages, whichever is lower. The last date for application was 30 June, which means, no more EPF withdrawals will be allowed! ET NOW's Mubina Kapasi shares details. WATCH! Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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