Starting today several changes are taking place for the taxpayers, bank customers and driving licence seekers. The State Bank of India (SBI) has revised its charges and rules for cash withdrawals from its Automated Teller Machines (ATMs) and branches. Certain taxpayers may face Tax Deduction at Source (TDS) at higher rates from next month.
Here are the key changes that will come into effect from today
1) New TDS rules
From today (July 1), non-filers of income tax returns who have not ITR for the previous two years will be subject to a higher tax deducted at source (TDS) for the past two fiscal years. The Budget 2021 had brought in a provision that mandated that non-filers of income tax returns for the past two fiscal years would be subjected to higher TDS and TCS rates if such tax deduction was ₹50,000 or more in each of those two years.
2) SBI new ATM withdrawal rules
SBI has revised service charges for Basic Savings Bank Deposit (BSBD) account holders. The new charges that will come into effect from today (1 July) would apply to ATM withdrawals, cash withdrawals from branch and cheque book, the lender had said on its website. So, only four transactions in a month would be free, be it from ATM or from the branch. Following this, the customer will have to pay ₹15 + GST charges.
3) New IFSC codes and cheque books for Syndicate Bank customers
Canara Bank announced that customers of the erstwhile Syndicate Bank, which merged into Canara Bank, will have to use the new IFSC (Indian Financial System Code) for online transactions starting July 1. As part of the integration process for Syndicate Bank customers, Canara Bank has given a notice that IFSC codes starting with SYNB will now be changed to CNRB. “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 said.
4) Axis Bank new SMS alert charges
Axis Bank had recalibrated its SMS charges following the new regime introduced by the telecom regulatory authority. From 1 July 2021, the bank will charge customers 25 paise for every SMS alert subject to a maximum of ₹25 a month. This will not include promotional text messages or messages sent to the customer or the OTP sent for authentication of transactions
5) Driving Licence
To get your learner’s Driving Licence, you won’t have to visit your Regional Transport Office (RTO) anymore. To get a permanent driving license, one can simply get it from a designated driving school after fulfilling the required criteria following the completion of the driving course. The road ministry has notified rules for accredited driver training centres where candidates will be provided high-quality driving courses, and once the test is cleared, they will be exempted from driving tests at the time of obtaining a driving licence. These rules will come into effect from 1st July 2021.
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