New rules from 1 july 2022
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Check these 7 finance-related rules that will come into effect from July 1 2022.
PAN-Aadhaar linking Cost 1000.
If you have not linked your PAN card with your Aadhaar card yet then get ready to shell out an extra amount from your pocket. According to the revised rule by the Central Board of Direct Taxes (CBDT), a penalty of ₹1,000 will be levied if the PAN-Aadhaar linking is done on or after July 1, 2022. Until June 30, the penalty was ₹500.
TDS on crypto currency.
A 1% TDS on payments over ₹10,000 towards virtual currencies (Bitcoin, Cripto Currency Transitions) has also been introduced which will kick in from July 1. The threshold limit for TDS would be ₹50,000 a year for specified persons, which includes individuals/HUFs who are required to get their accounts audited under the I-T Act.
Demat account deactivated.
Sebi has said all Demat accounts of stock brokers, which are untagged, need to be tagged by June end. Sebi said the credit of securities will not be allowed in any Demat account left untagged from July 1, 2022, onwards. However, credits on account of corporate actions will be permitted. The debit of securities would not be allowed in any Demat account left untagged from August 1, 2022.
New Labour Law.
a) Working hours: A regular working hour can become 12 hours in a day from 9 hours at present. If a company decides to opt for 12 hours shift, the working days would have to be capped at 4 days a week with 3 mandatory offs. In all, the week’s total working hours will remain unchanged at 48 hours.
b) Leaves: Previously the laws required to have worked for a minimum of 240 working days in a year to ask for leave. It will now be reduced to 180 working days.
c) Increased PF contribution: The take-home salary will go down as the PF contributions of the employees and the employer will increase. Under the new codes, the provident fund contribution is required to be a proportion of 50% of gross salary.
TDS for social media influencers and doctors.
Doctors, YouTubers, and social media influencers who receive free items from companies will have to pay taxes for those items from July 1. The social media influencers will be liable to pay 10% TDS if they receive a product like a car, mobile, outfit, etc, and retain the same. However, if the product is returned to the company after using the services, it will not fall under Section 194R.
Debit card tokenization
In tokenization, your card number is replaced by a random token number. The payment processors and banks have systems in place to map your card number to the token number, so the payment is debit and credit to the correct card holder’s account.
How to get token for debit card?
The card holder can get the card tokenised by initiating a request on the app provided by the token requestor.
Is card tokenization mandatory?
Currently, card tokenization is not mandatory and customers who don’t tokenize their cards have to enter their card details manually every time they have to make a transaction from July 1, 2022.
What tokenization means?
Tokenization is the process of replacing sensitive data with unique identification symbols that retain all the essential information about the data without compromising its security.
How do I enable tokenization?
- Go to the Payments > Accept Credit Cards section.
- Edit your payment gateway.
- Click on “I enable the tokenization” checkbox.