Starting June 1, a slew of new regulations will come into effect, impacting everything from banking and income tax to car prices. These changes are set to affect the monthly budgets of millions of Indians. Here is a detailed breakdown of what you need to know.
Banking Sector Changes
Several banks have revised their savings account interest rates and service charges. Customers should check their bank's updated fee structure for ATM withdrawals, account maintenance, and digital transactions. Non-maintenance of minimum balance may attract higher penalties.
Income Tax Updates
The new financial year brings changes to income tax slabs and deductions. The standard deduction for salaried employees has been increased, providing some relief. However, taxpayers must ensure they file their returns accurately to avoid penalties. The deadline for filing returns for the previous fiscal year remains July 31.
Car Prices Set to Rise
Automobile manufacturers have announced price hikes effective June 1, citing rising input costs. Major carmakers like Maruti Suzuki, Hyundai, and Tata Motors will increase prices by up to 2% across models. This could make your next car purchase more expensive.
Other Key Changes
- Mutual Funds: SEBI has mandated stricter disclosure norms for mutual fund schemes, offering greater transparency to investors.
- Insurance: Premiums for health and life insurance policies may see a revision. Policyholders should review their coverage.
- Digital Payments: New rules for UPI transactions include a cap on certain transaction types and enhanced security features.
These changes are part of the government's ongoing efforts to streamline financial systems and protect consumer interests. Stay informed to manage your finances effectively.
