Personal Finance Update

As we begin a new quarter today (July 1), a lot of changes for bank account users and taxes will take effect. Account holders of the State Bank of India, Andhra Bank, Canara Bank, and Syndicate Bank will see some of these changes. The regulations for TDS and TCS have changed since today, and taxpayers should be aware of these changes. Finance Minister Nirmala Sitharaman revealed these tax-related adjustments in her 2018 Budget address.

The following are the new rules that take effect july 01,2021 :

Non-filers pay a higher TDS/TCS rate:

Non-filers of ITRs will be subject to a higher TDS/TCS rate . If an individual has not filed an ITR for the preceding two years and has a TDS/TCS credit of Rs. 50,000 or more in each of the two years, he or she will have to pay TDS at a higher rate.

TDS on purchase of goods:

Section 194Q of the Finance Act of 2021 allows for the deduction of tax at source on payments for goods purchased. Purchasers must deduct TDS if the total value of their purchases from a seller surpasses Rs 50 lakh.

TDS will be calculated at 0.1 percent of the amount over Rs 50 lakh.

Cash withdrawal fees from an SBI BSBD account are as follows:

SBI has previously stated that after four free cash withdrawals, users of Basic Savings Bank Deposit (BSBD) accounts will be charged Rs 15 + GST on ATM cash withdrawals.

SBI Checkbook charges:

After using up their first 10 free cheque leaves, SBI's BSBD account users will have to pay Rs 40 plus GST for a 10 leaf cheque book, Rs 75 plus GST for a 25 leaf cheque book, and Rs 50 plus GST for 10 leaves or part thereof.

Changes to Syndicate Bank's IFSC code:

Following its merger with Canara Bank, Syndicate Bank's IFSC codes have changed. All of the bank's account holders have been urged to utilise the new IFSC codes while transacting.

New cheque books:

Andhra Bank and Corporation Bank account customers will receive new cheque books with security features. Last year, Andhra Bank and Union Bank of India combined. As a result, the old cheque books of Andhra Bank and Corporation Bank account holders would become invalid.