LPG price, ITR filing, gold hallmarking: Changes coming into effect from June 1
Several policy and schemes, which will impact common people, are set to witness changes from June 1. These include pricing of LPG cylinder, a new interface of income tax department's website where returns are filed, hallmarking of gold and interest on small savings.
Additionally, the countrywide lockdown will start easing in several states like Madhya Pradesh, Uttar Pradesh and Delhi, paving way for more economical activities and opening up of institutions, manufacturing factories and construction work.
New PF rules
If you are employed, then this news is very useful for you. The EPFO has changed the rules for Provident Fund account holders. According to the new rule, now the employer is required to link every employee's account with the Aadhaar card from June 1.
Price of LPG cylinder may go up
In the new month, the price of LPG can also be changed drastically. Oil companies announce these prices every month. At present, the price of 14.2 kg gas cylinder in Delhi is ₹809. Indications from the rise in fuel prices, it is likely that the price of gas can be increased from 50 to 100 rupees per cylinder.
Air travel to become expensive
Air travel will become expensive from June 1. The central government has approved hiking the minimum limit of airfare to 16 per cent. The airfare limit has been increased from 13 to 16 per cent. This increase will be effective from June 1. The Ministry of Civil Aviation has said in an order that no increase in the upper fare limit has been made.
Change in interest rates of small savings scheme
In March, the interest rates of government schemes such as PPF, NSC, Sukanya Samriddhi Yojana were changed, but then the government withdrew its order stating that it was an oversight error on the part of Centre. The decision of the government was then seen to be linked to the polls in five Indian states. This is also expected to be changed from June 1. However, the new rates are applicable till 30 June.
Bank of Baroda Payment Process
Bank of Baroda is going to make big changes in cheque payment rules from June 1. The bank is implementing 'Positive Pay Confirmation' from first date of next month. However, for the convenience of customers, the bank has said that the rule of 'positive pay confirmation' will be applicable only on payments above 50 thousand. According to the information given on the bank's website, now the issuer of the cheque will have to give the information of the beneficiaries in advance. The bank believes that this will take less time. Additionally, the move is expected to tackle cheque frauds.
Gold hallmarking rules
The central government has now moved the mandatory hallmarking deadline of gold jewelery and artifacts to June 15 due to Covid-19 pandemic. The decision was taken in a meeting chaired by consumer affairs minister Piyush Goyal. It was earlier expected to be implemented from June 1. The traders associated with the trade union Confederation of All India Traders and the jewelery industry had asked the government to extend the date for the introduction of hallmarking. Given the current situation, the government has accepted their demand.
ITR's new website
Marking a significant change in Income Tax return filing, the existing website www.incometaxindiaefilling.gov.in will not be functional from June 1 to 6. The new website www.incometaxgov.in will be launched by the government on June 7. The new website will be advanced as well as user friendly as compared to the earlier, officials said.