12 New Changes Effective from June 1, 2024 - Income Tax, GST, PAN, Aadhaar, Driving Licence and more

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June 2024 is poised to be a landmark month for Indian citizens, not just because of the eagerly awaited results of the Lok Sabha elections and the formation of a new government, but also due to a series of significant regulatory and administrative changes.

From modifications in driving license testing procedures to updates in Aadhaar card regulations, and revisions in LPG and aviation fuel prices, a host of new rules and deadlines are set to come into effect.

This article provides a comprehensive overview of the key changes that will impact daily life starting from June 1, 2024, ensuring you stay informed and prepared for what’s ahead.

Income Tax Return (ITR) Filing

As the deadline for TDS returns filing on May 31, 2024, ends so it is now time to give time to file Income Tax Return. From June 1st onwards, your income tax forms (26AS and AIS) will start reflecting TDS deductions filed by your employer (if not already updated).

Form 26AS Updates: From June 1, 2024 till 15 June 2024 taxpayers can expect updates to their Form 26AS. Form 26AS is a consolidated annual tax statement that includes details of tax deducted at source (TDS), tax collected at source (TCS), advance tax paid, self-assessment tax payments, and details of high-value transactions. Ensuring that this form is accurate and up-to-date is crucial for filing your ITR correctly and avoiding any discrepancies.
Annual Information Statement (AIS) Updates: Similarly, the Annual Information Statement (AIS) will also be start updated From June 1, 2024 till 15 June 2024. The AIS provides a comprehensive view of the information available with the Income Tax Department about a taxpayer. This includes details of interest, dividends, mutual fund transactions, securities transactions, and other financial activities. Taxpayers should review their AIS carefully to ensure that all reported information is correct and matches their financial records.

Collection of Form 16 and 16A

Starting June 15th, you can collect Form 16 and 16B from your employer for tax filing purposes. (They may provide them earlier too)

Link PAN with Aadhaar and GST With Aadhaar

The government has once again extended the deadline for linking PAN with Aadhaar to May 31, 2024. This extension provides taxpayers with one final opportunity to link their PAN with Aadhaar and avoid higher TDS deductions. Starting June 1, 2024, if your PAN is not linked with your Aadhaar, it will become inoperative, and TDS will be deducted at a higher rate of 20%.

Additionally, for filing Income Tax Returns (ITR) and to receive any tax refunds, it is mandatory that your PAN is linked with Aadhaar and is in an operative status. Ensure your PAN is linked to comply with these requirements and avoid any disruptions in your financial and tax-related activities.

Also in GST it is now mandatory to link GST with AAdhaar, watch below video for your help:

Collection of Form 10BE for Donations

Taxpayers who have made donations to claim deductions under section 80G need to collect Form 10BE, watch below video to know more:

GST Notices for FY 2019-20

The GST Department will start sending notices for FY 2019-20 . This follows the extended deadline for issuing these notices, which was May 31, 2024, as per notification number 56/2023.

Get help of this Circular to give Reply to notices.

Upcoming Changes in MSME Rules

The Finance Ministry is set to announce changes to Rule 43B of MSME in the July Budget 2023. Although the exact details are yet to be revealed, these changes are anticipated to have significant implications for the sector.

Also during finalisation of Books for Audit and ITR, make sure to prepare accourding to GSTR-9 and reconcile your ITC with GSTR 2B and GSTR 3B, GSTR 1 and books, because, in many cases, mismatches arise after ITR filing when you start GSTR-9 filing.

Changes in Driving License Testing

From June 1, 2024, driving tests will also be conducted in private institutes (driving schools). Previously, these tests were exclusively held at government centers issued by the Regional Transport Office (RTO). Here are the key points:

Private Institutes: Recognized private driving schools can now conduct driving tests and issue licenses.
Recognition by RTO: Only those private institutes that are recognized by the RTO can conduct these tests.
Stricter Penalties for Minors: If a minor below 18 years is caught driving, a fine of Rs 25,000 will be imposed, and the individual will be barred from obtaining a license for 25 years.

Deadline for Free Aadhaar Card Updates

The Unique Identification Authority of India (UIDAI) has extended the deadline for updating Aadhaar Cards for free to June 14, 2024. Key details include:

Final Extension: This is likely the final extension for free updates.
Charges Post-Deadline: After June 14, 2024, updating the Aadhaar card at a center will incur a fee of Rs 50 per update.

LPG Cylinder Price Revisions

Oil marketing companies will announce revised prices for LPG cylinders on June 1, 2024, at 6 am. Recent trends include:

Commercial vs. Domestic Prices: While there have been frequent changes in the prices of 19 kg commercial gas cylinders, the price of 14 kg domestic gas cylinders has remained stable.
Expected Relief: Consumers are hopeful for a reduction in domestic cylinder prices before the elections.

Revision of Aviation Fuel and CNG-PNG Prices

In addition to LPG, the prices of aviation fuel (Air Turbine Fuel – ATF) and CNG-PNG will also be revised on June 1, 2024. Noteworthy points:

Recent Reductions: ATF prices were reduced in April 2024.
Impact: The new prices will affect airlines and consumers of CNG-PNG.

Changes in SBI Credit Card Reward Points

State Bank of India (SBI) is updating the reward points system for its credit cards starting June 1, 2024. Key changes include:

Exclusions: Reward points will no longer be applicable on government-related transactions for several credit card variants, including AURUM, SBI Card ELITE, and others.