As of July 1, 2024, several significant changes have come into effect across various sectors in India. From tax filing deadlines and digital payment updates to new criminal laws and financial regulations, these updates aim to enhance compliance, streamline processes, and improve user experience. Here’s a comprehensive overview of the key changes:
Changes in Income Tax
Deadline for Filing Original ITR:
The deadline for non-audit cases to file the original Income Tax Return (ITR) for the financial year 2024-25 is July 31, 2024. Taxpayers who miss this deadline can file a belated ITR until December 31, 2024. However, opting for the old tax regime will not be possible after the initial deadline.
Watch videos related to ITR filing
Form 10IEA Submission:
To opt for the old tax regime, taxpayers must submit Form 10IEA by July 31, 2024. After this date, the old regime cannot be selected.
You can contact team of Tax Experts to file Your ITR at 9150010300
or visit www.legalsahayak.com
TDS Compliance:
TDS deductors must check the status of PAN-Aadhaar linking of deductees. If the PAN is not linked with Aadhaar and is inoperative, it is mandatory to deduct TDS at 20%.
Changes in GST
RCM Liability Compliance:
Taxpayers who have not paid any RCM liability of unregistered persons since the implementation of GST in 2017 must now create self-invoices, pay tax with interest in GSTR-3B, and claim ITC as per the latest changes notified by circular number 211 of GST.
GSTR-3B Filing Compliance:
If you are unable to file your GSTR-3B by the due date, ensure sufficient balance of GST liability in your Electronic Cash Ledger to avoid interest on GST as per the latest changes announced in the 53rd GST Council meeting.
MCA (Ministry of Corporate Affairs)
Launch of New Company Forms from 15 July 2024 : In continuous endeavour to serve you better, the Ministry of Corporate Affairs (MCA) is set to launch the third set of Company Forms, which includes nine forms: MSME, BEN-2, MGT-6, IEPF-1, IEPF-1A, IEPF-2, IEPF-4, IEPF-5, and the IEPF-5 e-verification report. This launch will take place on July 15, 2024, at 12:00 AM.
Changes in Other Rules
EPFO Rule Changes:
The amount that can be withdrawn from the Employee Provident Fund (EPF) will now depend on the number of months a member has completed the service and the wages on which the EPS contribution was received.
Final Budget Presentation:
The Modi Government 3.0 will present the final budget for the financial year 2024-25, with Finance Minister Nirmala Sitharaman announcing several important changes expected by the end of July.
New Criminal Laws:
From July 1, 2024, India will implement new criminal laws, replacing the colonial-era Indian Penal Code (IPC), Code of Criminal Procedure (CrPC), and Indian Evidence Act with:
- Bharatiya Nyaya Sanhita (BNS)
- Bharatiya Nagarik Suraksha Sanhita (BNSS)
- Bharatiya Sakshya Adhiniyam (BSA)
These new laws emphasize victim-centricity, allowing the registration of FIRs at any police station (Zero FIR), mandatory videography of crime scenes, online complaint filing, electronic summons, and swift sharing of evidence. They also include provisions for organized crimes, terrorism, and crimes against women and children, among others.
Paytm Wallet Closures:
Effective July 20, 2024, Paytm Payments Bank will close wallets with NIL balances and no transactions for over a year. Impacted users will receive a 30-day notice before their wallets are closed.
SBI Card Credit Card Rule Changes:
From July 1, 2024, SBI Card will stop the accrual of reward points on government-related transactions for various credit cards, including:
- Air India SBI Platinum Card
- Air India SBI Signature Card
- Central SBI Select+ Card
- Chennai Metro SBI Card
- Club Vistara SBI Card
- Club Vistara SBI Card PRIME
- Delhi Metro SBI Card
- Etihad Guest SBI Card
- Etihad Guest SBI Premier Card
- Fabindia SBI Card
- Fabindia SBI Card SELECT
- IRCTC SBI Card
- IRCTC SBI Card Premier
- Mumbai Metro SBI Card
- Nature’s Basket SBI Card
- Nature’s Basket SBI Card ELITE
- OLA Money SBI Card
- Paytm SBI Card
- Paytm SBI Card SELECT
- Reliance SBI Card
- Reliance SBI Card PRIME
- Yatra SBI Card
ICICI Bank Credit Card Charge Revisions:
From July 1, 2024, ICICI Bank will implement changes to various credit card service charges, including:
- Increasing the card replacement fee from ₹100 to ₹200 (excluding the Emerald Private Metal Credit Card).
- Discontinuing the cheque/cash pick-up fee of ₹100 per pick-up.
- Discontinuing the charge slip request fee of ₹100.
- Eliminating the dial-a-draft transaction fee of 3% of the draft value (minimum ₹300).
- Removing the outstation cheque processing fee of 1% of the cheque value (minimum ₹100).
- Abolishing the duplicate statement request fee of ₹100 for statements beyond three months.
PNB Rupay Platinum Debit Card Lounge Access Changes:
Effective July 1, 2024, Punjab National Bank (PNB) has revised the lounge access program for Rupay Platinum Debit Card holders to include:
- One domestic airport or railway lounge access per quarter.
- Two international airport lounge accesses per year.
Citibank Credit Card Migration:
Axis Bank has announced that all Citibank credit card accounts, including credit card relationships, will be migrated by July 15, 2024.
Mobile Recharges become costly:
Mobile companies like, Vodafone, Jio, Airtel make revision in recharge plans, so now mobile recharge become costly form July 2024
Changes in National Pension System (NPS)
- T+0 Settlement for NPS: The Pension Fund Regulatory and Development Authority (PFRDA) will implement T+0 settlement for NPS subscribers from July 1. Contributions received by the Trustee Bank until 11 am (T) on any settlement day will be invested on the same day, allowing subscribers to benefit from same-day NAV (Net Asset Value).
- D-Remit Contributions: Contributions via D-Remit received by 9:30 am on any settlement day were already considered for same-day investment. Now, D-Remit contributions received until 11 am will also be invested on the same day with the applicable NAV.
- Operational Adjustments: PFRDA has advised Points of Presence (PoPs), Nodal Offices, and NPS Trust for eNPS to adjust their operations accordingly to ensure timely benefits for subscribers.
- Efficiency in NPS Transactions: This change aims to streamline the investment process and enhance the efficiency of NPS transactions.
- Subscriber Growth and AUM: PFRDA added 947,000 new subscribers from non-government sectors to the NPS in 2023-24, boosting the NPS’ assets under management (AUM) by 30.5% year-on-year to Rs 11.73 lakh crore. The total NPS subscriber base stands at 180 million as of May 31, 2024.
Due care is made while making the list of these changes if any change is missed comment below. Compliance calendar of July 2024 is in separate post
Visit www.cagurujiclasses.com for practical courses
Dear Madam,
My self is raghavendra and request you to send circulation of itc for claiming purpose