From September 1 these 10 changes will impact your pocket

The Hush Post | 5:33 pm | One-minute read |

Come September 1 and a host of changes will greet you. These changes affect our daily-to-daily lives and directly impact our pockets. Know what these changes are:

TDS on cash withdrawal from bank accounts

A 2 per cent TDS will be levied upon total cash withdrawal of more than one crore in a financial year from banks, post-offices or co-operative banks.

Changes in Home and Auto loans

The State Bank of India will link the home and auto loans of its customers with the Repo rate. This will ensure that the customers get instantly benefitted when the RBI reduces the Repo rate.

KYC Update

People using mobile wallets like paytm and Google Pay will have to complete the KYC formalities before August 31. The wallet will stop working if it is not done on time.

 Cut in Deposit rates

The State Bank of India has reduced the interest rate on Retail Deposit. Those having a deposit of up to 1 lakh in saving account will continue getting 3.5 per cent interest rate while those above one lakh will get 3 per cent interest rate only.

Increased TDS on house purchase  

If you are buying any property, then money spent on other services like car parking, electricity, water, Club membership etc. will also invite TDS.

 PAN not liked with ADHAAR

Income Tax Department will issue new PAN for those who have failed to link their Adhaar numbers with PAN.  Means, the existing PAN cards will be considered illegal if not linked with Aadhar.

Kisan Credit Cards

The Kisan Credit cards will now be made within 15 days of applying. The Centre has directed the banks to do so.

Changes in Traffic Rules

Traffic rules will change from September 1. Now offenders will have to shell out heavy sums according to the new rules.

TDS on payment to Contractors and Professionals

If any individual or a Undivided Hindu Family (UHF) makes a payment of Rs. 50 lakh or above to contractors or professionals in a year, it will attract 5 per cent TDS.

TDS for taxable life insurance proceeds

5% tax on net income portion of taxable life insurance proceeds instead of the current TDS of 1% of the gross maturity payout under the policy.

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