New TDS rule, IFSC Codes, Cash Withdrawal to Cheque book charges: What’s changing from tomorrow?

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Plenty of modifications for a number of checking account holders and taxpayers are coming into impact from tomorrow (1st July 2021). There are some important modifications for account holders of State Bank of India, Andhra Bank, Canara Bank and Syndicate Bank. For taxpayers, new provisions associated to TDS and TCS are additionally coming into impact from tomorrow. These modifications had been introduced by Finance Minister Nirmala Sitharaman in Union Funds 2021 speech.

Whereas all of those modifications have been reported earlier by FE On-line, right here’s a fast listing in your perusal as soon as once more:

SBI BSBD account money withdrawal: The Primary Financial savings Financial institution Deposit (BSBD) account holders of SBI must pay Rs 15 plus GST on ATM money withdrawal after exhausting the 4 free money withdrawal restrict. (Read full details)

SBI Checkbook expenses: The BSBD account holders of SBI will get the first 10 cheque leaves free of cost in a financial year. After that, prospects must pay Rs 40 plus GST for a ten leaf cheque guide, Rs 75 plus GST for a 25 leaf cheque guide and Rs 50 plus GST for 10 leaves or half thereof.

TDS/TCS on non-filers at increased charges: Higher TDS/TCS rate would be applicable for ITR non-filers from July 1. A person must pay TDS at a better price if he/she has not filed ITR for the final two years and has mixture TDS/TCS credit score of Rs. 50,000 or extra in every of the 2 years.

TDS on buy of products: The Finance Act of 2021 launched Part 194Q for deduction of tax at supply (TDS) on fee for the acquisition of products.

From July 1, the tax shall be required to be deducted by that particular person (purchaser) whose whole gross sales, gross receipts or turnover from the enterprise carried on by him exceed Rs 50 lakh. “Tax is required to be deducted by such particular person if the acquisition of products by him from the vendor is of the worth or mixture of such worth exceeding fifty lakh rupees within the earlier yr,” based on the Funds 2021 Memo.

A purchaser, who has to pay any sum to a vendor (resident) for buy of products value over Rs. 50 lakhs in any earlier yr, must deduct an quantity equal to 0.1 % of such sum exceeding Rs 50 lakh as TDS on the time of credit score of such sum to the account of the vendor or on the time of fee by any mode, whichever is earlier.

Syndicate Financial institution IFSC code to vary: Syndicate Financial institution’s IFSC codes will change from July 1 because of its merger with Canara Financial institution. The financial institution has appealed to all its account holders to get new IFSC codes for making transactions.

New cheque books: Account holders of Andhra Financial institution and Corporation Bank will get new cheque books with security measures. Andhra Financial institution has been amalgamated into the Union Bank of India final yr. The present cheque books of account holders will grow to be invalid.