Due to Lockdown amid Corona virus, Government had announced various measures to ease the burden of financial stress on Common man. However, some of the relaxations ceased to exist post 1st July, 2020. Following is the list of personal finance changes post 1st July,2020
ATM Withdrawal Restrictions :- On 24th March,2020 it was announced that for three months debit cardholders could withdraw cash from any other bank ATM without any limit on the number of withdrawals and without any charge. However, the restrictions on ATM withdrawals are now back i.e. 5 withdrawals per month without any charge.
Minimum Balance Requirements :- The charges on non- maintenance of Minimum average balance in bank accounts which were waived off during lockdown are now applicable after 1st july,2020.
Interest on Tax payments :- The Government had reduced interest on delayed payments of Advance Tax, TDS/TCS payments, Self Assessment Tax, Regular Assessment Tax, Equalization levy, CTT, STT upto 30th June, 2020 to a reduced rate of 9% p.a . Now, after 30th June, the interest rate is back to normal i.e 12% or 18% as may be applicable.
TDS on cash withdrawal :- TDS u/s 194N on Cash withdrawal from banks exceeding Rs 1crore (Rs. 20 lakhs in case where the person has not filed income tax returns for previous 3 years) is applicable now from 1st July, 2020
Stamp Duty on purchase of shares and mutual fund units :- From 1st July 2020, Stamp duty on purchase of mutual funds and shares shall be applicable at the rate 0.005% and on transfer of any security (mutual funds units) is 0.015%.
Kartik M Jain & Associates, CA in Pune is a professionally managed firm serving domestic and international clients providing services relating to direct and international taxation, indirect taxation, auditing and assurance and Consultancy. It is amongst the best CA firms in Pune. With a team of expert and experienced Professionals, The firm aims to provide quality and effective services. The firm provides complete end to end solutions to your complete business needs under one roof. Our sister Firm, Payal K Jain & Associates, a Company Secretary in Pune provides services in relation to Company Formation in Pune and across India, Corporate Law and Compliance, ROC filings, FEMA, Trademark Registration, etc.
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