The BuyT Desk
From July, there will be 5 major financial related changes that you must know about. Especially if you are an account holder of State Bank of India, Syndicate Bank, Andhra Bank and Canara bank. Apart from this New TDS rules are also getting implemented from July 2021. Under the new TDS rule, you may have to pay a higher TDS if you do not file your income tax return.
Take a quick look at 5 of these changes-
1) Cap on cash withdrawal from ATM
The Basic Savings Bank Deposit (BSBD) account holders of the State Bank of India will be able to withdraw free of charge cash from the ATM only four times. After the exhaust four withdrawals, the account holder will have to pay an amount of Rs 15 plus GST for each withdrawal.
2) Limited free cost Cheque leaf by SBI
The State Bank of India account holders will be permitted only 10 free of cost cheque leaves in a financial year. If you want to use more than 10 cheques in a year then be ready to pay a charge of Rs 40 plus GST for a 10 leaf cheque book and Rs 75 plus GST for a 25 leaf cheque book.
3) Higher rate of TDS/TCS
Finance Minister Nirmala Sitharaman had announced the provision of higher TDS for non-filers of income tax. Budget 2021 made this provision through Section 206AB and 206CCA. If an individual’s TDS/TCS deduction is more than Rs 50,000 then he/she must furnish proof that they have filed their Income Tax return for the previous two years. In case they fail to prove that they have filed their return they will have to pay a higher TDS/TCS.
4) Change of IFSC Code
Syndicate bank has been merged with Canara bank. Thus if you are a Syndicate Bank’s account holder you will need to get new IFSC codes for your banking transaction.
5)New cheque books
The account holders of Andhra and Corporation Bank have to get new cheque books from their respective banks. Both Andhra Bank and Corporation Bank have been merged into Union Bank of India on 1st April 2020. The old cheque book of both the banks would be invalid from 1st July 2021.
