Changing Rule From September 2022: If you are a taxpayer and do more transactions with a debit card. Also, if you invest in the National Pension System, then many things are going to change from September.
If you are a Taxpayer and do more transactions with Debit Card. Also, if you invest in the National Pension System, then many things are going to change from September, which will directly affect your pocket. Here are some of the finance-related changes.
30 days to verify the return
If you have filed ITR but have not verified the return, then ITR has to be verified within 30 days. That is, if you have filed ITR on 4th August, then you have to verify ITR before 7th September. Earlier it was for 120 days and it has been reduced to 30 days by the Income Tax Department. The tax return verifies that the information furnished under ITR is correct.
Funds are not released by the IT department without verification. The longer the delay in getting the verification done, the longer it takes to transfer the money to your bank account. If not verified under ITR then your ITR will not be considered a file and it can also be rejected.
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Apart from this, if the time for verifying the return expires, then you can be filed only after paying a penalty. You can verify using an Aadhar card, Netbanking, or other things.
Tokenize card and security
In September, all credit and debit card data used in online, point-of-sale (POS), and in-app transactions will have to be replaced with tokens for secure transactions.
As per the order of the Reserve Bank of India (RBI), the token rule will come into effect from October 1. Under this, all merchant websites will be blocked from saving your card number, CVV, or expiry date on their servers for processing online transactions. Card users should now save a token and keep that token on the specified website (for future use) if the Merchant provides the facility on their Payment Gateway page. The token on the website acts as the mask data of your card, so no one can misuse it.
National Pension System Fee Hike
While contributing to the National Pension System (NPS), a commission is deducted if the units are canceled. Trail commission on contributions made through direct-remit mode under NPS will be increased from the existing 0.10 percent to 0.20 percent of the contribution amount with effect from September 1. Due to this hike, Rs 15 to 10,000 will be deducted as trail commission.
Suppose you invest Rs 50,000 in NPS under direct-remit mode on September 1, i.e. before 9.30 am, then instead of Rs 5,000, a commission of Rs 10,000 will be deducted. These commissions will be given at the point of presence like banks, NBFCs, or other financial institutions that help you invest in NPS.
Increase in charge on debit card issuance and annual fee
Since September, several banks have announced an increase in the annual fee and issuance fee on debit cards. This is due to the increase in the cost of the semiconductor chips used in the cards and other inputs.
Indian Overseas Bank (IOB) has increased charges for multiple types of debit cards with effect from September 6. The issuance fee for Rupay Classic Debit Card from IOB was Rs 50 and from the second year onwards the annual fee was Rs 150. The issue fee and annual fee will increase from the second year to Rs 150 and Rs 250 respectively.
Similarly, the Yes Bank RuPay Debit Card (for farmers only) and Elementor Debit Card have been increased by Rs 149 and Rs 299 respectively. Earlier, Yes Bank was charging Rs 99 and Rs 249 per annum for these cards respectively. Other banks, including the Central Bank of India and Suryoday Finance Bank, have increased the charges for insurance charges and annual charges.
Atal Pension Yojana
Taxpayers in the age group of 10 to 40 years, who want to invest in Atal Pension Yojana, will not be able to invest from September 30. This pension scheme is managed by PFRD and guaranteed pension benefits ranging from Rs 1000 to Rs 5000 are given every month.