Rules Changes From 1st July 2023: The last date for Income Tax Return Filing is 31st July. Taxpayers have to file ITR every year. In such a situation, if you have not yet filed ITR, then file it in time.
Rules Changes From 1st July 2023: The month of June is going to end in a few days. After which the new month i.e. July 2023 will start. Many rules are changed at the beginning of every month. Many new rules (New Rules From 1 July 2023) are going to be implemented in July also.
It is very important for you to know about these changes going to happen from July 1. Because there are some such rules in these, which can have a direct impact on your pocket. These include everything from the price of LPG cylinders to the imposition of TCS on credit cards. So let’s know about some major changes that will happen from July 1.
Changes in the price of petrol-diesel and gas
Government oil companies issue new rates ranging from Petrol-Diesel Price to Gas cylinders on the first of every month. Crude oil prices continue to fluctuate continuously in the international market. Petroleum Minister Hardeep Singh had said a few days ago that if crude oil prices remain stable in the international market, then oil companies would be in a position to consider reducing the prices of petrol and diesel (Petrol-Diesel Price Cut). In such a situation, a reduction in the prices of petrol and diesel can be seen in the next month.
Apart from this, there may be a change in the price of LPG gas on July 1. It is expected that the prices of LPG may be cheaper next month.
There will be a total of 15 days bank holidays in July.
The list of Bank Holidays In July 2023 has been released by the Reserve Bank of India (RBI). According to which, in July 2023, a total of 15 days are going to remain bank closed. Next month, due to weekly holidays and festivals in different states, there will be bank holidays for 15 days (July Bank Holidays). If there is any important work related to the bank, then settle it as soon as possible. Because if the bank holidays start, then you will not be able to do this important work.
20% TCS will be levied on international debit or credit card transactions
Changes are being made in the rules of Tax Collected at Source (TCS) applicable from 1 July. Now if you do transactions abroad with credit card, then you will have to pay 20% TCS. The government had made a change in the rules of TCS in May. According to the new rule, small payments up to Rs 7 lakh in a financial year on international debit or credit cards will be excluded from the 20% TCS rule. However, you can claim it while filing income tax return.
Last date to file ITR is 31st July
The last date for Income Tax Return Filing is 31 July. Taxpayers have to file ITR every year. In such a situation, if you have not yet filed ITR, then file it in time. If ITR is not filed within 31st July, then in such a situation you may have to pay penalty.
QCO made mandatory for footwear companies
From July 1, 2023, the manufacture and sale of poor quality footwear is going to be banned in the country. The government has ordered the footwear units to implement the Quality Control Order (QCO). Under which QCO has been made mandatory for footwear companies.
Following the rules of the World Trade Organization (WTO), the government has introduced standards for footwear companies. Now footwear companies will have to manufacture shoes and slippers according to these rules. At present, 27 footwear products are included in the purview of QCO, but next year the remaining 27 products will also be brought under this purview.
