New Rules From 1st July: The month of July has brought many important changes. As we know that the month of July is full of economic changes.
Many new rules (1st July 2024 New Rules) have come into effect from July 1, which includes income tax returns, changes in banking rules and possible changes in fuel prices. Apart from this, many such rules are going to change in the month of July, which will have a direct impact on the pocket of the common man.
Here we will tell you in detail what changes are going to happen in July (New Rules from July 2024 List) and what impact these changes can have on your life.
Change in prices of LPG including petrol and diesel
On July 1, new prices of gas cylinders will be decided by the government oil companies. Let us tell you that on the first of every month, the prices (LPG Price) of gas cylinders used in kitchens and hotels and restaurants are decided. Last month, the prices of 19 kg commercial LPG cylinders were reduced by Rs 69. However, the price of 14.2 kg domestic LPG cylinder remains at Rs 803 per cylinder.
At the same time, there has been a change in the prices of petrol and diesel on June 1. Petrol and diesel have become expensive in many states, while its prices have also decreased in many states.
New rules for porting SIM card are implemented
New rules for SIM card portability have come into effect across the country from July 1. Recently, the Telecom Regulatory Authority of India (TRAI) announced changes in the rules for SIM cards. Under this, porting a mobile number will no longer be easy. These rules have now been made stricter. Now to port a mobile number, you will have to first submit an application. After this, you will have to verify your identity and all details. You will be given an OTP during SIM card portability.
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At the same time, you will have to wait for 7 days to port your mobile number. TRAI has taken this big step to stop incidents of fraud.
Buying a car became expensive from July 1
Tata Motors has announced to increase the prices of its commercial vehicles by up to 2% from July 1. This increase is being done to cover the rising prices of goods. India’s largest vehicle manufacturer Tata Motors had earlier increased the prices of its commercial vehicles by up to 2% in March as well. The company says that this increase will be applicable to all types of commercial vehicles, but there may be a slight difference according to different models and variants.
At the same time, Hero MotoCorp has also announced an increase in the prices of its select scooter and motorcycle models by up to Rs 1,500 from July 1, 2024. The company said that this step has to be taken due to the high cost of production. The country’s largest two-wheeler manufacturer said that the change in price will be up to Rs 1,500 and this increase will vary according to different models and markets.
Paytm Payments Bank’s inactive wallet will be closed
Paytm Payments Bank has said that it will close those inactive wallets on 20 July 2024 in which there has been no transaction for the last one year or more and in which the balance is zero. According to the website of Paytm Payments Bank, “If there has been no transaction in your wallet for more than a year and the balance is also zero, then it will be closed from 20 July 2024. All the users affected by this will be notified and they will be informed 30 days before the wallet is closed.”
Banks will remain closed for 12 days in July (Bank Holiday July)
According to the Bank Holiday Calendar (Bank Holidays in July 2024) issued by the Reserve Bank of India (RBI) , banks are going to remain closed for 12 days in July, which includes festivals in different states on the occasion of festivals like Guru Hargobind Ji Jayanti and Muharram, as well as weekly holidays on Saturday and Sunday. In such a situation, if you have to go to the bank for any work in July, then first check the list of holidays.
Deadline for filing Income Tax return
The Income Tax Department has fixed July 31, 2024 as the last date (ITR filing deadline) for filing Income Tax Returns for the financial year 2023-24 (assessment year 2024-25). In such a situation, you do not have much time left. To avoid the last day rush, do the tax filing now. Even if you are unable to file the return by this date (ITR deadline), you can file a belated return till December 31, 2024.
The general budget is expected to be presented in July
The budget of the third term of the Modi government (Modi 3.0 Budget) is expected to be presented in the last week of July. According to the report, Finance Minister Nirmala Sitharaman may present the upcoming Union Budget 2024-25 for the financial year 2024-25 on July 22. Nirmala Sitharaman has so far presented six budgets during her five-year tenure as Finance Minister. This will be her seventh consecutive budget.
