Flight tickets prices, Gold hallmarking, new Income Tax portal, PF rules, Small savings rates: Alert! These major changes to IMPACT you directly from THIS month

As the new month of June started, what are the new changes that are taking place around the country and that you must know? The changes that can directly impact you! From June 1, 2021, the major changes that will affect you largely are the surge in domestic airfare, a new portal for income tax filing, mandatory hallmarking of gold, and more. Let’s see some of the major changes that will impact you directly.

Domestic Airfare: Travelling within India will be dearer. From 1 June, the government has decided to raise the lower limit on domestic airfares from 13 per cent to 16 per cent. The lower limit for flights under 40 minutes of duration will be increased by 13 per cent is from Rs 2,300 to Rs 2,600. While flights with a duration between 40 minutes and 60 minutes will have a lower limit of Rs 3,300.

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New ITR Portal: The Income-Tax department will be launching its new portal e-filing 2.0 on June 7 for the taxpayers. The new website will replace the existing portal. The new taxpayer-friendly portal integrated with immediate processing of Income Tax Returns to issue quick refunds to taxpayers. The e-filing portal services will be shut down between 1st and 6th June and will resume the work from June 7.

Mandatory Hallmarking of Gold: It is now mandatory for all jewellers to hallmark gold jewellery. Mandatory hallmarking means that jewellers will now be able to sell only hallmark certified in three caratage 14-, 18- and 22-carat gold jewellery. This will be effective from June 1. 

LPG Cylinder Prices: The prices of LPG can change. The prices of domestic cooking gas vary from one state to another due to local taxes. However, the fuel retailers revise the prices of LPG cylinders at the beginning of every month.

New PF Rules: EPFO has taken a big decision for Provident Fund account holder. From now, the employer has been given the responsibility to make the employee’s account Aadhaar verified. If employees fail to do adhere it can lead to the discontinuation of employer contribution.

Small Savings Schemes Rate: Interest rates of many Small Saving Schemes such as the NSC, PPF, KVP and Sukanya Samriddhi have changed. Every three months, the Centre changes the interest rates of these schemes. However, there have been few circumstances when the interest rates go unchanged for the next month.