September 1st.2019 A important day – Many Rules are going to Change

By GovernanceToday
In Policy
September 1, 2019
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September is starting from today. Many rules that affect your life are going to change. Let’s know about some important changed rules.

Changed traffic rules will be applicable, now you have to pay more penalty for breaking traffic rules on the road more than 63 provisions of the Motor Vehicles (Amendment) Act came into force. After which the fine has now been increased for driving and drinking, over speed, overloading.

Income Tax return for the financial year 2018-19 till 31 August, you can file the return till 31 December 2019 by giving a fine. During this time, you will be saved from legal action by filing returns.

TDS of 2% will be deducted for withdrawing more than one crore from a bank or post office in a year. This has been done to promote digital transactions.

General insurance companies will now provide separate insurance cover to the vehicles for loss due to incidents like an earthquake, flood, natural disasters, and riots.

Bank loans including State Bank are being linked to the repo rate. With this, customers will have to pay less interest. The facility of home, auto, and personal loans will be started from state banks in 59 minutes. State Bank’s auto loan and the home loan will be linked to the repo rate. SBI has cut home loan interest rate by 0.20 percent.

Booking Rail tickets online will be expensive. For sleeper class, Rs 20 service charge, for AC class service charge Rs 40, on payment from BHIP application, service charge for sleeper will be Rs 10 and service charge for AC will be Rs 20.

The banks will open at 9 am. The banking division of the Union Finance Ministry has proposed to open all government and regional rural banks at 9 am.banks will have to issue a Kisan Credit Card within a maximum period of 15 days. The central government has issued guidelines in this regard to the banks.

State Bank of India has reduced the interest rate on retail deposits. Customers with deposits up to one lakh rupees will continue to get 3.5 percent interest in the savings account. However, for customers with more than one lakh deposits, this rate will be 3 percent.

On buying a property, then the expenses on other facilities like car parking, electric water supply, and club members will also come under the purview of TDS.

The income tax department will issue new PAN to those who have not yet linked their Aadhaar number with PAN. According to the announcement of the full budget presented in July, if the pen card is not linked to Aadhaar by the scheduled time, it will be considered invalid.

If a person or a Hindu undivided family makes a total payment of more than 50 lakhs to contractors or professionals in a year, then TDS will be deducted at the rate of 5 percent.

If the amount of life insurance maturity you get is taxable, then TDS will be deducted at the rate of 5 percent on the net income portion. Net income is the amount received by subtracting the total insurance premium payment from the total amount received.

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