From ITR filing deadline to LPG prices, what’s expected to change in July

The month of June is ending in just two days. As a result, several changes and important deadlines will come into effect on July 1 and have a direct impact on the pockets of the citizens.

Here’s a look at the key changes that the people need to know that will come into affect from July 1, 2023

Fuel/ LPG prices:

The oil companies revise and issue the new rates of Liquified Petroleum Gas (LPG) cylinders and the Compressed natural Gas (CNG) every month. Crude oil prices continue to fluctuate continuously in the international market. However, it is anticipated that there might be some revisions in the LPG prices. The cost of the 19 kg commercial gas cylinder was reduced in May and April while, the prices of the 14 kg domestic gas cylinder remained unchanged. Therefore, there is a possibility of reduction in domestic cylinder prices this time.

Income Tax Return (ITR) deadline:

The last date to file the Income Tax Return (ITR) is July 31. The taxpayers are required to file ITR every year. If the deadline is missed, the taxpayer may be levied an applicable penalty.

20% TCS on international debit or credit card transactions:

People doing transactions abroad with credit card will now have to pay a Tax Collected at Source (TCS) of 20%. The government had made a change in the rules in May. According to the new rule, small payments up to ₹7 lakh in a financial year on international debit or credit cards will be excluded from the 20% TCS rule. However, one can claim it while filing ITR.

QCO mandatory for footwear companies:

From July 1, the union government has mandated the footwear units to implement the Quality Control Order (QCO). 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 scope of QCO, but next year the remaining 27 products will also be brought under this scope.

HDFC and HDFC bank merger:

Housing Development Finance Corp. Ltd (HDFC) has tentatively scheduled its $40 billion mega-merger with HDFC Bank Ltd for 1 July, combining the country’s largest private sector lender with the nation’s top mortgage lender. Last year, India’s largest private sector lender bank and its promoter decided to merge in a deal expected to make the bank more competitive and allow access to a captive customer base to cross-sell products.