From ATM Charges to ITR Rules: 5 Key Changes Effective From 1 July

SBI has revised its cash withdrawal charges, which will be effective from 1 July 2021.

Revised SBI Cash withdrawal rules, LPG Prices, Higher TDS, and new IFSC code for Syndicate Bank customers. Here are some changes effective from July

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Various important changes are all set to come into effect from Thursday, 1 July 2021. These include important changes like revised cash withdrawal charges by SBI to imposing of TDS for not filing income tax return (ITR).

In this article, we have curated a list of some key changes effective from Thursday, which are likely to have an impact in your life.

SBI Revised ATM Charges

India's leading public sector bank, State Bank of India (SBI) has revised its ATM transaction charges. From 1 July, the customers will be charged at the rate of Rs 15 plus GST per transaction after they have already exhausted their monthly four-free transaction limit.

SBI Revised Cheque Book Usage Charges

State Bank of India will provide the first 10 cheque leaves free in a financial year. Beyond that the charges will be as follows:

• 10-leaf cheque book at Rs. 40/- + GST

• 25-leaf cheque book at Rs. 75/- + GST

• Emergency cheque book: Rs. 50/- + GST for 10 leaves or part thereof

Higher TDS for Not Filing ITR

The Government of India is all set to impose higher tax deduced at source (TDS) for the people who have not filed their ITR for last two years. This rule will be applicable to the taxpayers whose TDS deducted each year is more than Rs 50,000.

LPG Gas Price

The price of liquefied petroleum gas (LPG) cylinders is likely to change on 1 July 2021. The prices are usually determined on the first of every month. However, as of now there is no official communication regarding any changes in the month of July.

New IFSC Code for Syndicate Bank Customers

Last year, Syndicate Bank was merged into Canara Bank. Because of the merger, the customers of Syndicate Bank will get a new IFSC code of Canara Bank. IFSC codes and cheque books of Syndicate Bank will become invalid from next month.