India is gearing up for significant changes starting July 1st, 2024, impacting various aspects of daily life. Here’s what you need to know about the upcoming updates:
- Overhaul of Legal Framework: Prepare for a major shift in India’s legal landscape as the Indian Penal Code (IPC), Code of Criminal Procedure (CrPC), and Indian Evidence Act will be replaced by new codes: Bharatiya Nyay Sanhita, Bharatiya Suraksha Sanhita, and Bharatiya Sakshya Adhiniyam. These changes aim to streamline procedures and enhance efficiency based on recommendations from the Law Commission of India.
- Taxation Outlook: While no immediate tax updates are slated for July 1st, 2024, attention is on the Union Budget expected later in July. This budget may introduce new tax measures applicable later in the financial year. Taxpayers are typically required to file their ITR annually, providing details of their income and relevant financial information for a specific period, such as a financial year (FY). ITR filing start date for AY 2024-25 is 1st April 2024, and last date is 31st July 2024.
- SBI Credit Card Holders: Changes are coming for SBI credit cardholders, with reward points set to be discontinued on specific government transactions from July 15th, 2024. Check the SBI Card website to verify if your card is affected.
- EPFO Adjustment: The Employees’ Provident Fund Organisation (EPFO) is discontinuing the Government Inspection Scheme (GIS), potentially increasing take-home pay for affected government employees as past GIS deductions are refunded.
- LPG Gas Cylinders: As of now, there are no announced changes to LPG gas cylinder prices effective July 1st, 2024. Monthly revisions by oil companies mean any updates could occur later in July.
- Important Deadlines: July brings critical deadlines, particularly for filing Income Tax Returns (ITR), depending on your category.
- Other Updates: Central government employees will no longer be required to link their CGHS beneficiary ID with ABHA for now, though future benefits may warrant reconsideration.
- Staying Informed: Keep abreast of developments by regularly checking official government websites and reliable news sources for comprehensive updates on these and other impending changes.
