From ITR Filing Deadline To HDFC and HDFC Bank Merger: Here Are 5 Changes Are Expected in July

On May 19, 2023, the finance ministry said a TCS of 20 per cent will be levied on individual payments of above Rs 7 lakh through international debit and credit cards from July 1, 2023.

New Delhi: The month of July will commence in the next few days marking the beginning of the second half of the year. In the next 6 months, the political arena will witness some big electoral fights with elections in major states lined up. Apart from polling, there are several changes and important deadlines that would come into effect on July 1 that will 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 effect from July 1, 2023

Income Tax Return (ITR) deadline:

The deadline for filing income tax returns with the Income Tax Department is 31st July. Surpassing last year’s record, the department announced that the 1 crore mark has been reached 12 days earlier this year.

HDFC and HDFC bank merger:

The merger of housing finance major HDFC with the country’s largest private lender HDFC Bank will be effective from July 1, HDFC Chairman Deepak Parekh said on Tuesday. The boards of HDFC and the private bank will meet on June 30 post to clear and approve the merger, Parekh told reporters. The merger of the corporation with HDFC Bank will be effective July 1, Parekh said.

Fuel/ LPG prices:

Every month, all the major oil companies issue new prices of Liquified Petroleum Gas (LPG) cylinders and Compressed natural Gas (CNG). In July, there might be some change in the prices of cylinder prices. To recall, 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.

20% TCS on international debit or credit card transactions:

On May 19, 2023, the finance ministry said a TCS of 20 per cent will be levied on individual payments of above Rs 7 lakh through international debit and credit cards from July 1, 2023.

QCO mandatory for footwear companies:

The government has announced that starting from July 1, large and medium-scale footwear manufacturers, as well as importers, will be required to adhere to mandatory quality control orders (QCO) for 24 footwear and related products, according to an IANS report.