June Brings New Finance-related Rules: It is expected that several key financial changes will occur, affecting various aspects of our financial roadmap. In order to stay ahead of the curve and make informed financial decisions, one must be informed about Lok Sabha election results, income tax returns, credit card revisions, etc.
From tomorrow, June 1, the following financial rules will change:
June Brings New Finance-related Rules: On June 4, the stock market rallied
It is expected that the stock market’s performance will also be affected by the Lok Sabha election results, which are scheduled to be announced on June 4. Brokerages do not rule out a sharp rally following a BJP-led NDA return to power for a third term, which ultimately leads to a market-wide profit booking, albeit only for the short term. “We recommend investors cut leverage and rotate portfolios towards defensive sectors… the risk-reward is skewed slightly towards a buy-on-dip strategy, rather than going all in,” Jitendra Gohil, chief investment strategist at Kotak Alternate Asset Managers, said.
The first advance tax installment is due by June 15
It is due on June 15 that the first installment of advance tax be deposited. Advance tax arises for taxpayers whose income tax liability exceeds Rs 10,000 per year. It is applicable to all incomes, including capital gains, winnings from lotteries, etc. Senior citizens without business income are not required to pay advance tax.
Nominations for mutual funds must be submitted by June 30
Sebi has set June 30, 2024, as the deadline for existing individual mutual fund holders to nominate or opt out of nomination. If they don’t comply, their accounts will be frozen.
Tax returns for FY2023-24
In spite of the deadline for submitting income tax returns for financial year 2023-24, employees can expect to receive their ‘Form 16’ by June 15. Form-16 is the TDS certificate issued by your employer when they deduct TDS or Tax Deducted at Source. Form 16 is a proof of your employer filing income tax returns with the government. Form 16 acts as a one-stop shop for employees, containing all the information they need to file their income tax returns.
The HDFC bank will no longer send SMS alerts for certain UPI payments
With effect from June 25, HDFC Bank will only send phone text messages for Unified Payments Interface (UPI) transactions over Rs 100 (money sent) and Rs 500 (money received). Customers can still check transaction related updates via mail.
One co-branded credit card from Bank of Baroda revises late fees
As of June 23, the interest rate on unpaid dues for the Bank of Baroda’s One co-branded credit card will increase to 3.75 percent.
Benefits of Amazon Pay ICICI Bank Credit Card
From June 18, the ICICI Bank will no longer offer reward points for rent payments made with its Amazon Pay credit card.
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