From bank cheques to EPFO-Aadhaar linking, check 5 rules that are changing from June 1

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New Delhi: Several rules that have a major impact in the lives of common man are going to change from February. These rules range from stringent bank cheques rules to EPFO-Aadhaar linking to name a few.

Since these rules are going to affect your everyday life, it is important to know more about these changes in detail.

Bank of Baroda cheque payment rules

As per Bank of Baroda notification, stringent rules of cheque payment is going kick in from June 1. Bank of Baroda has said that from June 1, the bank is going to make Positive Pay confirmation mandatory. Under this, if the payment of more than Rs 2 lakh is made through cheque, then the customer will have to confirm again. The transaction will be completed only when this process completes. Otherwise the cheque will be cancelled.

EPFO-Aadhaar link

According to the new EPFO ​​rule, every account holder should have his or her PF account linked to the Aadhaar Card. It will be the responsibility of the employer to ask the employees to verify their PF account. If by June 1, the employees fail to do so, then they may suffer several losses –one such being that the employer contribution to the PF account may also be stopped. A notification in this regard has also been released by EPFO.

Income tax’s e-tax filing site

The official e-tax filing site of the Income Tax Department will not work from June 1 to June 6 because the tax department is moving to a new modern platform. The IT department’s new website http://INCOMETAX.GOV.IN will kick start on June 7.

YouTube Tax

Though not applicable to all the YouTubers, however if you are an Indian YouTuber, gaining views from US audiences for your, you will be liable for a 15 percent tax on your earnings (for the said viewership) by the video making platform.

Costlier Air Travel

Civil Aviation Ministry on Friday (May 28) has increased the lower limit on fares of domestic air travel by 15%. The revision of rates will come into effect from June 1, according to an official order by the ministry. 

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