10 points that may affect salary, taxes, and other rules after June 30

Your 10-Point Key Highlights Are As Follows:

• As the Center plans to implement the new labour regulations, including the new wage code, starting on July 1, there may be significant changes to the in-hand salary, contribution to the Employees’ Provident Fund, and working hours. A number of changes are outlined in the newly required wage codes, which will lead to longer workdays, more PF (Provident Fund) contributions, and lower take-home pay for employees.

• The new work regulations will come full circle on July 1 and are as of now being carried out by the public authority. Several states as of now really can’t spread out the rules for all of the four work codes, anyway. According to Minister of State for Labour and Employment Rameshwar Teli’s written response to the Lok Sabha, only 23 states and union territories (UTs) have released the draught guidelines under the Code on Wages.

• The dearness allowance (DA), which will be released the next month in July 2022, might be raised for thousands of government workers. The DA is revealed twice a year, in January and July. Due to an increase in retail inflation, the government may change the DA amount for July 2022.

• From July 1, social media influencers and physicians will be subject to Tax Deducted at Source (TDS) on business advantages for sales promotion. Guidelines for the applicability of the new provision have been provided by the Central Board of Direct Taxes (CBDT).

• The Reserve Bank of India has granted a three-month extension for requirements related to activating and tokenizing credit or debit cards, as well as co-branding norms, after June 30, 2022.

• On Friday, the RBI extended the deadline for the card-on-file (CoF) tokenization, which governs data storage rules for credit and debit cards, by three months, to September 30, 2022. This was done in response to numerous comments made by industry organisations.

• The RBI has also informed all non-bank PPI issuers in the nation that they are not permitted to load instruments, including prepaid cards, using credit lines.

• In consideration of client security, the RBI released regulations for debit and credit card tokenization last year. Merchants were forbidden by the guidelines from keeping client credit card information on their systems. These card tokenization regulations were supposed to go into force on July 1st, 2022. However, the central bank extended the implementation date of this rule by three months on Friday.

• The government’s “One Nation, One Ration Card” (ONORC) scheme has been successfully deployed across the country, with Assam being the latest state to start using the service. Beneficiaries covered by the National Food Security Act of 2013 (NFSA) may utilise their current ration cards with biometric verification to buy the subsidised foodgrains that are given to them from any ONORC-accredited fair pricing retailer.

• The Pradhan Mantri Awas Yojana-Gramin (PMAY-G), often known as the pucca housing project, is the central government’s flagship programme and aims to build homes in rural areas. With a goal of completing 2.7 crore homes, PMAY-G got underway in November 2016. According to the Ministry of Rural Development, 1.8 crore houses—or 67.72 percent—of the target—have already been built.