Tax, banking and UPI rules are changing from June
With the change of month, many important rules related to our financial life also change. The new month is bringing many big changes in your money transactions, earning, saving and spending patterns. Whether you are employed, pay taxes, trade in the stock market or use UPI for daily payments, this month is very special for you. From increase in banking charges to the deadline for depositing advance tax, many new rules are now being implemented. As a conscious consumer, it is very important to know how these new changes are going to directly impact your budget.
New deadline for advance tax
If you pay taxes, mark the date of June 15 in your calendar. Taxpayers whose estimated tax liability is more than Rs 10,000 will have to deposit the first installment of their advance tax for the financial year 2026-27 by this day. It is mandatory to pay at least 15 percent of the total tax by this deadline. This is the first time that this advance installment will be deposited completely within the ambit of the new Income Tax Act 2025 and Income Tax Rules 2026. If payment is not made on time, additional interest of 1% may have to be paid every month.
Big relief in old tax system
At the same time, salaried people who chose the old tax regime have received some good news. The tax exemption limit on hostel allowance has now been increased to Rs 9,000 per month. Children’s education allowance has also jumped from Rs 100 to Rs 3,000 per child per month. Also, major cities like Bengaluru, Pune, Hyderabad, Ahmedabad have now been included in the list of 50% HRA exemption. With this, employees living in these cities will get big tax benefits.
UPI payment will be more secure
Big changes have also taken place on the banking front. National Payments Corporation of India (NPCI) has rolled out a new feature to make UPI payments secure. Now when you scan someone’s QR code or send money by entering their mobile number, the verified name of that person registered in the bank will appear on the screen. This will curb online fraud caused by fake identities. Along with this, EPFO is also now testing the facility of instant withdrawal of PF money through UPI, so that employees will be able to get their money much faster.
Expenses of credit card users will increase
On the other hand, the expenses of those who use credit cards more are going to increase. Kotak Mahindra Bank has fixed the limit on reward points available on expenses like utility bills, fuel, rent payment. Now a charge of 1% will be levied on rent or education payments. Bank of Baroda has also increased the interest rate on the outstanding amount on its ‘One Co-Branded’ credit card from 3.49% to 3.75% per month with effect from June 23. ICICI Bank is discontinuing the 1% reward benefit on fare payment through Amazon Pay credit card from June 18. Apart from this, HDFC Bank customers should note that from June 25, they will get SMS alerts only on UPI payments above Rs 100 and UPI receipts above Rs 500, although information about all transactions will continue to be received on email.
Strict margin rules in stock market
SEBI’s 50:50 margin rule is now fully implemented for traders betting in the Future and Options (F&O) segment of the stock market. Under this new rule, investors will have to keep at least 50% of the trading margin in cash or similar instruments. Now the full margin cannot be taken just by pledging the shares. This will improve risk management in the market.
Increase in cost of solar projects
A new rule has also come for those taking steps towards clean energy. It has now been made mandatory for all solar projects with government subsidy or net metering to use only solar modules included in the ALMM (Approved List of Models and Manufacturers) list. This step of the government is to promote domestic manufacturing. However, market experts believe that due to this rule, the cost of installing solar systems in homes may increase slightly in the initial phase.
Also read- LPG New Rules: Big change in LPG rules from June 1, only one connection will be available in one house!
