June brings new finance related rules: Key changes you should know

As June begins, several finance related changes are set to take place from tomorrow. Check latest updates on major changes and key deadlines on policies that may impact your finance journey

As we enter the month of June, several key financial changes are set to take place, impacting various aspects of our financial roadmap. Lok Sabha election results, income tax returns, credit card related revisions, etc are some of the events that one must be informed about to stay ahead of the curve and make informed decisions about their financial future.

Check which financial rules are changing from tomorrow, June 1:

1) Stock market rally on June 4

The Lok Sabha elections results, set to be announced on June 4, are expected to impact the stock market performance as well. Brokerages do not rule out a sharp rally following if the BJP-led NDA returns to power for the third term, which eventually 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.

 

2) June 15 deadline for first advance tax instalment

The due date for the deposition of the first installment of advance tax is June 15. Advance tax arises for taxpayers when their income tax liability in a given financial year is more than Rs 10,000. Every income including capital gain, winning from lotteries, etc is subject to advance tax. Notably, senior citizens not having business income are not liable to pay advance taxes.

3) June 30 deadline for mutual fund nominations

Capital markets regulator Sebi has set June 30, 2024, as the deadline for all existing individual mutual fund holders to nominate or opt out of nomination. If they fail to comply, their accounts will be frozen for withdrawals.

4) Income tax returns for FY2023-24

While the deadline to file the income tax returns for financial year 2023-24 ends on July 31, one can expect to receive their ‘Form 16’ from their employers 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 considered as the proof filing of income tax returns by your employer to the government. For the employees, Form 16 acts like a one stop shop, containing all the information you need in order to file their income tax return.

5) HDFC bank to stop SMS alerts for certain UPI payments

HDFC Bank will from June 25 send phone text messages for Unified Payments Interface (UPI) only for transactions above Rs 100 (money sent) and above Rs 500 for money received. Customers can still check transaction related updates on the mail, the private lender said.

6) Bank of Baroda’s One co-branded credit card revises late fee

The interest rate on unpaid dues for the Bank of Baroda’s One co-branded credit card is currently 3.49 per cent per month. However, this rate will be revised to 3.75 per cent from June 23.

7) Amazon Pay ICICI Bank Credit Card benefits to reduce

The ICICI Bank has decided to do away with the 1 per cent reward point offered on rent payments via Amazon Pay credit card. From June 18 onwards, no reward points will be available on rent payments through this card.