JULY 1 WILL CHANGE YOUR WORLD: BE PREPARED FOR CHANGES OTHER THAN GST

Economic times | Jun 28, 2017, 03.30 PM IST
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NEW DELHI: July 1 is set to enter into history books, and not just for the Goods and Services Tax (GST). A number of other major changes will happen from this date. 

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Here is a list of changes that are coming into effect on July 1: 

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1=> *No filing of I-T return without Aadhaar*: 

The government has made it compulsory to mention Aadhaar for filing of income tax return. Without Aadhaar, you won't be able to file your return after July 1. 

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2=> *Linking of Aadhaar with PAN becomes mandatory*: 

The government has also made it compulsory to link Aadhaar with PAN to stop people using multiple PANs to evade taxes. If a person does not link PAN and Aadhaar as mandated by Section 139AA of the Income Tax Act, his PAN could become invalid. 

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3=> *No PAN card without Aadhaar*: 

Aadhaar becomes must for getting new PAN. You won't be able to get a PAN card after Saturday without your Aadhaar card. 

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4=> *No passport without Aadhaar card*: 

Ministry of External Affairs has listed Aadhaar card as one of the mandatory documents for applying for a passport. So you won't be able to get your passport without Aadhaar from July 1. 

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5=> *Aadhaar-PAN linking made mandatory from July 1*: 

Here's all you need to know

Aadhaar-PAN linking made mandatory from July 1.

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6=> *Linking PF account with Aadhaar*: 

Employees' Provident Fund Organisation (EPFO) has made it compulsory to link PF account with Aadhaar by June 30. Pensioners are also asked to furnish Aadhaar details. According to EPFO, Aadhaar linking is expected to make the withdrawal and settlement process time much shorter, from existing 20 days to 10 days. 

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7=> *No concession on railway tickets*: 

To plug misuse and leakages, Indian Railways have made it mandatory to quote Aadhaar from July 1 to avail concessions on railway tickets. 

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8=> *Scholarships for schools and colleges*: 

HRD ministry has also issued a notification that school and college students, who want to get government scholarship or are already getting it, should furnish Aadhaar details by June 30. After that, scholarships would not be given to any student who doesn't have Aadhaar. 

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9=> *No PDS benefit without Aadhaar*: 

Public distribution benefits have been linked to Aadhaar. Individuals will have to link Aadhaar with ration cards before July 1 to get all the PDS subsidy benefits. 

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10=> *No departure form for flyers from July 1*: 

Indians flying abroad will not be required to fill departure cards from July 1. The move is aimed at ensuring hassle-free movement and reducing the time required to complete immigration formalities. 

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11=> *Expat tax in Saudi Arabia from July 1*: 

Saudi Arabia is introducing a monthly expatriate levy on the dependents of expatriates from July 1. The fee will be 100 riyals (around Rs 1,721) per dependent this year. It will be doubled to 200 riyals per dependent from July next year, tripled to 300 riyals in 2019 and quadrupled to 400 riyals from July 2020. 

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12=> *New curriculum for CA*: 

Prime Minister Narendra Modi will launch on July 1 a new syllabus for those studying to become chartered accountants. The new syllabus is in accordance with International education standards of the International Federation of Accountants and also includes new taxation system, the GST. 

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13=> *Online visitor visa for Indians flying to Australia*: 

The Australian government has announced that Indian visitors can apply for a visitor's visa online starting July 1. The online visa facility is expected to fasten the approval process.

by CA fellow