Big Changes from 2020

Big Changes from 01-01-2020

Commerce Insiders wish you a very happy new year 😊 There are some changes in various laws that are in force from this year. Here are the few changes that you will see in 2020:-

1. Every Bride in Assam will get 10 Gram Gold

Yes, you heard it right. The Government of Assam has launched 'Arundhati Swarna Yogna'. Under this scheme, every eligible bride will get a fixed amount to buy 10 grams of Gold during her marriage.
To get this benefits brides are required to comply with the following conditions:-

• Marriage has to be registered. 
• The bride should be 10th passed. 
• The annual income of the bride's family should be less than 5 Lakhs. 
• The minimum age of Groom & Bride should be at least 21 years & 18 years respectively. 
• It should be a girl's first marriage.

2. ADHAAR-PAN Linking:-

• Link your Permanent Account Number (PAN) with Aadhaar by 31st  March 2020. 
• In case a person fails to link the PAN and Aadhaar card, then the PAN allotted to the person will be considered invalid.
  

3. ADHAAR verification to be made mandatory for new dealers:

For the ease of GST registration, now new GST registration will be done through the ADHAAR verification.

4.New Way of ATM withdrawal.

• SBI has introduced OTP(One Time Password) based Cash-Withdrawal system through its ATM. 
• This new system shall be applicable to transactions above Rs.10,000 between 8pm & 8am.

5. Pay more to buy vehicles:-

• Auto Companies in  India are going to raise the prices of their vehicles from January. 
• Two-wheeler company Hero MotoCorp has also announced an increase in prices of its vehicles from January. The prices of all the motorcycles and scooters of the company will increase by Rs 2000.

6. No NEFT Transaction Charges:

Saving Account Holders are not required to pay NEFT transaction charges from 01-01-2020.

7.Payment through Electronic Mode:-

Every person carrying business whose total sales/turnover in the preceding financial year is exceeding Rs.50crore shall be required to provide the facility for accepting payment through following electronic modes:—
(i) Debit Card powered by RuPay;
(ii) Unified Payments Interface (UPI) (BHIM-UPI); and
iii) Unified Payments Interface Quick Response Code (UPI QR Code) (BHIM-UPI QR Code).”.

[These Cash Transactions can put you in Income Tax Trouble. Here's a list of transactions that are totally unsafe for you → Unsafe Cash Transactions]

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[Disclaimer:-This article is being furnished for informational purposes only. We make every effort to use reliable & comprehensive information, but we do not represent that the contents of the article are accurate or complete.]