What new rules this new year 2021 is bringing in our lives-
With the coming new year 2021, the world is leaving behind the deadly coronavirus. India is adapting new reforms in certain important sectors which are going to be imposed from 1st January 2021.
Let’s have a look at what this year is bringing to our lives-
1.FASTags have been made mandatory for all four-wheelers.
The ministry of transport has issued a notice, making FASTag mandatory for all four-wheelers from January 1, 2021. All the for wheelers and M&N category vehicles that were sold before 1 December 2017 have to abide by this rule.
2. TRAI: mandatory to add 0 before the number while calling from a landline from 15th Jan, notice issues by DoT
The Department of Telecommunications (DoT) has made it mandatory to use the prefix “0”. This applies for all calls being made from fixed-line or landline phones to mobile phones with effect from January 15.
3. Debit card, Credit card transactions-
The RBI governor announced the proposition made by the central bank. It states that the limit for contactless card transactions will increase to Rs 5,000 from Rs 2,000 per transaction from January 1, 2021.
4. WhatsApp will stop working in older versions–
The most used messaging platform will soon become incompatible with older phones. The phones than iOS 9 and Android 4.0.3, will have to upgrade to a newer operating system to continue using WhatsApp.
5.New rule for cheque payment-
The Reserve Bank of India will introduce A new rule for cheque payments from 1st January 2021. This is done to avoid any cheque frauds and scams. This introduces the ‘positive pay system’ for cheques in which re-confirmation of key details will be required for payments more than Rs 50,000.
6. E-invoice (GST E-CHALLAN) mandatory
The government has issued a notice making it mandatory, the e-invoicing for B2B transactions for companies and businesses with a turnover of more than 100 crores. This will be effective from January 1, 2021. Earlier it was 500 crores.
7. SEBI has changed rules in the multi-cap mutual fund.
The latest definition of multi-cap funds by SEBI states that it is mandatory to invest at least 75% of the fund and assets in equity and equity-related instruments
Equity and equity-related instruments of –
- large-cap companies should be 25%
- mid-cap companies should be 25%
- small-cap companies should be25%
8.Good news for GST taxpayers-
The GST taxpayers who have an annual aggregate turnover up to Rs5 crore will be required to file only four tax returns (GSTR-3B) in a year instead of 12 monthly returns. According to this, the small taxpayer would need to file only eight returns (4 GSTR-3B and 4 GSTR-1 returns) instead of 16 returns from January onward.
With all these things coming up, we hope this content could be informative enough to pick on those small loopholes we generally make.
For more such trends and news stay tuned????