Although July 1 is well known for the Rollout of India's Biggest Reform GST and is set to enter into history books, but there are several other challanges for the Taxpayers which will come into effective on 1 July.
Lets check out the List of major changes that are coming into effect on July 1:
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.
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.
Aadhaar becomes must for getting new PAN. You won't be able to get a PAN card after Saturday without your 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
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.
To plug misuse and leakages, Indian Railways have made it mandatory to quote Aadhaar from July 1 to avail concessions on railway tickets.
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 a any student who doesn't have 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.
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.
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.
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.