This is the first time when Indian Government changed and adopted so many rules in one chain which will be effected from 1st January 2016. These rules must change your life and likely to have a permanent impact on your life are as follows:
1) PAN (Permanent Account Number) becomes mandatory for all purchases above 50,000 and is also mandatory for all transactions above 2 Lakhs. CBDT (Cental Board of Direct Taxes) also issued one statement – “The government received numerous representations from various quarters regarding the burden of compliance this proposal will entail. PAN will be required for transactions above Rs.2 lakh, regardless of the mode of payment.”
To Apply PAN Card online – https://tin.tin.nsdl.com/pan/
2) IOC (Indian Oil Corporation) has also hiked the prices of non-subsidised LPG cylinders and the cooking gas on exhausting the subsidy quota. This hike came into effect from midnight of 31st Dec 2015. This is second successive hike in just 2 months. In December, prices of non-subsidised LPG were raised by nearly Rs 60/cylinder. Prices of non-subsidised LPG cylinders will go up by nearly Rs 50. The move could save government nearly Rs 500 crore a year. Along with Government also ends up the Subside Quote on LPG for those with an Annual Income of 10 Lakhs and more.
3) 7th Pay Commission will Effected from 1st January 2016, in which all central government employes will get salary hike by approx 20-26% as per records and this pay commission will lasts longer from 2016 to 2026 year. In 28th Feb 2014, Govt Appointed this 7th Pay Commission with Justice Shri Ashok Kumar Mathur as Chairman, Shri Vivek Rae as full time Member, Dr. Ratin Roy as part time member and Smt. Meena Agarwal as Secretary. The First Pay commision was appointed on May 1946 and the Sixth Pay commission was on Oct 2006.