The first date of the 10th month of the year i.e. 1st October has brought changes in your financial life on many fronts. October 1 has started with many changes including Aadhaar, PPF, LPG, STT rules. Apart from this, important changes are going to be implemented in Income Tax, Mutual Fund and TDS rates.
Aadhaar Card Rules Related to PAN Allotment
The central government is discontinuing the provision of giving permission to mention Aadhaar Enrollment ID instead of Aadhaar number from October 1. This means that from today onwards individuals will not be required to disclose their Aadhaar Enrollment ID in PAN allotment documents and while filing income tax returns.
Rules related to small savings schemes
According to Livemint news, new rules for regularization of unregulated Public Provident Fund (PPF) accounts, Sukanya Samriddhi Yojana and other small savings schemes run through post offices are coming into effect from October 1, 2024. The new rules notified by the Finance Ministry relate to regularization of accounts opened in the name of minors, multiple PPF accounts and extension of PPF accounts by NRIs.
Change in TDS rates
An important update regarding Tax Deducted at Source i.e. TDS is coming into effect from October 1. Finance Minister Nirmala Sitharaman had introduced some changes related to income tax in the Union Budget 2024. According to the new rules, TDS of 10% will be applicable on certain bonds of the Central and State Government. Also, changes in TDS payment in respect of life insurance policy, house rent payment etc. are being implemented from today.
STT increase
Changes in share buy back
Income from share buybacks is to be taxed from October 1, which will now be treated as dividend income for shareholders. That means when companies repurchase their shares, shareholders will be taxed as per their applicable income tax slab.
Revise transaction charge in stock market
From October 1, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have implemented new transaction charges for cash, futures and options trading.
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