The transition to October will bring multiple changes in rules and regulations related to income tax, Aadhaar card and TDS on mutual funds, rentals and futures and options (F&O). With only a few days left until October arrives, learn about the key rules that will change starting next month.
Aadhaar card rule related to PAN allotment
The Centre’s decision to suspend the provision allowing mention of Aadhaar enrollment ID instead of Aadhar The number will take effect on October 1. Starting next month, people will no longer need to reveal their Aadhaar Enrollment ID in PAN award documents and when filing income tax returns.
Change in rules relating to small post office savings plans
The new rules for the regularization of irregularities Public Provident Fund (PPF), Sukanya Samriddhi Yojana and other small savings schemes operated through post offices will be implemented from October 1, 2024. The new norms, notified by the Finance Ministry, relate to regularization of accounts opened to name of minors, multiple FPP Accounts and extension of FPP accounts by NRIs.
Changes in TDS Rates
Union Finance Minister Nirmala Sitharaman introduced some changes related to income tax in the Union Budget 2024. Some of the changes will be implemented from October 1. A major update on tax deductions at source (TDS) will come into effect from Tuesday. A 10% TDS will be applied on specific central and state government bonds. Also, payment of TDS in respect of life insurance policy, house rent payment, etc. will be modified from Tuesday.
STT hike
He Tax on securities transactions (STT), which applies to futures and options (F&O), will increase starting Tuesday, October 1. The STT on selling options will increase from 0.0625% to 0.1% of the premium. The STT on futures sales will increase from 0.0125% to 0.02% of the trading price.
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