Starting October 1, several important rules and regulations related to Aadhaar cards, the Public Provident Fund (PPF), and other financial aspects are set to take effect. Keeping up with these changes is crucial for effective budget management and ensuring compliance with updated guidelines.
Take note of these 7 changes in October 2024, including the Aadhaar update and Small Savings Schemes
Aadhaar Card rule related to PAN allotment
The Centre's decision to discontinue the provision of allowing the mention of the Aadhaar enrollment ID instead of the Aadhaar number will come into effect on October 1. From next month onwards, individuals will no longer need to disclose their Aadhaar enrollment ID in PAN allotment documents and while filing income tax returns.
Change in rules related to post office small saving schemes
The new rules for the regularisation of irregular Public Provident Fund (PPF) account, Sukanya Samriddhi Yojana, and other small saving schemes functional via post offices will be implemented from October 1, 2024. The new rules, notified by the Ministry of Finance, deal with the regularisation of accounts opened in the name of minors, multiple PPF accounts, and the extension of PPF accounts by NRIs.
TDS rate changes
Union Finance Minister Nirmala Sitharaman introduced some changes related to income tax in Union Budget 2024. Some of the changes will be implemented from 1 October. A significant update regarding tax deductions at source (TDS), will come into effect from Tuesday. A TDS of 10% will be applicable on specific central and state government bonds. Additionally, TDS payment with respect to life insurance policy, house rent payment, etc., will be changed from Tuesday.
Hike in STT
The Securities Transaction Tax (STT), which is applicable to futures and options (F&O), are scheduled to rise from Tuesday, 1 October. The STT on the sale of options will increase from 0.0625% to 0.1% of the premium. The STT on the sale of futures will rise from 0.0125% to 0.02% of the trade price.
Hike in LPG prices:
Oil marketing companies have increased the price of 19 kg commercial LPG cylinder. Its price in Delhi is now Rs 1740, which was earlier Rs 1691.50. Similar changes have been made in Mumbai, Kolkata and Chennai. However, there is no change in the price of domestic LPG cylinder.
New rules related to PPF account:
There have been three major changes in the PPF account. If you have more than one PPF account, they will have to be merged. Changes have also been made in the rules related to minor and NRI accounts, which have been implemented from today.
