Money Changes from October 1: NSS, PPF, and Key Financial Regulations Impacting You
Monday, 30 September 2024, 04:23
Significant Financial Changes Starting October 1
As October 1, 2024, approaches, various crucial money rules are set to reshape financial landscapes in India. This article details key changes that every investor and saver should be aware of:
- Revised PPF Rules for NRIs: Starting October 1, PPF accounts with undisclosed NRI status will cease to earn interest.
- New Regularization Rules for Small Savings: The regularization of accounts for minors and multiple PPF accounts will see new regulations imposed.
- 20% TDS Waived on Mutual Fund Repurchases: Changes to TDS rates will eliminate the 20% tax on mutual fund unit repurchases.
- Amendments to Property Sale Tax: A 1% TDS on the sale of property over Rs 50 lakh comes into effect.
- Direct Tax Vivad Se Vishwas Scheme Launch: This scheme aims to expedite tax dispute resolutions starting October 1.
- New Buyback Tax Structure: Tax treatment of buyback proceeds shifts from companies to shareholders.
- SEBI Bonus-Issue Process Update: Bonus shares will trade two days after the record date.
- STT Increase: The Securities Transaction Tax for futures and options will see hikes.
- Aadhaar-PAN Rule Revision: The need to mention Aadhaar enrollment IDs for PAN allotment is removed.
- ICICI Bank Debit Card Changes: New complimentary airport lounge access rules apply from October 1.
- HDFC Bank Credit Card Adjustments: Changes to rewards redemption for HDFC Infinia cardholders take effect.
- Punjab National Bank's Updated Charges: New service fees will apply to savings accounts.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.