Rule Change: From October 1, the rules of these 7 things from the Aadhaar card will change, click and know too
From October 1, there will be many important changes in personal finance. From small savings schemes to updates related to the Aadhaar card, it is important to keep information about these changes. You should also know about these 7 changes in October 2024
Aadhaar Card: From October 1, 2024, individuals will not be allowed to use their Aadhaar enrollment ID while applying for a Permanent Account Number (PAN) or while filing income tax returns. According to the budget memorandum, as per section 139AA of the Income Tax Act, effective from July 1, 2017, any person eligible to obtain an Aadhaar number will have to mention it in the PAN application form and income tax return.
Bonus Shares: The Securities and Exchange Board of India (SEBI) has implemented a new framework to streamline the trading of bonus shares. Effective October 1, 2024, bonus shares will be eligible for T+2 trading, thereby reducing the time between the record date and the time between them being credited and being traded.
Small Savings Schemes: The Department of Economic Affairs, Ministry of Finance has issued guidelines for the regularisation of wrongly opened accounts under National Small Savings Schemes (NSS) through post offices. Irregular accounts will have to be submitted to the ministry for regularisation, and specific guidelines have been laid down for six major categories, including irregular NSS accounts, PPF accounts opened in the name of minors, multiple PPF accounts, PPF account extensions by NRIs and regularisation of Sukanya Samriddhi Accounts (SSA) opened by grandparents instead of parents.
Securities Transaction Tax (STT): Security transaction tax on futures and options (F&O) trading will increase from October 1, 2024. These changes, introduced in the Union Budget 2024, are aimed at reducing speculative trading in the fast-growing derivatives market. The STT on option sales will increase from 0.0625% to 0.1% of the premium. For example, if you sell an option with a premium of ₹ 100, the STT will now be ₹ 0.10, up from ₹ 0.0625.
Indian Railways Special Drive: The Indian Railways will conduct a special drive against ticketless travellers, in view of the expected increase in passenger traffic during peak weeks. The Railway Ministry is launching this initiative to prevent unauthorized travel and enforce strict ticket-checking procedures.
Change in interest in post office accounts: Effective October 1, 2024, major changes will impact post office small savings accounts under the National Small Savings (NSS) schemes. Account holders should be aware of these updates, as these may impact the interest earned on their savings.
Direct Tax Vivaad se Vishwas Scheme 2024: The Central Board of Direct Taxes (CBDT) has announced that the Direct Tax Vivaad se Vishwas Scheme 2024 will come into effect from October 1, 2024. The scheme aims to reduce income tax litigation by allowing taxpayers to settle ongoing disputes, including appeals and petitions pending before the Supreme Court, High Courts and other appellate authorities, by July 22, 2024.
