Changes from 1 October: At the beginning of every month, some rules change and some new rules are also implemented. Similarly, some new changes are going to happen from 1 October. These include rules related to Aadhaar, PPF, TDS and STT.
Stop using Aadhaar enrolment number
In the General Budget-2024, the Central Government proposed to stop the provision of writing Aadhaar enrolment number instead of Aadhaar number, so that PAN cannot be misused while filing IT returns. This decision is coming into effect from October 1, 2024. After this, now Aadhaar enrolment number will not be able to be used in place of Aadhaar number while filing IT returns.
Interest will be available only on one PPF account
Last month, the Department of Economic Affairs, Ministry of Finance issued guidelines for regularizing the Public Provident Fund (PPF). These guidelines are going to be implemented from October 1, 2024. From the beginning of next month, PPF accounts opened in the name of minors will get savings account interest till they turn 18 years old.
On the other hand, if you have more than one PPF account, then only one account will get interest as per the rate of the scheme. No interest of any kind will be paid on the amount deposited in other PPF accounts.
This rule is changing regarding TDS
In the General Budget-2024, Union Finance Minister Nirmala Sitharaman had announced changes in the rules of Tax Deducted at Source (TDS), which are coming into effect from October 1. Now if you are earning more than 10,000 in a year from the bonds of the Central or State Government, then you will have to pay 10 percent TDS.
New rates of STT will be applicable from October 1
From October 1, the new rate of Security Transaction Tax (STT) on futures and options (F&O) in the stock market will be applicable. Now 0.1 percent of the premium on the sale of options will be charged STT, which was 0.0625 percent earlier. On the other hand, 0.02 percent of the traded price will have to be paid as STT on the sale of futures, which was 0.0125 percent earlier.