A lot changes in the country on the first date of every month and this time too, many big changes (Rule Change From October 2024) are going to be implemented in the country from October 1, 2024. Under this, while the prices of LPG cylinders have increased from the first date, many rules related to income tax including Aadhar card, PPF, Sukanya Samriddhi Yojana are going to change.
The month of October is starting from today. Like every month, many big changes are going to happen this month too. From October 1 (Rule Change From October 2024), that is, from today, 10 big rules like Aadhar Card, PPF, Sukanya Samriddhi Yojana and Income Tax are going to change across the country.
The impact of these changes is going to be directly on the pocket of the common man. On the first date, the first shock has been on the prices of LPG cylinders. Actually, oil marketing companies have increased the price of 19 kg LPG cylinder on the first day of October. Let’s know what will change from today?
First change: LPG prices
Oil marketing companies change the price of LPG cylinder on the first of every month. Its price has also changed this month. In the past few years, many changes have been seen in the prices of 19 kg commercial gas cylinders. According to IOCL, last month, from September 1, 2024, the price of 19 kg LPG cylinder in the capital Delhi (Delhi LPG Cylinder Price) increased from Rs 1652.50 to Rs 1691.50. Here there was an increase of Rs 39 per cylinder.
On the first of October, the prices of 19KG cylinders have also been increased. After the latest change, the price of cylinder in the capital Delhi has increased from Rs 1691.50 to Rs 1740 per cylinder. In Mumbai, it has been increased from Rs 1644 to Rs 1692.50, in Kolkata (Kolkata LPG Price) from Rs 1802.50 to Rs 1850.50 and in Chennai, the price of commercial cylinder has been increased to Rs 1903, which was Rs 1855 till now.
Second change: Cut in ATF prices
Along with the change in the price of LPG cylinder on the first of every month, oil marketing companies also revise the prices of aviation fuel i.e. ATF and CNG-PNG. ATF prices were cut in the month of September. Its price in the capital Delhi came down from Rs 97,975.72 per kilolitre in August to Rs 93,480.22 per kilolitre. On the first of October, there has been relief and it has become cheaper. Now its price in Delhi has come down to Rs 87,597.22 per kilolitre.
Third change: Changes in HDFC Bank credit card rules
HDFC Bank’s credit card rules are changing from today. The loyalty program for some HDFC Bank credit cards has been changed. According to this, HDFC Bank has limited the redemption of reward points for Apple products on the SmartBuy platform to one product per calendar quarter.
Fourth change: Sukanya Samriddhi Yojana
A big rule related to the Sukanya Samriddhi Yojana (Sukanya Samriddhi Account) scheme has changed and this change has also come into effect from October 1, 2024. Under this, from the first date, only the legal guardians of daughters can operate these accounts. According to the new rule, if a daughter’s SSY account has been opened by a person who is not her legal guardian, then she will now have to transfer this account to the natural parents or legal guardian. If this is not done, the account may be closed.
Fifth change: Rules related to PPF account
Three major changes are going to be made in the PPF scheme under the Small Savings Scheme. These changes will come into effect from today. On August 21, 2024, the Department of Economic Affairs under the Union Finance Ministry had issued a guideline regarding the new rules, under which three new rules of PPF will be implemented. Under this, if more than one account is kept, two accounts will have to be merged into the first account. Two more changes are related to minor account and NRI account.
Sixth change: Share buyback
From October 1, a new rule is coming into effect regarding the taxation of share buyback. Now shareholders will be responsible for paying tax on buyback income, which will be applicable to the taxation of dividends. This change will transfer the tax burden from companies to shareholders.
Seventh change: Aadhar card related rule
The Union Budget 2024 proposes to discontinue the provision allowing the mention of Aadhaar enrollment ID instead of Aadhaar number. The decision is aimed at eliminating the misuse and duplication of PAN. From October 1, 2024, individuals will no longer be able to mention their Aadhaar enrollment ID in the application form for PAN allotment and in their income tax returns. According to the budget, eligible persons are required to mention Aadhaar number in PAN application form and income tax returns effective from July 1, 2017 under section 139AA of the Act.
Eighth change: Income tax rules
In Budget 2024, Nirmala Sitharaman announced several changes regarding income tax, which are going to change from October 1. These include TDS rates, Direct Tax Dispute to Vishwas Scheme 2024. Under TDS, 10% TDS deduction will be applicable on floating rate under bonds. At the same time, TDS rates have been reduced for payments under sections 19DA, 194H, 194-IB and 194M. The reduced rates for these sections are now 2% instead of the earlier 5%. Apart from this, Direct Tax Dispute to Vishwas Scheme 2024 was introduced, under which pending tax cases will be settled.
Ninth change: Credit card rules
Punjab National Bank (PNB) has announced changes in some credit-related service costs applicable for savings accounts. The amendments include maintaining minimum average balance, issuing demand drafts, making copies of DDs, cheques (including ECS), return costs and locker rent charges. The new charges will be applicable from October 1, 2024.
According to the ICICI Bank website, from October 01, 2024, you can enjoy two complimentary airport lounge access by spending Rs 10,000 in the previous calendar quarter.
Tenth change: Rules related to F&O trading
The Security Transaction Rate (STT) applicable on Futures and Options (F&O) is going to increase from October 1. STT on the sale of options will increase from 0.0625% of the premium to 0.1%. On selling futures, STT will increase from 0.0125% of the trade price to 0.02%.