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Tax Rule Change: Rules related to stock market and tax will change from today, it will have a direct impact on the pocket

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Tax Rule Change: Rules related to stock market and tax will change from today, it will have a direct impact on the pocket
Tax Rule Change: Rules related to stock market and tax will change from today, it will have a direct impact on the pocket

Intro: From October 1, i.e. today, many types of financial rules including health insurance, retail loans, share buyback, bonus shares are going to change which will have a direct impact on your life. After the instructions of RBI, it will be mandatory for banks and non-banking financial companies (NBFCs) to give details of key facts to customers taking retail loans from October 1. Read this report of Business Desk about these changes.

From today, i.e. 1st October, there are going to be changes in many types of financial rules including health insurance, retail loans, share buyback, bonus shares, which will have a direct impact on your life. Read this report of Business Desk about these changes.

Clear information will be available regarding the cost of retail loan

Following RBI’s instructions, it will be mandatory for banks and non-banking financial companies (NBFCs) to provide details of key facts to customers taking retail loans from October 1. This will give customers a clear idea of ​​the total cost of the loan.

According to RBI, this statement should be in simple form and should prominently mention the fees and other charges related to the loan. Also, this statement should be given to the customers in a language that is easily understandable.

Higher premium will be available on policy surrender

Now policyholders will get more money on their insurance policies. According to the insurance regulator, insurance companies will have to pay money even if the policy is surrendered after one year. Earlier, no money was received on surrendering the policy after one year.

Apart from this, the maximum waiting period for health insurance purchased from October 1 will be three years. Till now this period was four years. The period for not challenging the claims on grounds other than misrepresentation and fraud has been reduced from eight years to five years.

20 percent tax will be levied on share buyback

After October 1, shareholders participating in the share buyback of companies will be taxed at 20 percent. Till now this tax was levied on companies. According to the new rules, the buyback process will be considered as a dividend and the amount received from it will be added to the total income of the shareholders and taxed. Apart from this, startup employees selling the shares received from the company will also have to pay tax.

Trading in bonus shares will be possible after two days

From October 1, trading (buying and selling) of bonus shares issued by companies will begin two days after the record date. Currently, trading of bonus shares used to take about two weeks.

20% TDS will not be levied on repurchasing mutual fund units

From October 1, 20 percent TDS (Tax Deducted at Source) will not be levied on purchasing units of mutual funds or Unit Trust of India (UTI).

Finance Minister Nirmala Sitharaman had announced this in the budget presented in July. This step has been taken to reduce the tax burden on investors.

Apply for Vivaad Se Vishwas 2.0

Applications can be made from October 1 in the Vivaad se Vishwas 2.0 scheme launched to settle pending tax disputes. This scheme has been launched with the aim of reducing the number of tax related cases. To avail the benefits of this scheme, applications can be made till 31 December 2024.

Such PPF accounts of NRIs will be closed

Non-resident Indians (NRIs) are allowed to invest in Public Provident Fund (PPF) accounts. It is mandatory for the account holder to declare his status as an NRI while opening a PPF account.

The accounts of those account holders who have not informed about being NRI will be closed from October 1. The amount deposited in these accounts will get interest at the rate available on post office savings account till 30 September 2024. After October 1, no interest will be paid on the amount deposited in these accounts.

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