October 2024: From TDS to Saving Schemes, 13 Changes That Will Impact You
By: Admin | October 01, 2024 | Categories: TAX News | 4 Min Read
As October begins, several important financial changes have taken effect. Here’s what you need to know:
- Aadhaar and PAN Changes
Starting today, using the Aadhaar enrolment ID for PAN allotment is no longer allowed. - Small Savings Scheme Rules
Guardians can now open only one PPF account per child. NRIs will no longer earn interest on PPF accounts opened before their residency change. - TDS Rate Updates
Key changes include lower TDS rates for e-commerce, life insurance payouts, rent payments, and lottery commission. - TDS on Government Bonds
TDS on floating rate bonds will be 10% if the annual earnings exceed ₹10,000. - TDS on Immovable Property Sales
A 1% TDS on property sales over ₹50 lakh, even in multi-party transactions. - Revised Transaction Charges
NSE and BSE have updated their transaction fees for equity and derivatives trading. - Securities Transaction Tax (STT) Hike
Trading futures are now taxed at 0.02%, and options at 0.1%. - Taxation of Share Buybacks
Share buybacks will now be taxed as dividends for shareholders. - Key Facts Statement for Loans
Borrowers will receive a “Key Facts Statement” detailing all loan charges and terms for transparency. - Health Insurance Changes
Pre-existing disease waiting periods are reduced to three years, and moratorium periods to five years. - Endowment Policies
Higher surrender values will be available for those terminating their policies early. - Faster Trading of Bonus Shares
Bonus shares can now be traded two days after the record date, enhancing market liquidity. - Vivad Se Vishwas 2024
This scheme allows settlement of direct tax disputes with reduced payments if completed by December 31, 2024.
These updates may affect your financial planning, tax obligations, and investment strategies moving forward.