Tax To Saving Schemes, 5 Must-know Financial Changes To Come Into Effect From October 1 – News18

The month of October will be here in just a few days. As per a recent report, in October, a lot of financial changes are set to take place. These changes are going to have a direct impact on the finances of the common man. Let us know which new rules will come into effect in October, and how they can affect one’s monthly expenses.

1. A new rule of TCS will be implemented: The government is going to implement a new rule of 20 per cent TCS (tax collection at source) from October 1, 2023. This will not only apply to foreign trips, but transactions done through any means in any other country will also come under the purview of the new rule. These changes are important for anyone planning international travel, investing in foreign stocks, mutual funds, or cryptocurrencies abroad, or pursuing higher education abroad.

2. Demat accounts will be frozen without a nomination: SEBI has made it mandatory for trading accounts, Demat accounts, and mutual fund investors to make nominations by September 30. The accounts of those who do not do so will be frozen on October 1. So, it is necessary to make a nomination by September 30 to avoid this situation.

3. Small savings schemes to be closed if Aadhaar and PAN are not submitted: Individuals who opt to invest in small savings schemes like the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS) and National Savings Certificate (NPS) must submit their PAN card and Aadhar card by September 30. According to the government notification, accounts failing to do so may be suspended from October 1.

4. The birth certificate will become a single document for government jobs. According to the Union Home Ministry, the Registration of Births and Deaths (Amendment) Act 2023 will come into effect on October 1. With the implementation of this amended law, birth certificates will be used as a single document in many important works. It will be used as a single document for admission to an educational institution, driving licence preparation, voter list preparation, Aadhaar number, marriage registration, and appointment to a government job.

5. Two thousand rupee notes will be banned: Two thousand rupee notes will be banned in the market from October 1. One needs to exchange Rs 2,000 notes by September 30.