If you have invested in government small savings schemes, used your credit card for overseas expenses, or have a demat and trading account, be sure to take note of these important changes coming up in October.
New Delhi: Personal finance enthusiasts, **take note! There are a number of important changes coming up in October that could impact your finances. Here’s a quick overview of four key changes that you don’t want to miss:
1. Small Savings Schemes: PAN, Aadhaar Mandation
If you have invested in any of the government’s small savings schemes, such as the Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS), or National Savings Certificate, you must provide your Permanent Account Number (PAN) and Aadhaar card by September 30, 2023. If you do not do so, your account will be suspended from October 1, 2023.
This new requirement is part of the government’s efforts to improve the transparency and efficiency of the small savings schemes. By linking your account to your PAN and Aadhaar card, the government will be able to better track your investments and ensure that you receive the benefits that you are entitled to.
2. TCS Rules On Cred Card
If you use your credit card to spend more than Rs 7 lakh on overseas expenses, you will have to pay a 20% tax deducted at source (TCS). However, if you use your credit card to spend money on medical or educational expenses overseas, you will only have to pay a 5% TCS. And if you have taken a loan to fund your overseas education, you will only have to pay a 0.5% TCS on any expenses that exceed Rs 7 lakh.
This new TCS rule is effective from October 1, 2023. It is designed to help the government track and collect taxes on overseas spending.
3. Single Document Aadhar
From October 1, 2023, birth certificates will be accepted as a single document for obtaining an Aadhaar card and applying for government jobs. This is because the Registration of Births and Deaths (Amendment) Act, 2023, will come into force across the country on that date.
This new law will make it easier for people to access government services and benefits. It will also help to reduce the number of fake Aadhaar cards and government job applications.
4. SEBI Nomination Deadline- Demat Trading accounts
Existing trading and demat account holders who have not yet nominated a beneficiary for their accounts need to do so by September 30, 2023. This is the deadline set by the Securities and Exchange Board of India (SEBI).
Nominating a beneficiary is important because it ensures that your investments will be transferred to the person you choose in the event of your death. This can help to avoid disputes and ensure that your loved ones are able to access your assets quickly and easily.
4. Rs 2,000 Notes Acceptance By RBI
The deposits or exchange of the Rs 2000 notes will be stopped after the dedaline, however, individuals or entitities can continue to exchange the notes at 19 RBI Issue Offices.
