Here's a list of money changes that will impact one's life from October 1. Know all the details here.
Similar to September, there are a lot of financial deadlines and changes in October that could impact your financial situation. From the new debit card rule, and the new TCS (tax collected at source) rule, to particular FD deadlines. These changes are expected to have a significant effect on millions of people's lives around the nation in terms of Aadhaar and government employment.
Here are the 5 personal finance changes scheduled for October 2023.
TCS rule: From October 1st, 2023, the new tax collection at source (TCS) rates will take effect. No matter if you are travelling abroad, buying in foreign stocks, mutual funds, or cryptocurrencies, or going abroad for higher education, you must pay TCS if your spending exceeds a certain threshold in a fiscal year.
New debit and credit card rule: The Reserve Bank of India (RBI) has instructed banks to provide cards on various networks starting on October 1, 2023, and to give customers the choice of selecting their preferred card network. The network provider is now chosen by the card issuer when a person applies for a debit or credit card.
FD deadline: Indian Bank has extended the "Ind Super 400" and "Ind Supreme 300 days" special fixed deposits with higher interest rates. The deadline has been extended to October 31, 2023.
Small savings scheme to freeze if..: Those who invest in SSS such as Provident Fund, Senior Citizens Savings Scheme (SCSS) and more are mandatorily asked to submit their PAN and Aadhaar card. If it fails, then it may result in the suspension of the account from October 1 until the documents are provided.
Birth certificates: The Registration of Births and Deaths (Amendment) Act, 2023 will go into effect from today, allowing the use of a birth certificate as a single document for admission to a school, issuance of a driver's license, preparation of a voter list, Aadhaar number, marriage registration, or appointment to a government job.
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 "Major financial changes starting from October 1, all details inside")
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