The month of October begins today. As with every month, several major changes are happening this month. From October 1 (Rule Change From October 2024), major changes will take place in 10 key regulations across the country, including those related to Aadhaar cards, PPF, Sukanya Samriddhi Scheme, and Income Tax. These changes will directly impact the common man's pocket. The first shock on the first of the month comes from a rise in LPG cylinder prices. Oil marketing companies have increased the price of the 19 kg commercial LPG cylinder on the first day of October. Let's find out what's changing from today?
First Change: LPG Price Hike
Oil marketing companies adjust LPG cylinder prices on the first of every month. This month too, there has been a change in prices. Over the past few months, the price of the 19 kg commercial gas cylinder has seen several changes. According to IOCL, from September 1, 2024, the price of a 19 kg LPG cylinder in Delhi increased from Rs 1652.50 to Rs 1691.50. This represented a Rs 39 increase per cylinder.
On the first day of October, the price of the 19 kg cylinder increased again. After the latest changes, the price increased from Rs 1691.50 to Rs 1740 per cylinder in Delhi. In Mumbai, the price rose from Rs 1644 to Rs 1692.50, in Kolkata from Rs 1802.50 to Rs 1850.50, and in Chennai, the price of the commercial cylinder increased from Rs 1855 to Rs 1903.
Second Change: Reduction in ATF Prices
Along with changes in LPG cylinder prices, oil marketing companies also revise ATF (Aviation Turbine Fuel) and CNG-PNG prices on the first of every month. In September, the price of ATF decreased. The price in Delhi dropped from Rs 97,975.72 per kiloliter in August to Rs 93,480.22 per kiloliter. On the first of October, further relief was seen, with the price in Delhi dropping to Rs 87,597.22 per kiloliter.
Third Change: HDFC Bank Credit Card Rule Modification
HDFC Bank is changing the rules for its credit cards from today. The loyalty program for some HDFC Bank credit cards has been modified. Now, the reward points redemption on Apple products through the SmartBuy platform is limited to one product per calendar quarter.
Source: aajtak
Fourth Change: Sukanya Samriddhi Scheme
A significant change has been made to the Sukanya Samriddhi Scheme (Sukanya Samriddhi Account), effective from October 1, 2024. Only legal guardians can now operate this account for their daughters. If an SSY account was opened by someone other than the legal guardian, it must now be transferred to the natural parents or legal guardians, or the account might be closed.
Fifth Change: PPF Account Rule
Under the Small Saving Schemes, three major changes are coming to the PPF scheme from today. Announced on August 21, 2024, by the Department of Economic Affairs, under the Ministry of Finance, these changes require merging multiple accounts into one if a person has more than one PPF account. Other changes relate to minor accounts and NRI accounts.
Sixth Change: Share Buyback
A new rule regarding the taxation of share buybacks is taking effect from October 1. Now, shareholders will be responsible for paying tax on buyback income, similar to dividend taxation, transferring the tax burden from companies to shareholders.
Source: aajtak
Seventh Change: Aadhaar Card Rule
The 2024 Union Budget proposed ending the provision of mentioning Aadhaar Enrollment ID instead of Aadhaar number. This aims to eliminate PAN misuse and duplication. Starting October 1, 2024, individuals cannot mention their Aadhaar Enrollment ID in the PAN application form and their income tax returns. The Budget mandates that individuals eligible for a PAN number must mention their Aadhaar number in PAN application forms and tax returns from July 1, 2017, under Section 139AA of the Act.
Eighth Change: Income Tax Rule
The 2024 Budget announced several changes to income tax, effective from October 1. These include a 10% TDS deduction on floating rate bonds and reduced TDS rates under Sections 194DA, 194H, 194-IB, and 194M. The new rates are 2%, down from the previous 5%. Additionally, the new 'Vivad Se Vishwas Scheme 2024' aims to resolve pending tax disputes.
Source: aajtak
Ninth Change: Credit Card Rule Adjustments
Punjab National Bank (PNB) has announced changes to some credit-related service costs for savings accounts. Amendments include maintaining minimum average balance, issuing demand drafts, creating DD copies, and costs related to returning checks (including ECS), locker rent charges, and more. These new fees will take effect from October 1, 2024.
According to ICICI Bank's website, from October 1, 2024, by spending Rs 10,000 in the previous calendar quarter, you can enjoy two complimentary airport lounge accesses.
Tenth Change: F&O Trading Rule
From October 1, the Security Transaction Tax (STT) on Futures and Options (F&O) trading will increase. STT on option sales will rise from 0.0625% to 0.1% of the premium, and for future sales, it will increase from 0.0125% to 0.02% of the trade price.
