There have been many major changes from October 1, 2024, which will directly affect the pocket and everyday life of the common man. Changes have been made in the rules related to income tax including Aadhar card, PPF, Sukanya Samriddhi Yojana. Let us know which rules have changed from today and what will be their effect.
1. Hike in LPG prices:
Oil marketing companies have increased the price of 19 kg commercial LPG cylinder. Its price in Delhi is now Rs 1740, which was earlier Rs 1691.50. Similar changes have been made in Mumbai, Kolkata and Chennai. However, there is no change in the price of domestic LPG cylinder.
2. ATF price cut:
Aviation Turbine Fuel (ATF) prices have been cut. Now its price in Delhi has become Rs 87,597.22 per kilolitre, which was earlier Rs 93,480.22. This is likely to provide some relief to flight services.
3. HDFC Bank Credit Card Rules Changed:
HDFC Bank has made changes to the loyalty program for some of its credit cards. Now the redemption of reward points for Apple products on the SmartBuy platform has been limited to one product in a quarter.
4. Changes in Sukanya Samriddhi Yojana:
Under Sukanya Samriddhi Yojana, now only the legal guardians of daughters can operate this account. If a daughter’s account is opened by an illegal guardian, then it will have to be transferred to the natural parents or legal guardian, otherwise the account may be closed.
5. New rules related to PPF account:
There have been three major changes in the PPF account. If you have more than one PPF account, they will have to be merged. Changes have also been made in the rules related to minor and NRI accounts, which have been implemented from today.
6. Changes in taxation of share buyback:
Now the tax on share buyback will be levied on shareholders, which was earlier applicable on companies. This will be similar to dividend taxation, due to which shareholders may have to pay more tax.
7. Rules related to Aadhaar card:
Now Aadhaar enrollment ID cannot be mentioned in PAN application form and income tax return. Instead it will be mandatory to use Aadhaar number.
8. New rules related to income tax:
Some of the income tax changes announced in Budget 2024 have come into effect from today. These include reduction in TDS rates. Now the TDS rates on some payments have been reduced from 5% to 2%. Apart from this, pending tax cases will be settled under the Direct Tax Dispute to Vishwas Scheme 2024.
9. PNB Credit Card Rules:
Punjab National Bank has changed several charges related to credit card service, such as maintaining minimum average balance and check return charges. These new charges have come into effect from today.
10. STT increased on F&O trading:
Security Transaction Tax (STT) has been increased on Futures and Options (F&O) trading. STT on sale of option has been increased from 0.0625% to 0.1% of the premium.
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