New Rules 2024: These 10 big changes will happen across the country from October 1, know the new rules

Rule Change From 1 October 2024: These changes include Aadhar Card, STT, TDS Rate and Direct Tax Dispute to Vishwas Scheme 2024. Here we are telling about the changed rules which are going to be implemented from 1st October.

Rule Change From 1st October: New month, new rules! The month of October is going to bring many important changes for you. Many new rules are going to be implemented in this month which can directly affect your daily life. These include changes in the rules for LPG, bank holidays and mobile users. Apart from this, Union Finance Minister Nirmala Sitharaman had announced changes in many rules related to income tax in the Union Budget 2024. Some of these changes have already been implemented, while some are going to be implemented from October 1, 2024.

These changes include Aadhar Card, STT, TDS Rate and Direct Tax Dispute to Vishwas Scheme 2024. Here we are going to tell you about all the new rules which are going to be implemented from October 1.

1. New prices of LPG cylinders will be released (LPG Prices)

Government oil companies change the prices of LPG cylinders on the first of every month. Therefore, you can see the change in cylinder prices on the morning of October 1, 2024. New prices are usually released at 6 am. Recently, the prices of 19 kg commercial gas cylinders have been fluctuating, but the prices of 14 kg domestic cylinders have been stable for some time.

2. TRAI will implement new rules for mobile users

TRAI (Telecom Regulatory Authority of India) is going to implement new rules from October 1, which will benefit mobile users. Now users will be able to get information about the network available in their area and spam calls will be reduced. TRAI has instructed telecom companies Jio, Airtel, Vodafone and BSNL to make a list of spam calls and send only secure URL or OTP link in the message. These steps will help prevent online fraud and scams. Earlier these rules were to be implemented from September 1, but it was extended by one month by TRAI.

3. 15 days bank holidays in October (October Bank Holiday)

According to the information given on the official website of the Reserve Bank of India (RBI), there will be a total of 15 bank holidays in October (Bank Holidays in October 2024). This includes Gandhi Jayanti and Durga Puja as well as weekly holidays in banks. Let us tell you that there are bank holidays on two Saturdays and four Sundays in this month.

4. These accounts linked to Sukanya Samriddhi Yojana will be closed!

New rules regarding investment in Sukanya Samriddhi Yojana are going to be implemented from October 1. According to the new rules, such accounts which are not opened by the girl’s parents or legal guardian, will now have to be compulsorily transferred to the name of the parents or their legal guardian as per the new guidelines. According to the new rules. Only legal guardians or natural parents can open and close accounts under Sukanya Samriddhi scheme. Under this, if more than two accounts are opened, then other additional accounts (Sukanya Samriddhi account) will be closed.

5. Securities transaction tax

Securities transaction tax on futures and options (F&O) trading has been increased by 0.02 per cent and 0.1 per cent respectively. Apart from this, income from share buyback will be taxed according to the taxable income of the beneficiary. This change will be implemented from October 1, 2024. Pay special attention to the fact that STT is levied on both purchase and sale of various securities including equity shares, futures and options. The government’s objective behind this change is to reduce speculative activity in the rapidly growing derivatives market.

6. There will be a change in the rules related to PAN-Aadhaar (Aadhaar and PAN Card)

The Union Budget 2024 proposes to remove the provision that allows mentioning of Aadhaar enrolment ID instead of Aadhaar number. The purpose of this rule is to prevent misuse and duplication of PAN. From October 1, 2024, no one will be able to mention their Aadhaar enrolment ID in the application form for PAN allotment and in their income tax returns.

7. Tax on buy-back of shares

From October 1, shareholder level tax will be applicable on buyback of shares just like dividend. Apart from this, the acquisition costs of these shares will be taken into account while calculating any capital gain or loss. This change will increase the tax burden on shareholders who choose the buyback option, because now direct tax will be levied on capital gains.

8. Tax will be levied on floating rate bonds (Floating rate bonds TDS)

It was announced in Budget 2024 that TDS will be deducted at the rate of 10% from certain specific bonds of the central and state government including floating rate bonds from October 1, 2024. However, no TDS will be deducted if the income in a year is less than Rs 10 thousand.

9. TDS rate changes

TDS rates have been reduced for payments under sections 19DA, 194H, 194-IB and 194M. Now the TDS rate for these sections has been reduced from 5% to 2%. At the same time, the TDS rate for e-commerce operators has been reduced from 1% to 0.1%.

• Section 194DA – Payment for life insurance policy
• Section 194G – Commission on sale of lottery tickets
• Section 194H – Commission or brokerage
• Section 194-IB – Payment of rent by certain individuals or HUF
• Section 194M- Payment of certain sums by certain individuals or HUF
• Section 194F – Section 194F, which focuses on repurchase of mutual fund units or UTI-related payments, is proposed to be removed from October 1, 2024.

10. Direct Tax Dispute Se Vishwas Scheme (Direct Tax Dispute Se Vishwas Scheme 2024)

The Central Board of Direct Taxes (CBDT) has announced the Direct Tax Vivaad se Vishwas Scheme, 2024 (also known as DTVSV, 2024) for settlement of pending appeals in income tax dispute cases. This scheme will be implemented from October 1, 2024.