The 10 crucial financial rule changes taking effect on October 1st. From gas cylinder prices to Aadhar card regulations and railway ticket checks, these updates may affect your budget.
As October approaches, several significant financial rules are set to change, which could directly impact your budget. In this article, we’ll outline 10 important changes coming into effect on October 1st.
1. Gas Cylinder Prices
Every month on the 1st, LPG cylinder prices are adjusted. This time, there’s hope for a price drop in light of the festive season, which could ease some financial pressure.
2. New Aadhar Card Regulations
Starting October 1st, you will no longer be able to use your Aadhar enrollment ID for filing your PAN card or income tax returns. It’s now mandatory to provide your Aadhar number.
3. Railway Ticket Checking Campaign
To curb fare evasion during the busy festive season, Indian Railways will launch a special ticket checking campaign starting October 1st.
4. Changes to Post Office Account Interest Rates
Interest rates on post office accounts will change on October 1st, potentially affecting your savings income.
5. Updated CNG and PNG Rates
Oil marketing companies will revise the rates for CNG and PNG on the first of the month. While ATF prices saw a reduction in September, keep an eye on CNG and PNG rates as well.
6. Bonus Shares and T+2 Trading
The Securities and Exchange Board of India (SEBI) is implementing a T+2 trading system for bonus shares, which will benefit shareholders by reducing the time between record dates and trading.
7. New Guidelines for Small Savings Schemes
The Finance Ministry has issued guidelines regarding improperly opened accounts under national small savings schemes. This will help prevent future issues with accounts like PPF and Sukanya Samriddhi.
8. Increase in Security Transaction Tax
Effective October 1st, the Security Transaction Tax (STT) on futures and options trading will rise to 0.1%, up from the previous rate of 0.0625%. This increase will add to trading costs.
9. Introduction of the Dispute Resolution Scheme
The Central Board of Direct Taxes (CBDT) has announced the launch of the “Vivad se Vishwas Scheme 2024” on October 1st, designed to resolve income tax disputes efficiently.
10. Changes to HDFC Credit Card Loyalty Program
HDFC Bank is modifying its credit card loyalty program, limiting the redemption of reward points for Apple products to one item per calendar quarter.
Staying informed about these changes and adjusting your financial plans accordingly is crucial. Understanding these updates will help you make better financial decisions as we enter October.