From credit cards to Aadhaar enrolment ID: Financial rule changes in October 2024

New Delhi: Financial rules changes come into effect with every new month. In October 2024, an array of financial rules and instruments are likely to undergo changes. From credit and debit cards to  TDS on mutual funds and house rent allowance as well as Aadhaar card enrolment, here are changes that are likely to come into effect from October.

HDFC Bank and ICICI Bank will alter their rules for credit and debit cards, respectively. The validity of Aadhaar enrolment IDs will also undergo changes from next month. Read on to know more.

HDFC Bank credit card rules changes

HDFC Bank has decided to cap the Apple and Tanishq voucher redemptions on HDFC SmartBuy a service facilitation platform offered by the bank. From now on, Infinia users can only redeem 1 Apple product against a voucher and 50,000 points for a Tanishwq voucher, according to the company’s website.

ICICI Bank debt card rule change

ICICI debit card users will see their airport lounge access linked to meeting the minimum spending targets in the previous calendar quarter. The rule applies to all debit card categories offered by ICICI Bank including Coral, Rubyx and Expressions.

TDS rate revision

TDS rates on life insurance policies, commission on lottery tickets, payment of rent and certain sums by individuals and HUF will be slashed to 2 per cent from 5 per cent. TDS on the sale of immovable property exceeding a value of Rs 50 lakh is a must at 1 per cent, effective October 1, 2024.

PNB bank charges

Punjab National Bank will change announce changes to certain services related to on-credit for savings account. This will include the average minimum balance, issuance of demand drafts and duplicate DDs, locker rent, and more, effective October 1, 2024.

Short term tax

Those invested in stock markets will have to pay higher securities transaction tax on F&O transactions at 0.02 per cent and securities at 0.1 per cent. Income from share buybacks will be taxed in the hands of the investor., effective October 1, 2024.

Aadhaar enrolment ID

Going forward, individuals will not be able to use Aadhaar enrolment ID instead of Aadhaar number. This rule will also apply to Aadhaar in income tax returns as well as applications for PAN card, effective October 1, 2024.

TDS on floating rate bonds

The TDS on floating rate bonds will stand revised to 10 per cent effective October 1, 2024, on central and state government securities. This includes floating bond rates. To be sure, TDS will only be deducted if the Rs 10,000 threshold is crossed on revenues earned from these bonds.

LPG rates rate revision

Oil marketing companies may revise commercial LPG rates ahead of the festive season. This is a routine activity which is effected on the 1st and 15th date of every month.

Vivad se Vishwas Scheme for Direct Taxes

The Vivad se Vishwas Scheme for Direct Taxes will come into effect from October 1, 2024. Under this scheme, a lesser settlement amount is possible for a new tax appellant compared to an old tax appellant. A lesser settlement amount will be effective for those who pay taxes ahead of December 31, 2024, compared to those who file taxes after this date.

 Financial rule changes from October 2024: From credit cards and debit cards to Aadhaar enrolment IDs, here are key changes that will come into effect from October 2024.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today