Change Rule: New TCS rule will also be applicable on foreign expenses from next month. New rules will also be applicable for small savings account.
Change Rule: Now only a few days are left for the month of September to end. Next month, from October 1, 2023, many rules related to personal finance including Mutual Funds, Demat Accounts are going to change. According to the news of Live Mint, the new TCS rule will also be applicable on foreign expenses from next month. If you do not add your nominee in mutual fund folio, demat and trading accounts by 30th September, then there will be different rules for them from 1st October. To know whether you will also be within the scope of these rules, let us discuss here five changing rules for personal finance.
TCS new rule
From October 1, 2023, foreign expenditure of more than Rs 7 lakh on credit cards will be under the ambit of 20 percent TCS (New TCS rule). Yes, if such expenses are incurred for medical or education purposes, then TCS 5 percent will be applicable. For those taking loans for foreign education, above the limit of Rs 7 lakh, 0.5 percent TCS rate will be applied.
Change in trading account i.e. demat
Market regulator SEBI has fixed September 30 as the last date for mutual funds demat account holders to add nominees. After this, depending on the valuation of the business as well as demat accounts in which the option of nominee details will not be updated, the accounts can be frozen.
Aadhaar for Small Savings Account
If you operate an account under Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post Office Deposit and other small savings schemes, then you will have to submit your Aadhaar number from October 1. If you do not do this, you will be banned from investing in Small Savings Account. PAN and Aadhaar number are necessary to invest in small savings schemes like PPF, SSY, Senior Citizen Savings Scheme (SCSS) etc. The Finance Ministry had issued a notification regarding this on 31 March 2023.
Deposit Rs 2000 notes
If you still have Rs 2000 notes, then definitely deposit them by 30 September 2023. The Reserve Bank has set the deadline for exchanging Rs 2000 notes till September 30.
Birth certificate will become a single document for Aadhaar and government job.
From next month, October 1, 2023, birth certificate will become a single document for Aadhaar and government jobs. The Registration of Births and Deaths (Amendment) Act, 2023 will come into force across the country from October 1, 2023. The Act allows the use of birth certificate as a single document for admission to any educational institution, issuance of driving license, preparation of voter list, Aadhaar number, marriage registration or appointment to a government job.
