Here are 5 changes going to take place from 1st October: Know Details

From 1st October there are many financial changes going to take place, get all the information regarding it.

From 1st October there are many financial changes going to take place.

As the month of September comes to a close, a number of major financial deadlines that may have an influence on one’s personal finances are approaching. Starting in October, a few key changes will take effect, including the implementation of new TCS rules and the deadline for submitting candidates for Mutual Fund folios and demat accounts. Also, September 30 is the deadline for depositing or exchanging Rs 2,000 notes.

Here is a list of five personal finance regulatory amendments that will take effect on 1st October, 2023.

TCS Rules: New tax collection at source regulations, or TCS standards, go into force on October 1 and are critical for anyone planning to travel abroad for business, school, or vacation. Furthermore, medical or educational expenses would be subject to a 5% TCS, while credit card expenses in foreign countries exceeding Rs 7 lakh per year will be subject to a 20% TCS.

Exchange/Deposit Rs 2000 notes: The deadline for depositing or exchanging Rs 2,000 notes is September 30, 2023. Banks will accept the notes until the date established by the RBI; after that, banks may decide not to accept the notes.

Aadhaar for savings account: Investors in small savings programmes such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post Office Deposits, and others must present their Aadhaar numbers to the post office or bank branch by the end of this month. If they miss this deadline, their small savings will be frozen.

Sebi nomination deadline: Current holders of qualifying trading and demat accounts have until September 30 to name a beneficiary.

Nomination for Mutual funds: Investors have until September 30 to submit nominees for their current mutual fund folios, including combined folios. If you do not, debit transactions will be prohibited on the folios beginning October 1.

Birth Certificate compulsory for Government jobs: Aside from financial difficulties, birth documents will be required for Aadhaar and government jobs beginning next month. The Registration of Births and Deaths (Amendment) Act of 2023 will go into force across the country on October 1, 2023.

Also Read: PM Modi flags off nine Vande Bharat Express trains across 11 states which will be connecting many religious and tourist destinations.


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