As September draws to a close, the onset of October 2023 brings with it several financial alterations that will directly impact your pocket. From LPG price fluctuations to new TCS rules, here are five key changes to look out for.
1. LPG Price Adjustment:
The beginning of October, like every month, may see a change in LPG prices, affecting household budgets. Oil marketing companies revise LPG prices on the first of every month. Although the government has recently slashed LPG cylinder prices by INR 200, eyes will be on the price change on 1st October 2023. Alongside, prices of CNG-PNG and Air Turbine Fuel (ATF) may also see a change.
2. New TCS Rules:
Effective 1st October 2023, new rules on Tax Collected at Source (TCS) will be implemented, impacting expenses related to foreign travel. These rules will affect foreign stock investment, mutual funds, cryptocurrency investment abroad, or individuals traveling abroad for higher education. Under the RBI’s Liberalized Remittance Scheme (LRS), an individual can send up to $250,000 abroad annually. From October, a 20% TCS will be levied on remittances exceeding INR 7 lakh for purposes other than education and medical.
3. Discontinuation of INR 2,000 Notes:
The Reserve Bank of India (RBI) had announced the withdrawal of INR 2,000 notes from circulation on 19th May, with a deadline of 30th September 2023 for depositing or exchanging these notes at banks and RBI regional offices. From 1st October 2023, these notes will no longer be valid for transactions.
4. Birth Certificate Simplification:
Effective 1st October 2023, the Birth and Death Registration (Amendment) Act, 2023, will simplify the use of birth certificates. Now, a birth certificate can serve as a single document for school admissions, obtaining a new driving license, voter registration, linking with Aadhaar, marriage registration, or government job applications.
5. Rules on Small Savings Schemes:
For individuals investing in government savings schemes like Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), and National Savings Certificate (NSC), 1st October 2023 is crucial. Those who haven’t updated their Aadhaar and PAN card details with these accounts might face account suspension. The government has repeatedly urged individuals to update their Aadhaar details with these schemes.
Important Information Table:
| Particulars | Details |
|---|---|
| LPG Price Revision Date | 1st October 2023 |
| New TCS Rule Implementation Date | 1st October 2023 |
| INR 2,000 Note Withdrawal Deadline | 30th September 2023 |
| Birth Certificate Simplification Act | Birth and Death Registration (Amendment) Act, 2023 |
| Small Savings Scheme Rule Change Date | 1st October 2023 |
FAQs:
- When will the new TCS rules be implemented?
- The new TCS rules will be implemented from 1st October 2023.
- Till when can the INR 2,000 notes be exchanged or deposited?
- The INR 2,000 notes can be exchanged or deposited till 30th September 2023.
- What changes are expected in the LPG prices from October?
- While the government has recently reduced LPG prices by INR 200, further changes, if any, will be known on 1st October 2023.
- What is the significance of 1st October 2023 for small savings scheme investors?
- Investors in small savings schemes need to ensure their Aadhaar and PAN card details are updated by 1st October 2023 to avoid account suspension.
These changes underline the necessity for individuals to stay updated and comply with the evolving rules. It’s advisable to stay updated with any further announcements or clarifications from the concerned authorities regarding these changes.
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