As October has begun, it's important to be aware of some changes in the income tax rule. With the implementation of the new Union Budget 2024, there are updates related to the income tax return, Aadhaar Card, TDS, and more that everyone should know about. Here are four new income tax rule changes taking effect from October 1, 2024, that you need to be aware of. Keep reading to learn more.
4 New Income Tax Rule Changes From October 1, 2024
Here are the four major changes related to rules and regulations regarding income tax returns, Aadhaar cards, TDS rates, and more:
Aadhaar Card Information In PAN Card Allotment
Starting from October 1, 2024, individuals filing income tax returns will no longer need to disclose their Aadhaar enrolment ID in PAN allotment documents. The authorities have decided to simplify the process by eliminating the requirement to mention the Aadhaar enrolment ID instead of their Aadhaar number.
Small Saving Schemes Change
Multiple small saving schemes, such as Public Provident Fund (PPF) accounts, Sukanya Samriddhi Yojana, and other similar accounts operated through post offices, will need to be regularised according to new rules that will come into effect from October 1, 2024. According to the Ministry of Finance, these new rules pertain to the regularisation of small saving scheme accounts opened in the name of minors, multiple PPF accounts, and the extension of PPF accounts for NRIs.
TDS Percentage Change
Tax deductions at source, also known as TDS, will undergo significant updates starting from Tuesday, October 1, 2024. The Union Finance Minister, Nirmala Sitharaman, announced new changes in income tax during the announcement of the Union Budget 2024. One of the new changes is that a TDS of 10% will be imposed on specific central and state government bonds. Additionally, TDS paid against life insurance policies, house rent payments, etc., will also see new changes.
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STT Rates Increase
Starting from Tuesday, October 1, 2024, there will be an increase in the Securities Transaction Tax (STT) applicable to futures and options (F&O). The STT on options will increase from 0.0625% to 0.1% of the premium, and on futures, it will increase from 0.0125% to 0.02% of the trade price.
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