In the month of October, there will be a number of changes that will be coming to the personal finances. The birth certificates becoming a single document and the new tax collection at source (TCS) rules These changes are expected to have a significant effect on millions of people’s lives around the nation. There would also be some changes in terms of Aadhaar and government employment.
Top 5 Money Changes You Can’t Afford to Miss
1. New Tax Collection At Source (TCS) Regulations
A new set of tax collection at source (TCS) regulations will go into effect on October 1, 2023, and they will have a great impact and influence on a variety of financial activities, especially those involving costs for traveling abroad. These legal changes are significant for anybody thinking about traveling internationally, investing in foreign mutual funds, stocks, or cryptocurrencies, or going abroad for further education.
2. No Exchange And Deposit of Rs 2000 Currency Notes
On September 30, the RBI’s deadline for exchanging or depositing Rs 2000 notes at bank branches will end. As of now, there have been no changes and clarity being made by the Indian government about what would happen to Rs 2000 notes as of October 1.
3. PAN and Aadhaar Are Compulsory Required For Small Savings Programs
By September 30, 2023, you must submit your PAN and an Aadhaar card if you have chosen one of the government’s modest savings programs, such as the Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS), or National Savings Certificate. If you don’t, your account will be suspended starting on October 1.
4. Mutual fund, Demat Account To Freeze In Failure Of Nomination
By September 30, 2023, SEBI made it compulsory for holders of mutual funds or demat accounts to either provide nomination declarations for their investments or choose not to participate in nominations.
If you don’t provide them by the deadline, your mutual fund or demat account will be locked. In addition, starting on October 1, 2023, you will not be able to withdraw or redeem any debit transactions.
5. Birth Certificate To Function As A Single Document
The Registration of Births and Deaths (Amendment) Act, 2023 will significantly change how birth certificates will be used in India as of October 1, 2023. This amendment enables birth certificates to serve as a single document for many reasons, such as enrollment in educational institutions, acquiring a driver’s license, inclusion on voter lists, registration for an Aadhaar card, marriage, and government job openings. By streamlining administrative procedures, people will experience more convenience while interacting with important papers and services.