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From Aadhaar To TDS: 6 Key Rule Changes Effective From 1st October 2024

There will be some key rule changes in the country starting October 1. These changes might effect the daily life of the individuals.

Income Tax

Key Rule Changes: Finance Minister Nirmala Sitharaman during Union Budget-2024 introduced key rule changes related to Aadhaar Card, Securities Transaction Tax, TDS rate, and Direct Tax Vivaad se Vishwas Scheme 2024 among others. All these changes have been approved as the part of the Finance Bill.

Check out the list of the major tax changes that will come into effect from October 1, 2024.

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Aadhaar Enrolment ID no longer will be valid for PAN and ITR filing

Provisions allowing people to use their Aadhaar enrolment ID instead of the Aadhaar number while filing Income Tax Returns (ITR) or applying for a PAN will be discontinued, effective October 1.

Securities Transaction Tax

The Securities Transaction Tax (STT) on Futures and Options (F&O) will see an increase and the rate will rise by 0.02% for futures and 0.1% for options from October 1.

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Floating Rate Bonds TDS

From October 1, 2024, a 10% TDS will be applicable on income earned from certain central and state government bonds, including floating rate bonds. The TDS will only be deducted if the total such income of the person exceeds Rs 10,000 in a financial year.

TDS Rates

Effective October 1, the TDS rates under sections 19DA, 194H, 194-IB and 194M has been reduced from 5% to 2%. On the other hand, TDS rates for e-commerce operators reduced from 1% to 0.1%.

Section 194DA – Payment for life insurance policy.

Section 194G – Commission on sale of lottery tickets.

Section 194H – Payment of commission or brokerage.

Section 194-IB – Payment of rent by certain individuals or HUFs.

Section 194M – Payment of certain sums by certain individuals or HUFs.

Section 194F – Payment in case of repurchase of units by a mutual fund or UTI is proposed to be deleted from 1st October 2024.

Share Buy-backs

Share buybacks will be taxed at the shareholder level, like dividends, effective from October 1.

Direct Tax Vivaad se Vishwas Scheme 2024

The Central Board of Direct Taxes (CBDT) has announced the Direct Tax Vivaad se Vishwas Scheme 2024 with the aim to settle down the pending appeals in income tax disputes. The scheme will come into effect from 1st October.

Also Read: Gold Prices Largely Remains Flat: Check Here The Rate In Your City

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