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As October begins, several significant changes are set to take effect across the country. Starting today, October 1, 2024, ten major regulations—including those related to Income Tax, Aadhaar cards, the Public Provident Fund (PPF), and the Sukanya Samriddhi Yojana—will be implemented. These alterations are expected to have a direct impact on the financial lives of everyday citizens. Let’s explore the details of these changes.LPG Price Hike and Fuel Rate Changes on October 1On the first day of October, the price of LPG cylinders has taken a hit, with marketing companies raising the cost of the 19 kg commercial LPG cylinder by Rs 39. As a result, the price of a commercial cylinder in Delhi now stands at Rs 1,740, while in Mumbai, it is priced at Rs 1,692.50.In addition to the LPG price adjustments, fuel companies also revise the rates of aviation turbine fuel (ATF) and CNG-PNG at the start of each month. Following a decrease in September, ATF prices have now been reduced again, with the new rate set at Rs 87,597.22 per kilolitre in Delhi, offering some relief to the aviation sector.HDFC Credit Card Rules UpdateStarting today, HDFC Bank is implementing changes to its credit card policies. Notably, the loyalty program for certain credit cards has been revised. Under the new rules, customers will be limited to redeeming reward points for Apple products on the SmartBuy platform to one item per calendar quarter.Changes to Sukanya Samriddhi Yojana Effective October 1A significant update regarding the Sukanya Samriddhi Yojana has taken effect from October 1, 2024. Under the new regulations, only the legal parents of a girl will be permitted to operate her SSY account. If an account has been opened by someone other than the legal guardian, it must be transferred to a natural parent or legal guardian. Failure to comply with this requirement may result in the closure of the account.Also Read| LPG Price Hike: Commercial Cylinder Rates Increase by Rs 48.50.New Changes to PPF Scheme Effective October 1Starting today, significant changes are being implemented in the Public Provident Fund (PPF) scheme as part of the small savings initiative. On August 21, 2024, the Department of Economic Affairs, under the Union Ministry of Finance, issued new guidelines introducing three major modifications to the PPF rules.Firstly, if an individual holds multiple PPF accounts, they are required to merge the additional accounts into their primary account. Additionally, changes will also affect accounts held by minors and non-resident Indians (NRIs), though specific details on these adjustments have yet to be disclosed.Tax Changes on Share Buybacks Effective October 1Beginning October 1, a new rule regarding taxes on share buybacks will take effect. Under this regulation, shareholders will now be required to pay taxes on buyback income, similar to the taxation of dividends. This change shifts the tax burden from companies directly onto shareholders, impacting how buyback income is taxed moving forward.Aadhaar Card Regulation Changes Effective October 1Starting October 1, 2024, a significant change will take effect regarding the use of Aadhaar registration IDs. In line with proposals made in the budget to curb misuse and duplication of Permanent Account Numbers (PAN), individuals will no longer be permitted to use their Aadhaar registration ID in PAN allotment applications and income tax returns. According to Section 139AA of the Income Tax Act, since July 1, 2017, eligible individuals have been required to provide their Aadhaar number in these applications and returns. This move aims to enhance compliance and prevent fraudulent activities.Income Tax Changes Effective October 1 Following Budget 2024In the Budget 2024, Finance Minister Nirmala Sitharaman announced several important changes to income tax regulations that will take effect from October 1. Notably, a 10% Tax Deducted at Source (TDS) will now be applicable on floating rates under bonds. Additionally, TDS rates for payments under Sections 19DA, 194H, 194-IB, and 194M have been significantly reduced from 5% to 2%.Furthermore, the government has introduced the Direct Tax Disputes to Trust Scheme 2024, aimed at settling pending tax cases efficiently. These changes are expected to streamline tax processes and provide relief to taxpayers.Changes to Credit Card Rules and Service Charges Effective October 1Punjab National Bank (PNB) has announced new changes regarding credit-related service expenses that will affect savings accounts, effective October 1, 2024. These reforms include adjustments to charges for maintaining a minimum average balance, issuing demand drafts (DD), processing cheques (including ECS), return costs, and locker rent.Additionally, ICICI Bank has updated its offerings, stating that from October 1, customers will be eligible for two complimentary airport lounge accesses by spending Rs 10,000 in the previous calendar quarter.Changes to F&O Trading Rules Effective October 1Starting October 1, 2024, the Securities Transaction Tax (STT) for futures and options (F&O) trading will see an increase. The STT on the sale of options will rise from 0.0625% to 0.1%, while the STT on futures sales will increase from 0.0125% of the trade price to 0.02%. These adjustments are expected to impact trading costs for investors in the F&O market.

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