New Delhi: Financial rules changes come into effect with every new month. In October 2024, an array of financial rules and instruments are likely to undergo changes. From credit and debit cards to TDS on mutual funds and house rent allowance as well as Aadhaar card enrolment, here are changes that are likely to come into effect from October.
HDFC Bank and ICICI Bank will alter their rules for credit and debit cards, respectively. The validity of Aadhaar enrolment IDs will also undergo changes from next month. Read on to know more.
HDFC Bank credit card rules changes
HDFC Bank has decided to cap the Apple and Tanishq voucher redemptions on HDFC SmartBuy a service facilitation platform offered by the bank. From now on, Infinia users can only redeem 1 Apple product against a voucher and 50,000 points for a Tanishwq voucher, according to the company’s website.
ICICI Bank debt card rule change
ICICI debit card users will see their airport lounge access linked to meeting the minimum spending targets in the previous calendar quarter. The rule applies to all debit card categories offered by ICICI Bank including Coral, Rubyx and Expressions.
| ICICI Bank Coral Credit Card | ICICI Bank NRI Secured Coral Visa Credit Card | ICICI Bank Coral American Express Credit Card |
| ICICI Bank Secured Coral Credit Card | ICICI Bank Coral Contactless Credit Card | ICICI BANK HPCL SUPER SAVER RuPay Credit Card |
| ICICI Bank LEADTHENEW Coral Credit Card | ICICI Bank Coral Rupay Credit Card | ICICI Bank MasterCard Coral Credit Card |
| ICICI Bank Expressions Credit Card | MINE Credit Card By ICICI Bank Visa Card | MINE Credit card By ICICI Bank Mastercard |
| ICICI Bank HPCL SUPER SAVER Visa Credit Card | ICICI Bank HPCL SUPER SAVER Master Credit Card | MakeMyTrip ICICI Bank Platinum Credit Card |
| ICICI Bank Manchester United Platinum Credit Card | Chennai Super Kings ICICI Bank Credit Card | Accelero ICICI Bank Credit Card |
| ICICI Bank Parakram Credit Card | ICICI Bank Business Blue Advantage Card | ICICI Bank MakeMy Trip Mastercard Business Platinum Credit Card |
TDS rate revision
TDS rates on life insurance policies, commission on lottery tickets, payment of rent and certain sums by individuals and HUF will be slashed to 2 per cent from 5 per cent. TDS on the sale of immovable property exceeding a value of Rs 50 lakh is a must at 1 per cent, effective October 1, 2024.
PNB bank charges
Punjab National Bank will change announce changes to certain services related to on-credit for savings account. This will include the average minimum balance, issuance of demand drafts and duplicate DDs, locker rent, and more, effective October 1, 2024.
Short term tax
Those invested in stock markets will have to pay higher securities transaction tax on F&O transactions at 0.02 per cent and securities at 0.1 per cent. Income from share buybacks will be taxed in the hands of the investor., effective October 1, 2024.
Aadhaar enrolment ID
Going forward, individuals will not be able to use Aadhaar enrolment ID instead of Aadhaar number. This rule will also apply to Aadhaar in income tax returns as well as applications for PAN card, effective October 1, 2024.
TDS on floating rate bonds
The TDS on floating rate bonds will stand revised to 10 per cent effective October 1, 2024, on central and state government securities. This includes floating bond rates. To be sure, TDS will only be deducted if the Rs 10,000 threshold is crossed on revenues earned from these bonds.
LPG rates rate revision
Oil marketing companies may revise commercial LPG rates ahead of the festive season. This is a routine activity which is effected on the 1st and 15th date of every month.
Vivad se Vishwas Scheme for Direct Taxes
The Vivad se Vishwas Scheme for Direct Taxes will come into effect from October 1, 2024. Under this scheme, a lesser settlement amount is possible for a new tax appellant compared to an old tax appellant. A lesser settlement amount will be effective for those who pay taxes ahead of December 31, 2024, compared to those who file taxes after this date.
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