1. Implementation of New Tax Collection at Source (TCS) Regulations: Effective October 1, new Tax Collection at Source (TCS) rules will be applied, impacting individuals traveling abroad for business, studies, or leisure. Additionally, medical or educational expenditures will incur a 5% TCS, while credit card expenses exceeding Rs 7 lakh annually in foreign countries will be subjected to a 20% TCS.
2. Mandatory Nomination for Mutual Funds and Demat Accounts: The Securities and Exchange Board of India (SEBI) has mandated all demat and mutual fund account holders to furnish nomination declarations or formally opt out of nominations for their investments. Initially set for September 30, 2023, the deadline has been extended to December 31, 2023.
3. Requirement of Aadhaar for Small Savings Accounts: By the end of September, investors in small savings schemes like Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and Post Office Deposits are required to provide their Aadhaar numbers to the respective post office or bank branch. Failure to comply will result in the freezing of these small savings assets.
4. Unified Usage of Birth Certificates: The Registration of Births and Deaths (Amendment) Act, 2023, effective from October 1, 2023, will authorize using birth certificates as a singular document for various purposes. These include admission to educational institutions, issuance of driving licenses, voter list preparation, Aadhaar number allocation, marriage registration, and appointment to government positions.
5. Deadline for Rs 2000 Note Exchange/Deposit: September 30, 2023, marks the final date for the deposit or exchange of Rs 2,000 notes at banks, as per the Reserve Bank of India (RBI) directive. Post-deadline, the acceptance of these notes is at the discretion of individual banks. A follow-up announcement regarding this matter is anticipated from the central bank on October 1.
