Upcoming Changes: Like September, there will be many financial deadlines and changes in the month of October which can directly impact your pocket.
The new changes include new TCS (Tax Collected at Source) rules, special FD deadlines, new debit card rules and many more. In such a situation, you should keep an eye on what changes are going to happen from October 1.
New TCS rule
The new TCS (Tax Collected at Source) rule will come into effect from October 1. These rules are important for planning international travel, investing in foreign stocks, mutual funds, cryptocurrencies abroad or pursuing higher education abroad.
If someone spends more than a certain amount in a financial year, TCS will be applicable on it. However, according to the Finance Ministry, TCS will not be levied on travelers using international credit cards during foreign trips.
According to the Liberalized Remittance Scheme of the Reserve Bank of India (RBI), one can send money abroad up to $250,000 every year. But from October 1, TCS of 20% will be levied on any expenditure above Rs 7 lakh for purposes other than medical and education.
New rules for debit card, credit card:
Reserve Bank of India (RBI) has proposed that the customer should be given the option to choose his network provider for his debit card, credit card or prepaid card. Currently, when you apply for a debit or credit card, the network provider is usually determined by the card issuing banks.
RBI wants banks to offer cards on multiple networks from October 1, 2023 and give customers the option to choose their preferred card network. Now card issuing banks will provide their eligible customers the option to choose from multiple card networks. This option can be exercised by the customer either at the time of issue or at any time thereafter.
Special FDs are about to be closed
According to Indian Bank’s website, ‘Public sector bank Indian Bank has increased ‘Ind Super 400’ and ‘Ind Supreme 300 days’ special fixed deposits with higher interest rates. The deadline has been extended till October 31, 2023.
