From october 1, so many changes..? people beware..!

 All the tax changes introduced in the Union Budget will come into effect from october 1. These are the six important announcements announced in the recently presented Union Budget.

1. In the budget, the government has increased the Security Transaction Tax (STT) on futures and options to 0.02% and 0.01% respectively. It was also announced that the beneficiary would be taxed on the huge gains from share buybacks. This important change comes into effect from october

2. Generally the rule was that people who do not have an Aadhaar number can use an Aadhaar enrollment number while applying for a PAN card or filing income tax return. It has now been removed. To prevent fraud, an Aadhaar registration number cannot be used to file an income tax return and apply for a PAN card.

3. Withdrawal of shares like dividends from october 1 is subject to shareholder-level taxes. This will result in a higher tax burden on the investors. In addition, the costs of buying these shares are taken into account in computing capital gains and losses.
4. It has been announced that TDS will be deducted at the rate of 10 from certain central and state government securities from 1st October. This includes bonds with floating rates. Hence 10% TDS will be deducted on profits above Rs.10,000 per annum.

5. TDS rates announced in the Union Budget have been sanctioned in the Finance Bill. Accordingly, the rate of TDS on sections 19DA, 194H, 194-IB, and 194M has been reduced from 5% to 2%. The TDS rate for e-commerce sites has also been reduced from 10% to 0.1%. This change will also come into effect from 1st.

6. The Central Board of Direct Taxes has announced the Direct Tax Vivad Se vishwas Scheme, 2024 ( DTVSV, 2024 ) to resolve pending appeals in Income Tax cases. The scheme will be implemented from october 1. The scheme offers a lower settlement amount to taxpayers who file on or before december 31, 2024.
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october 1st

Sowmiya Sriram

28/09/2024 02:23 PM