With just a day left for October to begin, several significant rule changes will take effect from October 1, 2024, which may impact your daily life, including finances and household expenses. These expected changes include multiple aspects such as LPG cylinder prices to credit card regulations and updates related to savings schemes like Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) and Aadhaar Card. Check here the list of big changes you need to be aware of.
LPG price change:
Every month, the oil marketing companies adjust the prices of LPG cylinders, and the revised rates for October 2024 are expected to be announced at 6 AM on October 1. Even as there have been frequent changes in the prices of 19 kg commercial gas cylinders recently, the price of the 14 kg domestic LPG cylinder has remained stable for some time. On September 1, 2024, the prices of commercial LPG cylinders saw an increase across major cities. As per the Indian Oil Corporation Limited (IOCL) website, the price of a 19 kg LPG cylinder in Delhi rose from Rs. 1,652.50 to Rs. 1,691.50, an increase of Rs. 39. Similarly, prices increased in other cities: from Rs. 1,764.50 to Rs. 1,802.50 in Kolkata, from Rs. 1,605 to Rs. 1,644 in Mumbai, and from Rs. 1,817 to Rs. 1,855 in Chennai.
Aadhaar Card rule change
The Centre's decision to discontinue the provision of allowing the mention of the Aadhaar enrollment ID instead of the Aadhaar number will come into effect on October 1. From October onwards, individuals will no longer need to disclose their Aadhaar enrollment ID in PAN allotment documents and while filing income tax returns.
PPF rule changes
The new rules related to regularisation of irregular Public Provident Fund (PPF) account, Sukanya Samriddhi Yojana, and other small saving schemes functional via post offices will be implemented from October 1, 2024. As notified by the Ministry of Finance, these rules will deal with the regularisation of accounts opened in the name of minors, multiple PPF accounts, and the extension of PPF accounts by NRIs.
Income Tax rule changes
Finance Minister Nirmala Sitharaman introduced some crucial changes related to income tax in Union Budget 2024. Some of these changes will be implemented from 1 October. A significant change regarding tax deductions at source (TDS), will come into effect from Tuesday. As per the new rules, a TDS of 10% will be applicable on specific central and state government bonds. Additionally, TDS payment with respect to life insurance policy, house rent payment, etc., will be changed from Tuesday.
HDFC Bank credit card rules
HDFC Bank has limited the redemption of reward points for Apple Products to one product every calendar quarter on the Smartbuy platform. The bank said the SmartBuy portal will cap redemption of Reward Points for Tanishq vouchers at 50,000 Reward Points per calendar quarter.
