October is ushering in a wave of financial changes that could directly affect you. Here’s a quick rundown:
TCS Rules Updated
Starting this October, financial rules are getting revamped. One of the significant changes is related to TCS (Tax Collected at Source).
If your annual expenses cross a specific limit, you’ll need to pay TCS, even if you’re traveling abroad or investing in foreign stocks.
The government recently issued a circular outlining these changes. It means if your expenses exceed Rs 7 lakhs in a financial year, a 20% TCS will apply.
Choice in Debit and Credit Card Networks
From October 1, you will have the power to select your preferred card network for credit and prepaid cards. Until now, the bank made this choice for you, but now you get to decide.
IDBI Bank’s New FD Scheme
IDBI Bank is offering a new Fixed Deposit scheme named “Amrit Mahotsav” for 375 and 444 days. Make sure to take advantage of this offer before the deadline on October 31.
Indian Bank Extends Special FD Time
Indian Bank has extended the time for its FD schemes, “Ind Super 400” and “Ind Supreme 300 Days,” until October 31. Don’t miss out on this opportunity.
LIC Reopens Closed Policies
LIC (Life Insurance Corporation) is providing a chance to restart closed policies. You can make these policies active again by October 31.
Last Call to Exchange Rs 2000 Notes
The clock is ticking for exchanging Rs 2000 notes. The RBI announced earlier this year that these notes were being phased out
and could be exchanged or deposited until September 30. With just three days left, make sure you take action if you still have them.
