A number of significant financial deadlines that could have an impact on one's personal finances are coming as the month of September is about to come to a conclusion. A few significant changes will take effect starting in October, including the implementation of new TCS rules and the deadline for submitting candidates for Mutual Fund folios and demat accounts. Also, the deadline for depositing or exchanging Rs 2,000 notes is September 30.
Here’s a list of five personal finance rule changes taking place from 1 October 2023:
TCS rules:
New tax collection at source regulations, or TCS rules, will be in effect as of October 1 and are crucial for everyone who intends to travel abroad for business, study, or holidays. In addition, spending for medical or educational costs will attract a TCS of 5%, while credit card expenses over Rs 7 lakh in foreign countries annually will be subject to a 20% TCS.
Exchange/deposit Rs 2000 notes:
September 30, 2023, is the last date to deposit or exchange Rs 2,000 notes. The notes will be accepted at banks up to the deadline, which has been set by the RBI; after that, banks may decide not to accept the notes.
Aadhaar for savings account:
By the end of this month, investors in small savings programs such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post Office Deposits, and others must provide their Aadhaar numbers to the post office or bank branch. Their little savings assets will be frozen if they miss this crucial date.
Sebi nomination deadline:
Current holders of eligible trading and demat accounts have until September 30 to designate a beneficiary for their accounts.
Nomination for mutual fund:
Investors have until September 30 to submit their nominees for their current mutual fund folios, including those that are held jointly. If you don't, the folios will be blocked for debit transactions starting on October 1.
Birth certificate compulsory for government jobs:
Aside from financial problems, birth certificates will be required for Aadhaar and government jobs from next month. Beginning on October 1, 2023, the Registration of Births and Deaths (Amendment) Act of 2023 will be in effect throughout the nation.
