5 must-know personal finance rules that will change in October
From the implementation of new TCS rules to the last date to deposit Rs 2,000 currency notes, a few major financial changes are going to come into effect in the month of October.
As the month of September is about to end, a series of crucial financial deadlines are approaching that might affect one's personal finances. From the implementation of new TCS rules to the last date of filing nominees for Mutual Fund folios and demat accounts, a few major changes are going to come into effect from October. Also, the last date to deposit or exchange the Rs 2,000 currency notes is September 30.
Starting October 1, 2023, none of these will be permitted anymore. The new tax collection at source (TCS) rules will also be implemented, which will affect your overseas transactions.
Take a look at five most important personal finance changes going to come into effect from October 1.
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Five must-know personal finance changes in October 2023
TCS rules: As new tax collection at source rules, or TCS rules, will be implemented from October 1, these changes are important for anyone who is planning to visit abroad for studies, business or holidays. As a part of this, while credit card expenses exceeding Rs 7 lakh in foreign countries per annum will be subject to a 20 per cent TCS, expenses for medical or educational purposes will invite a TCS of 5 per cent.
Nomination for mutual fund folios: Investors must file their nominees for their existing mutual fund folios, including the jointly-held ones, by September 30. Upon failing to do so, the folios will be frozen for debit transaction from October 1.
Nomination for demat, trading accounts: Eligible trading and demat account holders need to nominate a beneficiary for their account by September 30. However, if the nomination details are not updated by the deadline, the freezing of the accounts shall come into force from October 1, 2023.
Deposit/Exchange of Rs 2,000 notes: The last date to deposit or exchange the Rs 2,000 notes is September 30, 2023. As set by the RBI, the notes will be accepted at banks till the deadline, following which banks may not accept the notes.
Last date to submit Aadhaar for small-savings accounts: The Aadhaar must be submitted for small savings investments like Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post office deposits, among others at the respective banks or post offices by the end of this month. Being a mandatory document for investing in small schemes, investors missing this deadline can get their investments frozen.
Keep a note of the aforementioned deadlines and wrap up your pending work before the month ends to avoid further financial troubles.