Jaipur : The month of October has started and with it the festive month is also starting. In the festive month, the common man’s pocket is similarly affected. But apart from this, some such rules are going to change from October 1, which is going to have the biggest impact on the pockets of the common man. Recently, the Finance Minister had made some special announcements in the budget which are related to tax. Now these rules are going to come into effect from October 1. The biggest impact of this is going to be on those investing in the stock market. Apart from this, there are 5 other rules related to investment, mobile, tax and PAN-Aadhaar which are changing from October 1.
New rule implemented for mobile users
For the convenience of mobile users, a new rule is being implemented by TRAI from October 1. Through this, mobile consumers will be able to get information about the network in their area and spam and unwanted calls will be reduced. TRAI has instructed all telecom companies to make a list of spam calls and send the OTP link only through messages. Although it was to come into effect from September 1, it was postponed till October 1.
Changes in SSY scheme
Sukanya Samriddhi Yojana is being run by the government for special investment for daughter’s marriage and education. But now the rules related to this are being changed from October 1. Under the new rule, only the parents or legal guardian of the girl child will be able to open the account of Sukanya Samriddhi Yojana. At the same time, if the legal guardian or parents have not opened the account of the child, then now they will have to transfer the account in the name of the real parent or legal guardian. Apart from this, if there are more than two SSY accounts, the additional account will have to be closed.
Tax on buy back of shares
This is the most impacting rule for those investing in the stock market which is coming into effect from 1st October. Under this, shareholder level taxes will be applicable on buyback of shares just like dividends. Apart from this, the acquisition cost of these shares will be taken into account while calculating any capital gain or loss. With this change, the tax burden on shareholders choosing the buyback option will increase, because now direct tax will be imposed on capital gains.
Securities Transaction Tax
The income from share buyback will be taxed as per the taxable income of the beneficiary. Whereas securities transaction tax on Future and Option (F&O) trading has been increased by 0.02 percent and 0.1 percent respectively. This change will be implemented from October 1, 2024. Please note that STT is levied on both purchase and sale of various securities including equity shares, futures and options. The government’s objective behind this change is to reduce speculative activity in the rapidly growing derivatives market.
These rules related to PAN-Aadhaar will change
From October 1, you will not be able to mention your Aadhaar enrollment ID in the application form for PAN allotment and in your income tax return. The purpose of this rule is to prevent misuse and duplication of PAN. The Union Budget 2024 proposes to repeal the provision that allows mentioning the Aadhaar enrollment ID instead of the Aadhaar number.
