5 Financial Changes Coming in October 2023: Stay Informed

5 Financial Changes Coming in October 2023: :As October approaches, several crucial financial changes are set to take effect, impacting individuals nationwide. From new debit card regulations to tax collection at source (TCS) rules, these changes can significantly affect your financial situation.

Here are five finance changes scheduled for October 2023:

1. TCS Rule Update (Effective October 1, 2023)

Starting from October 1st, 2023, the revised tax collection at source (TCS) rates will be in effect. Whether you’re traveling abroad, investing in foreign stocks, mutual funds, cryptocurrencies, or pursuing higher education overseas, you may be liable to pay TCS if your expenditures exceed a specified threshold in a fiscal year.checkFinancial Changes Coming in October 2023

2. New Debit and Credit Card Rule (Effective October 1, 2023)

The Reserve Bank of India (RBI) has directed banks to offer cards on various networks starting from October 1, 2023. Additionally, customers will have the option to choose their preferred card network. Unlike the previous system where the card network provider was selected by the issuer, customers can now make this choice when applying for a debit or credit card.

5 Financial Changes Coming in October 2023

3. Extended FD Deadline (Deadline: October 31, 2023)

Indian Bank has announced an extension of the deadline for their special fixed deposits, including the “Ind Super 400” and “Ind Supreme 300 days” schemes, which offer attractive interest rates.and “Ind Supreme 300 days” special fixed deposits with higher interest rates. Investors now have until October 31, 2023, to take advantage of these favorable rates.

4. Compliance Required for Small Savings Schemes (Effective October 1, 2023)

Investors in Small Savings Schemes (SSS), such as Provident Fund and Senior Citizens Savings Scheme (SCSS), are now required to provide their PAN and Aadhaar card details. Failure to do so could result in the suspension of your account from October 1st, until the necessary documents are provided.

5. Birth Certificate Usage Expanded (Effective October 1, 2023)

The Registration of Births and Deaths (Amendment) Act, 2023 comes into effect on October 1st. This amendment allows the use of a birth certificate as a standalone document for various purposes, including school admissions, driver’s license issuance, voter list preparation, Aadhaar registration, marriage registration, and government job appointments.

Stay informed about these financial changes to ensure you navigate them seamlessly and make the most of the opportunities they present.

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