Big Financial Updates Starting October 1

As October kicks off, there are some important changes happening that might affect your finances. Here’s what you need to know:

1. Higher Prices for LPG Cylinders

Starting today, the cost of a 19 kg commercial LPG cylinder has gone up by ₹48.50. So, in Delhi, it’s now priced at ₹1,740. In Mumbai, it’s ₹1,692.50; in Kolkata, it’s ₹1,850.50; and in Chennai, it’s ₹1,903. This price hike will likely impact businesses that use LPG for cooking and other purposes.

2. Lower Prices for Aviation Fuel

On a brighter note, the price of Aviation Turbine Fuel (ATF) has dropped by ₹5,883 per kilo liter. This follows a decrease of ₹4,495.48 last month. So, we might see cheaper flight tickets, as airlines could pass on some of these savings to travelers.

3. Easier Tax and Aadhaar Rules

Good news! From today, you don’t need to provide your Aadhaar enrollment ID when you file your income tax returns or apply for a PAN. This makes the whole process a lot simpler and cuts down on paperwork.

4. Better Refunds for Life Insurance Policies

If you decide to surrender your life insurance policy, you might get a higher refund starting today. The Insurance Regulatory and Development Authority of India (IRDAI) has instructed insurance companies to offer better values for traditional endowment policies.

5. Changes to Small Savings Schemes

There are also new rules for small savings schemes like the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana. These changes aim to make it easier to manage accounts for minors and handle multiple PPF accounts.

6. Increased Trading Taxes

The Securities Transaction Tax (STT) for Futures and Options (F&O) has gone up. The tax on options has increased from 0.0625% to 0.1% of the premium, and for futures, it’s gone from 0.0125% to 0.02% of the trade price. This means it will cost more to trade.

7. New TDS Rates

Today also brings some new Tax Deducted at Source (TDS) rates. A key change is that there’s now a 10% TDS on certain government bonds. There are also updates for TDS payments related to life insurance policies and house rent, as mentioned in the 2024 budget.

Conclusion

These changes, effective October 1, 2024, will have different impacts on consumers and investors. It’s a good idea to stay updated on these changes so you can manage your finances better and adjust your budget accordingly.