The government made several modifications to the Aadhar card, STT, TDS rate, and income tax in this year’s budget. These new regulations will all take effect on October 1.
STT
In the budget for this year, the government raised the securities transaction tax on futures and options (F&O) to 0.02 percent and 0.1 percent, respectively. In addition, the tax will be applied to the proceeds from the repurchase of shares. After passing, this amendment will take effect on October 1, 2024.
Aadhaar Card
The rules that permitted using the Aadhaar enrolment ID instead of the Aadhaar number in ITRs and PAN applications would no longer be in effect as of October 1 to avoid the misuse of PAN cards.
Buying back shares
Like dividends, share buybacks will be subject to shareholder-level taxation as of October 1. It will therefore increase investors’ tax burdens. In addition, the shareholder’s acquisition cost of these shares will be considered in determining any capital gains or losses.
Bonds with Variable Rates TDS
Budget 2024 said that starting on October 1, 2024, TDS will be subtracted at a rate of 10% from several central and state government bonds, including bonds with floating rates. However, if the total revenue for the year is less than Rs 10,000, no TDS would be withheld.
Rates of TDS
The TDS rate for payments made under sections in this year’s budget 19DA, 194H, 194-IB, and 194M was reduced from 5% to 2% in the Finance Bill. At the same time, the TDS rate for e-commerce operators was reduced from 1% to 0.1%.
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