Refer Report
Many financial changes are waiting for you in October like new guidelines on loan repayment, SMS guidelines to prevent cyber frauds. Let’s look at the important ones.
Secure links in SMS
Commercial entities can only send secure links to their users via SMS from today. Links or messages that are pre-approved (whitelisted) by the telecom service provider will be blocked. This is to prevent cyber frauds.
Aadhaar Enrollment ID is not required
an Indian man holding PAN and aadhaar cards on white background with selective focus or shallow depth of field
From today, Aadhaar Enrollment ID cannot be entered in place of Aadhaar number in income tax returns and PAN applications. This is to prevent misuse of PAN.
Controversy Se Vishwas
‘Vivad Se Vishwas’ Income Tax Due Reconciliation Scheme from today. Those who file the declaration before December 31 will be required to pay a minimum settlement amount. After this higher amount has to be paid. 4 different forms are notified. For info: bit.ly/vivadse
Telecom service quality will improve
(Photo by Pau BARRENA / AFP)
Telecom Regulatory Authority of India (TRAI)’s new standards to ensure quality of mobile, landline and broadband services will come into effect today. All the telecom companies have to publish the extent of their mobile coverage in the form of mobile coverage map including the technology available in their respective locations (2G/3G/4G/5G) on the website from today.
Futures and Options Tax
A higher tax (Securities Transaction Tax) will be applicable from today on futures and options (F&O) under the derivative trading category.
The tax on the option sale will be 0.1 percent, which was 0.0625 percent. The tax on futures sale has been reduced from 0.0125 per cent to 0.02 per cent.
Liability on repurchase of shares
At present, as per the Companies Act, the companies had to pay tax on the amount paid to the shareholder when the companies bought back their own shares. However, from today onwards, the shareholder has to pay tax on the difference between the investment made when the shares were bought and the amount received from the company as dividend.
Clarity in loan repayment
In all the loans availed today, we will get more clarity about the amount to be paid annually in terms of interest and charges.
The Key Fact Statement (KFS), which was currently applicable to certain categories of loans, will be applicable to all types of loans, including MSMEs. Banks must provide customers with a key fact statement containing the Annual Percentage Rate (APR) detailing the rate including interest and charges.
Source: Malayalam