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Attention Needed 1stOct:10 rules changing from today in India

Wicked

Wicked

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  1. No requirement of carrying physical documents related to driving licence, registration card
  2. Buying LPG connection will be costly (No more free connection under PMUY)

  3. Sweet sellers will need to display 'best before date'
  4. Ban on blending of mustard oil with any other cooking oil & Buying TVs will be expensive(due to 5%import duty)
  5. Use of handheld communications devices
    -government on Saturday said maintenance of vehicular documents, including driving licences and e-challans, will be done through an information technology portal from October 1, 2020. It has been provided that the use of handheld communications devices while driving shall solely be used for route navigation in such a manner that it shall not disturb the concentration of the driver while driving.
  6. 5% tax on foreign fund transfer
  7. Health Insurance-
    Beginning October 1, a new set of rules will govern the Health insurance sector. The new rules apply to waiting period after getting health insurance, claim rejection by the companies, the inclusion of many more illnesses in the health cover. However, the consumer taking health insurance must also note that the premium paid on health insurance may also go up.


  8. New debit & credit card rules-
    The RBI had directed all banks to not unnecessarily give international facilities to customers' cards unless the customer himself demands it. As per new guidelines, customers will get the option to register for preferences such as opt-in or opt-out services, spend limits and other services for online transactions, international transactions and contactless transactions. The debit and credit card services will only be enabled for transactions at ATMs (domestic) and Point of Sale terminals. Both debit and credit holders will now be allowed to set up a transaction limit.
  9. TCS(Tax collected at Source)on remittances-
    TCS on Liberalised remittances scheme will be levied over and above the remittance amount of Rs 7 lakh by a customer in a financial year and will be effective from October 1. Besides, the corporate tax cut announced by Union Finance Minister Nirmala Sitharaman will get implemented from October 1.
  10. Discounts for credit card users at petrol pumps-
    No discount will be given for credit card payments done to buy fuel at petrol pumps from October 1.But for debit card &other wallet mode of payments will remain as it is.
 
Wicked said:
  1. No requirement of carrying physical documents related to driving licence, registration card
  2. Buying LPG connection will be costly (No more free connection under PMUY)

  3. Sweet sellers will need to display 'best before date'
  4. Ban on blending of mustard oil with any other cooking oil & Buying TVs will be expensive(due to 5%import duty)
  5. Use of handheld communications devices
    -government on Saturday said maintenance of vehicular documents, including driving licences and e-challans, will be done through an information technology portal from October 1, 2020. It has been provided that the use of handheld communications devices while driving shall solely be used for route navigation in such a manner that it shall not disturb the concentration of the driver while driving.
  6. 5% tax on foreign fund transfer
  7. Health Insurance-
    Beginning October 1, a new set of rules will govern the Health insurance sector. The new rules apply to waiting period after getting health insurance, claim rejection by the companies, the inclusion of many more illnesses in the health cover. However, the consumer taking health insurance must also note that the premium paid on health insurance may also go up.


  8. New debit & credit card rules-
    The RBI had directed all banks to not unnecessarily give international facilities to customers' cards unless the customer himself demands it. As per new guidelines, customers will get the option to register for preferences such as opt-in or opt-out services, spend limits and other services for online transactions, international transactions and contactless transactions. The debit and credit card services will only be enabled for transactions at ATMs (domestic) and Point of Sale terminals. Both debit and credit holders will now be allowed to set up a transaction limit.
  9. TCS(Tax collected at Source)on remittances-
    TCS on Liberalised remittances scheme will be levied over and above the remittance amount of Rs 7 lakh by a customer in a financial year and will be effective from October 1. Besides, the corporate tax cut announced by Union Finance Minister Nirmala Sitharaman will get implemented from October 1.
  10. Discounts for credit card users at petrol pumps-
    No discount will be given for credit card payments done to buy fuel at petrol pumps from October 1.But for debit card &other wallet mode of payments will remain as it is.
Click to expand...
Refer Point #6

Any foreign transaction is taxable? Sending receiving both?

Please share the link.
 
Stranger Boss said:
Refer Point #6

Any foreign transaction is taxable? Sending receiving both?

Please share the link.
Click to expand...
Any amount sent abroad to buy foreign tour packages, and every other foreign remittancemade above ₹7 lakh, will attract a tax-collected-at source (TCS) beginning 1 October unless tax is already deducted at source (TDS) on that amount. While the tax on foreign tour packages will be 5% for any amount, for other foreign remittances the tax will kick in only for the amount spent above ₹7 lakh.

Livemint


The central government has made a new rule related to collecting taxes on sending money abroad. In such a situation, if you send money to your child studying abroad or help a relative financially, then you will have to pay an additional 5% tax collected at source (TCS) on the amount. According to the Finance Act, 2020, under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India, the person sending money abroad will have to pay TCS. Under the LRS, you can send up to 2.5 million dollars annually, which does not attract any tax. TCS has to be given to bring this within the tax net.


DailyHunt
 
Wicked said:
Any amount sent abroad to buy foreign tour packages, and every other foreign remittancemade above ₹7 lakh, will attract a tax-collected-at source (TCS) beginning 1 October unless tax is already deducted at source (TDS) on that amount. While the tax on foreign tour packages will be 5% for any amount, for other foreign remittances the tax will kick in only for the amount spent above ₹7 lakh.

Livemint


The central government has made a new rule related to collecting taxes on sending money abroad. In such a situation, if you send money to your child studying abroad or help a relative financially, then you will have to pay an additional 5% tax collected at source (TCS) on the amount. According to the Finance Act, 2020, under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India, the person sending money abroad will have to pay TCS. Under the LRS, you can send up to 2.5 million dollars annually, which does not attract any tax. TCS has to be given to bring this within the tax net.


DailyHunt
Click to expand...
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