Income tax, Health insurance, Motor vehicle rules, Credit and Debit Card Rules are Changing from this month
Let us know what is going to change from the beginning of this month
From
1st Oct 2020, many rules are going to change,
Includes
–
·
Health insurance
·
Motor vehicle rules,
·
credit and debit card
·
Ujjwala Yojna etc.
rules
are changing from today. So it is imperative that you know about them.
Let
us discuss what is going to change from 1st October.
1) New
Tax Collected at Source (TCS) regime
In
View of Tax Collected at Source (TCS) provision The Income Tax Department
issued guidelines for applicability of it that requires an e-commerce operator
to deduct a 1% tax on the sale of goods and services.
The
new TCS regime will come into effect from October 1st.
The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-commerce operator shall deduct income tax at the rate of 1% of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform.
2) RBI’s
new credit and debit card rules
To secure debit and credit cards The Reserve Bank of India (RBI) has issued new guidelines. These changes will be effective from 1st October 2020. for international transactions, online transactions as well as contactless card transactions, according to the new guidelines, card users will now be able to register opt-in or opt-out of services, spend limits, etc.
3) New Health
Insurance rules to be implemented
Due
to the course of Pandemic COVID-19 government made changes in the Health Insurance
cover. The prices for premium health services will eventually rise. The new
health insurance rules to be introduced post-COVID-19 inclusion will make 17
permanent illnesses outside the cover.
4) On
foreign fund transfer 5% tax will be levied
Any
amount sent abroad to buy foreign tour packages, and every other foreign payment made
above ₹7 lakh, will attract a TCS beginning 1 October unless the tax is
already deducted at source (TDS) on that amount. While the tax on a foreign tour
packages will be 5% for any amount, for other foreign payments the tax will
kick in only for the amount spent above ₹7 lakh.
5) No
physical verification of documents like Driving License and RC
The pressure of keeping a hard copy of documents like RC and Driving License together
while driving is going to end. Now you can drive a vehicle with only a valid
soft copy of these documents attached to the vehicle.
The
Motor Vehicles Rules 1989 are amended and notified by the Ministry
of Road Transport and Highways, which are enacting from October 1. In a step
towards easing commuter convenience, the central government is set to digitize
documents including e-challans, maintenance of vehicles, driving licenses and that
will now be done through an information technology portal from 1 October 2020.
Drivers
can maintain their vehicular documents on online portals like Digi-locker or
m-parivahan.
6) LPG the connection will not be free
the
process of getting a gas connection for free under the marque Pradhan
Mantri Ujjwala Yojana (PMUY), is ended on 30 September 2020. The Union cabinet
had approved an extension till the end September for availing free cooking gas
cylinders under PMUY.
7) Mobile
phones only for route navigation
Further
amendments made in the Motor Vehicles Rules 1989 by the Ministry of Road
Transport and Highways, you will now be able to use mobile for the route
navigation in such a manner that it shall not disturb the concentration of the
driver while driving.
8)
Sweet sellers will need to display “Best Before
Date”
Food
Safety and Standards Authority of India (FSSAI) has directed the sweet shop
owners to adhere to the protocol from 1 October. Therefore, sweet shops keepers
will now have to declare the 'Best Before Date' of non-packaged or loose sweets available
in their shop.
9) Buying
television sets can be expensive
As
part of 'Atmanirbhar Bharat' the government is keen to expand domestic
production capacity for open cell panels so that imports can be
curbed. The one-year exemption given to the item expires from, 30 September. Therefore,
Open-cell panels will attract 5% import duty from 1 October, with the government saying that a duty exemption expiring at the end of this month will
not be extended.
10) FSSAI bans the mixing of mustard oil with
any other cooking oil
In a letter to the commissioner of food safety of all states and Union Territories, FSSAI said the "mixing of mustard oil with any other edible oil in India has been prohibited with effect from October 1, 2020." Food regulator FSSAI has banned blending of mustard oil with any other cooking oil with the effect from October 1.
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