October Came with New Amendments in Income tax, Health insurance, and Motor vehicle rules etc

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 1^st 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.

Every Law Aspirant Should Read These 10 Books for Better Future as a Lawyer

You can also buy our 1000+ Available Ebooks and Law Notes Ebooks, see the list below the form (the updated list will be coming soon).

For Inquiry and Free Demo Access, Send Your Inquiry -

(discount applicable only for students and practicing advocates*)

Loading…

See the old list of ebooks (an updated list is coming soon)

Every Law Aspirant Should Read These 10 Books for Better Future as a Lawyer

Related Article -

1) Every Law Aspirant Should Read These 10 Books for Better Future as a Lawyer

2) List of Cases of Supreme Court of India, 2011

3) Important Judgements on Bail by Supreme Court, and All Other Subordinate High Courts

Compilation of Landmark Judgements of SC on Family Matters.