From October 1, a number of rules will be changed, including banking and driving.
Money sent abroad will be taxed at 5%
Mobile can only be used to view a road map while driving
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Other rules, including banking and motor vehicle, are set to change from October 1. TCS (Tax Collected at Source) will now be deducted even if the money is sent abroad. In addition, from October 1, important documents related to the vehicle, such as licenses, registration documents, fitness certificates, permits, etc., can be maintained through a government-run web portal. We're telling you about changes that will affect you as well.
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If more than Rs 7 lakh is sent abroad, TCS will be deducted
An important rule of income tax in the country has been changing since October 1. According to this, money will now be sent out of the country but TCS will be cut. Under Section 206C (1G) of the Income Tax Act, it has been decided to extend the scope of TCS and apply it to the Liberalized Remittance Scheme (LRS), meaning that the tax will now be levied on investments made abroad in addition to travel, education and other expenses. Now 7% TCS will be deducted on remittances of Rs 7 lakh or more.
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Motor vehicle rules will change
The Ministry of Road Transport and Highways has informed that the rules of motor vehicle have been changed. Important vehicle related documents like licenses, registration documents, fitness certificates, permits etc. can now be maintained on the government-run web portal from October 1. Now you can work only by showing a digital copy. Records and registrations of reported crimes, including suspension, compounding and license revocation, will also be available on this web portal.
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Mobile can be used to see the road while driving
The Ministry of Road Transport and Highways said that from October 1, mobile or other handheld devices can be used while driving, but will only be used to view maps. In addition, care should be taken not to distract the driver while driving with the help of mobile. However, a fine of Rs 1,000 to Rs 5,000 can be imposed for talking on a mobile while driving.
Buying a TV will be expensive
Buying a TV from October 1 will also be expensive. The government has decided to abolish the 5% customs duty on imports of open cell used in TV manufacturing. The government granted a one-year exemption for this, which will expire on September 30. This will increase the price of a 32-inch TV by Rs 600 and a 42-inch TV by Rs 1,200 to Rs 1,500.
LPG can be cheaper
At the beginning of each month, government companies change the prices of LPG and natural gas. Prices of 14.2 kg and 19 kg gas cylinders were reduced in September. It is expected that LPG prices may fall in October.
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