Rediff.com  » Business » All you MUST know about the new tax rules

All you MUST know about the new tax rules

By Indivjal Dhasmana
October 02, 2020 13:20 IST
Get Rediff News in your Inbox:

From road transport to health insurance, tax rules have changed from October 1.

Taxes

Illustration: Dominic Xavier/Rediff.com

A slew of changes to direct and indirect taxes announced by the government earlier came into effect from October 1.

 

Here’s the lowdown on the changes:

Taxes

  • 1% tax deducted at source (TDS) applicable on e-commerce operator on sale of goods.

However, certain exemptions have been provided to some modes or players such as insurance agents or aggregators after the first premium with some riders.

  • 0.1% tax collected at source (TCS) on sellers receiving Rs 50 lakh in the previous year from the sale of goods.
  • TCS at the rate of 5% imposed on money remitted outside India.

However, if the remittance is made out of a loan taken for higher education, the TCS rate will be 0.5 per cent of the money remitted.

TV sets

Customs duty of 5 per cent applicable on open cell panels, a critical part in TV manufacturing.

Manufacturers say this will make TV sets costlier, but finance ministry sources allay fears over any major hike in prices.

Road transport

No need to carry physical copies of registration certificate and driving license, soft copies will do.

Mobiles can be used navigating routes in such a manner that these don’t disturb drivers.

LPG cylinders

No free cylinders under Pradhan Mantri Ujjwala Yojana.

Health insurance

Prices of premium health insurance will rise as new rules come into effect.

Credit cards

Permission will have to be taken from banks if plastic cards are to be used outside India.

People will now be able to register for preferences such as opt-in or opt-out services, spend limits, and other services for online transactions, etc.

Ban on blending with mustard oil

No other oil can be blended with mustard oil, according to new norms by the food regulator FSSAI.

Get Rediff News in your Inbox:
Indivjal Dhasmana
Source: source
SHARE THIS STORY 

Moneywiz Live!