changes effective from 1 oct 2020 : Credit card to income tax to driving license
1 oct 2020
1) New health insurance rules to be implemented
The changes in the health insurance cover have of course being introduced in the aftermath of Covid-19. 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.
2) Buying television sets can be expensive
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 . 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 today, 30 September.
3) RBI’s new credit and debit card rules
The Reserve Bank of India (RBI) has issued new guidelines to secure debit and credit cards. These changes will be effective from 1st October 2020. According to the new guidelines, card users will now be able to register opt-in or opt-out of services, spend limits, etc. for international transactions, online transactions as well as contactless card transactions.
4) FSSAI bans blending of mustard oil with any other cooking oil
Food regulator FSSAI has banned blending of mustard oil with any other cooking oil with effect from October 1. In a letter to commissioner of food safety of all states and Union Territories, FSSAI said the "blending of mustard oil with any other edible oil in India has been prohibited with effect from October 1, 2020."
5) New Tax Collected at Source (TCS) regime
The Income Tax Department issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on sale of goods and services. The new Tax Collected at Source (TCS) regime will come into effect from October 1 . 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 per cent of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform.