5 rules that will change from November 1 and directly impact you

 

From November 1, many rules including buying LPG cylinders to electricity subsidy will change. The rules will directly impact the common man. Most of these are meant to enhance your convenience. At the same time, some changes can also impact your pocket. Let us know what are the changes and how will they affect you.

1. KYC mandatory in insurance

Insurance regulator IRDAI has made KYC mandatory for buying non-life insurance policies. Till now it was mandatory only for life insurance and in case of non-life insurance such as health and vehicle insurance, in case of claims exceeding one lakh rupees. But from November 1, it will become mandatory for everyone.

Read More: Indian Railways cancels 88 trains on October 31, check full list here

2. LPG gas cylinder price

On the first of every month, petroleum companies revise the prices of LPG gas cylinders revise and issue new rates. On November 1 too, they may revise the prices of 14 kg domestic and 19 kg commercial gas. 

On October 1, companies reduced the price of commercial gas cylinders by Rs 25.5. But, in view of the rise in gas prices in the international market, the prices of LPG can be increased.

3. LPG cylinder delivery after giving OTP

After booking the LPG cylinder, OTP will come on your registered mobile. You will have to tell OTP at the time of delivery of gas, only then you will get it.

4. New rule of electricity subsidy in Delhi

From November 1, the new rule of electricity subsidy is going to be implemented in Delhi. Under this, people who have not applied for the subsidy will have to pay their non-subsidised bills for October, but they can apply next month. The last date to apply for the subsidy is October 31, 2022, to get the subsidy for the same month. 

Read More: Aadhaar card biometrics lock and unlock on www.uidai.gov.in: Step-by-step guide

5. Four-digit HSN code for GST return

Changes are being made to the rules of GST returns. Now it will be mandatory for taxpayers with a turnover of less than Rs 5 crore to write a four-digit HSN code in the GST return. Earlier, a two-digit HSN code had to be entered.

Earlier, it has been made mandatory for taxpayers with a turnover of more than five crores to enter a four-digit code from April 1, 2022, and then a six-digit code from August 1, 2022.

Source :
Msn

RELATED ITEMS:, , , , , , 

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more