New SEBI Rules on Mutual Funds, Tax Slabs: Financial Changes Taking Effect from March 1
Financial Changes: What You Need to Know
As the calendar flips to March, a myriad of financial changes are set to take effect, impacting various aspects of our financial lives. From new rules on mutual funds and demat accounts to tax adjustments for taxpayers, these changes are sure to have a significant impact on our pocketbooks. In this article, we’ll delve into the ins and outs of these changes, helping you navigate these significant shifts in the world of finance.
SEBI’s New Rule on MFs and Demat Accounts
One of the most significant changes is the introduction of new guidelines by the Securities and Exchange Board of India (SEBI) for mutual funds and demat accounts. Effective March 1, the revised regulations will dictate the nomination procedure for MF folios and demat accounts in the event of a person’s illness or death. The key features of these new guidelines include:
- Single-holder accounts will now be mandatory to provide a nominee to prevent unclaimed assets.
- In joint accounts, assets will transfer automatically to surviving account holders under the survivorship rule.
- Investors can now nominate up to 10 individuals for mutual fund and demat accounts.
UPI Payment Rules for Insurance Premia
Another notable change is the introduction of the Bima-ASBA facility, which will enable UPI users to pay insurance premiums through blocked amounts starting March 1. This will prevent insurance companies from deducting premiums directly from policyholders’ accounts, ensuring timely payment only after the policy is accepted. In the event of rejection, the blocked amount will be unblocked, as per NDTV.
Tax Adjustments and Relief for Taxpayers
Taxpayers stand to benefit from revisions in tax slabs and tax deducted at source (TDS) limits, set to take effect from March 1. These changes are expected to provide much-needed relief to individuals and businesses alike, allowing them to adjust to the changing financial landscape.
FD Interest Rate Changes
Some banks are expected to revise interest rates on fixed deposits (FDs), affecting customers’ savings. With many banks having recently made adjustments to their FD rates, it’s essential to monitor these changes and adjust your FD strategy accordingly.
LPG Cylinder Price Changes
Oil companies will announce revised LPG cylinder prices at 6 am on March 1, a norm followed each month. Along with LPG cylinder prices, jet fuel, CNG, and PNG prices will also be revised, impacting the pockets of households and businesses alike.
GST Portal Security Improvements
To enhance security, multi-factor authentication will be added to the GST portal. Additionally, business owners will need to update their IT systems to comply with the new security measures. This will ensure a smoother and more secure experience for tax filers and businesses.
Conclusion: Staying Ahead of the Curve
As the financial landscape continues to evolve, it’s crucial to stay informed about the latest changes and updates. In this article, we’ve highlighted the key changes you need to know, from SEBI’s new rules on mutual funds and demat accounts to tax adjustments and relief for taxpayers. By staying ahead of the curve, you’ll be better equipped to navigate the complex world of finance and make informed decisions that benefit your financial well-being.
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