If you are working professional or do business then any change in tax related rules will affect your life. You should keep an eye on any changes in the rules related to direct tax and indirect tax. On 1st October there will be some similar changes in the rules related to direct tax and indirect tax from Thursday. These changes can prove to have a huge impact on your daily expenses, transactions and fund flows.

From October 1, the government is going to impose an import duty of five percent on a major television-related component. The government granted this relief for one year. Through the increase in import duty, the government aims to discourage low-cost imports and encourage local production.

Barring a few cases, the government will now take five percent TCS (Tax Collected Aid Source) for sending money out of the country. This tax will be payable on any amount sent abroad for purchasing a foreign tour package. However, TCS will be payable at the rate of 0.5 percent for transferring money by taking loan for higher education.

E-commerce platforms will now have to deduct TDS at the rate of one per cent on payments made to vendors. The move is aimed at bringing small sellers selling goods on the e-commerce platform under the tax net. E-commerce companies will have to cut tax at source at the time of payment.

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