From UPI MDR to tax audit deadline: 5 key money changes from October that you should know about

October will see extended deadlines for tax audits, new merchant discount rates on UPI transactions, and changes to bulk deposit interest disclosures, among other changes. Check list here.

October is set to bring a series of financial and banking-related changes that may affect consumers across the country, including taxpayers, pensioners, investors, as well as those who use digital mode of payment.

This month will see changes ranging from bulk FD rules, the implementation of MDR on UPI payments above ₹ 2,000 and RBI's monetary policy decision. It also brings key tax-related deadlines, including the extended due date for submitting tax audit reports, which was earlier set for September.

Since these updates could have an impact on your finances and everyday transactions, keeping track of them can help you avoid unnecessary charges, stay compliant with due dates and make informed financial decisions. Here are five important financial changes to watch out for this month.

The repo rate stood at 5.25% for the fourth straight meeting after the RBI's August policy review.

Under the new framework, banks will have to disclose interest rates for bulk fixed deposits ( ₹3 crore and above) on their websites every working day.

The rates must be published by 10 AM, with a 10-minute window available for updates. Banks will also have to pay interest on eligible bulk deposits at the rate disclosed in advance.

PFRDA prescribed a one-time onboarding charge of ₹200 for each Permanent Retirement Account Number (PRAN) opened through a PoP. Subscribers will also face an annual charge of 0.20% of assets under management (AUM), except where an account is classified as dormant.

According to the new framework, a 0.4% charge will apply to specified person-to-merchant UPI transactions above ₹2,000. However, this charge is capped at ₹300 for transactions of ₹75,000 or more.

Person-to-person UPI payments, on the other hand, will remain free.

The government has reiterated that consumers will not have to bear the merchant charges. It has also said that appropriate measures will be taken to prevent merchants from passing these charges on to customers.

The deadline extension comes after tax professionals faced a compressed compliance window, along with glitches and changes in tax-filing utilities, portal-related issues and difficulties with UDIN generation.

The ITR deadline for taxpayers subject to tax audit has also been extended by 21 days, from October 31 to November 21.