New Financial Rules From August: What Will Change For Your Bank Account And Taxes

ITR Filing Deadline For Businesses And Professionals: Taxpayers are required to file ITR-3 and ITR-4, who are not liable for tax audit, must submit their returns by August 31. The deadline applies to freelancers, self-employed professionals, small businesses and taxpayers opting for presumptive taxation schemes under Section 44AD and 44ADA. Missing the deadline could attract a late filing fee of up to Rs 5000 under Section 234F. Interest may also be applicable on unpaid tax liability under Section 234A. (File Photo)

Central KYC 2.0 Rollout: A new Central KYC (CKYC) 2.0 framework will begin rolling from August 1. The system aims to simplify identity verification by allowing customers’ verified KYC details to be reused across multiple financial institutions with their consent. Initially, banks and insurance companies are expected to adopt the framework, while mutual funds, brokers and other financial entities will join in phases. (File Photo)

Changes In Banking Services: From August 1, some banks will revise charges for select services. Ujjivan Small Finance Bank, for instance, has revised its SMS alert charges for Rs 0.30 per message, subject to a maintenance fees, serving charges or other banking costs. (File Photo)

Credit Card Rules Updated: Credit card users may see changes following new RBI guidelines aimed at improving billing transparency. Under the revised rules, unpaid convenience fees, penalties and taxes cannot be included while calculating finance charges on outstanding credit card balances. The move is expected to reduce the cost of revolving credit for customers who carry forward unpaid balances. Furthermore, some banks may revise credit card reward programmes, annual fees and other charges from August. Customers should review the latest terms and conditions issued by their card providers. (File Photo)

Tatkal Ticket Booking Process: Indian Railways will introduce a revised Tatkal ticket booking process at reservation counters from August 1. Under the new system, passengers will receive tokens before booking tickets. Previously, passengers had to collect a token and return later to complete the booking process. The revised system aims to complete the process in a single visit, reducing waiting time and making Tatkal bookings more convenient. (File Photo)

Revised LPG Cylinder Prices: Reportedly, oil marketing companies will revise domestic and commercial LPG cylinder prices on August 1 as part of their monthly review. The revised rates for Indane, Bharat Gas and HP Gas will depend on factors such as international crude oil prices, global LPG rates and currency movements. Since LPG prices vary across cities, consumers should check the latest rates applicable in their location before booking a refill. (File Photo)

RBI Monetary Policy Decision: The Reserve Bank of India will announce its latest monetary policy decision on August 5 after the Monetary Policy Committee (MPC) meets from August 3 to August 5. The decision could have an impact on home loan EMIs, lending rates and fixed deposit returns, depending on the RBI’s stance on interest rates and liquidity conditions. (File Photo)