After a few hours, August will begin. Like the changes that happen every month from the first of the month, there will be some changes this time too. It includes some significant updates related to the banking system, gas price, ITR returns, etc. Changes in these rules will have a direct impact on you.
If you do not file the return by July 31, then from August 1, you will have to file ITR with the penalty. If the taxable income of the income tax payer is up to or less than Rs 5 lakh, then he will have to pay a late fee of Rs 1,000. At the same time, if the taxable income is more than 5 lakhs, then he will have to pay a late fee of 5 thousand rupees.
The last date for e-KYC of PM Kisan Samman Nidhi Yojana (PM Kisan) is also till 31st July. Farmers will not be able to do KYC from August 1, for this you can also get eKYC done by visiting the nearest Common Service Center (CSC).
If your account is with the Bank of Baroda (BOB), then from August 1, the rules for payment by check will change. As per RBI guidelines, the Bank of Baroda has informed customers that a positive payment system has been put in place for checks amounting to Rs 5 lakh or more from August 1. Under this, the bank will have to give the information related to the check through SMS, net banking, or a mobile app.
Like the first date of every month, this time to there is a possibility of a change in the price of gas cylinders from August 1. This time, businesses are able to alter the cost of gas cylinders for both domestic and commercial use. Sources say that this time the rate of a cylinder may change by Rs 20 to 30. Let us remind you that last time, the price of the home gas cylinder climbed by Rs 50, while the price of the commercial gas cylinder decreased.
To take advantage of Pradhan Mantri Fasal Bima Yojana (PMFBY), you must ensure your crop is under the scheme. The registration period ends on July 31st. After this, no one will be registered and you may be deprived of the scheme. You can complete the registration process online or offline.
This year, August will see the occurrence of a number of holidays, including Ganesh Chaturthi, Krishna Janmashtami, Raksha Bandhan, and Muharram. Because of this, this time banks will be closed for a total of 18 days including in different states. The Reserve Bank of India (RBI) included a notation in its list indicating that the bank would be closed for a few days in August. A total of 18 days this month, including the second and fourth Saturdays and four Sundays, will see banks closed.
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