The start of August 2023 brings along some significant changes that will directly impact your financial decisions.
From income tax penalties to alterations in bank schemes, let’s take a look at what changes will take effect from today:
1. Penalty on Late ITR Filing
If you missed the July 31 deadline for filing your income tax return, you’ll now have to submit a belated ITR with a penalty.
Late filing attracts a fine of up to Rs 5,000. For taxpayers whose income is less than 5 lakhs, the late filing penalty is Rs 1,000.
2. LPG Price Cut
Today, on August 1, government oil marketing companies have reduced the price of commercial LPG cylinders by Rs 100 for a 10 kg cylinder.
However, there is no change in the prices of domestic LPG cylinders this time.
3. Changes for Companies with Turnover of 5 Crores
Businesses with a turnover above 5 crores will now have to issue electronic invoices.
This new requirement applies to businesses covered under GST, mandating the issuance of detailed electronic invoices.
4. Axis Bank Credit Card Cashback Reduction
Axis Bank customers who shop on Flipkart with their credit cards will receive reduced cashback benefits from August 12.
5. SBI’s FD Amrit Kalash Scheme
The opportunity to invest in State Bank of India’s popular fixed deposit scheme, Amrit Kalash, will be available until August 15.
Regular customers investing in this FD scheme with a tenure of 400 days get 7.1% interest, while senior citizens are offered 7.6% interest.
6. IDBI Bank Amrit Mahotsav FD
Investors have the chance to invest in IDBI Bank’s FDs with tenures of 375 and 444 days until August 15.
The bank started this scheme on July 14, offering 7.1% interest on 375 days FD and 7.6% interest for senior citizens.
7. IDBI Bank 444 Days FD
IDBI Bank’s 444 days FD comes with two options – callable and non-callable.
Senior citizens are getting 7.65% interest on callable FDs, while under the non-callable option, 7.75% interest is available.
General customers receive 7.15% and 7.25% interest, respectively.
8. Indian Bank Super 400 Days FD
Indian Bank’s fixed deposit scheme, Super 400 Days, is open for investments until August 31, 2023.
The scheme offers interest rates of 7.25% for general customers, 7.75% for senior citizens, and 8% for super senior citizens, with investment amounts ranging from Rs 10,000 to Rs 2 crore for a tenure of 400 days.
As these new rules and changes come into effect, it’s essential to stay informed and plan your financial decisions accordingly to make the most of these opportunities.