Financial changes since August: A new month has begun and from August 1, there will be many changes in financial matters. This will affect the common man’s pocket and how he plans his finances. Which means that some changes in tax laws will also be implemented from today. From Bank of Baroda’s positive pay system, penalty for filing income tax returns to a reduction in LPG cylinder prices, here are some of the changes in money rules from August 1.
Here are five key financial rule changes from August 1, 2022:
- Bank of Baroda Positive Pay System: From August 1, 2022, Bank of Baroda has proposed that its customers will have to electronically verify key information on checks worth more than Rs 5 lakh. The customer has to confirm with the bank for verification before being cleared under the positive pay system of the bank. This is done to ensure that the customer has ultimate protection while dealing with high value transactions. Bank of Baroda, with its positive pay system, will protect you from any check fraud.
- Penalty for filing ITR: Taxpayers who have not filed their IT returns by July 31 can still file a belated return by December 31. However, this comes with a price. Late filing of tax return attracts a fee under Section 234F of the Income Tax Act and the penalty payable by the assessees for filing the return increases depending on the extent of the delay.
As per Section 234F, a penalty of Rs 5,000 is required to be paid if one files late ITR after July 31 by taxpayers with total income of Rs 5 lakh and above. The penalty amount is Rs 1000 for taxpayers with total income less than Rs 5 lakh while those exempted from paying income tax will not have to pay any penalty.
- HDFC RPLR Rate Increase: From today, mortgage lender HDFC has increased its Retail Prime Lending Rate (RPLR) on housing loans, which will result in increased lending for existing and new borrowers. “HDFC has increased its Retail Prime Lending Rate (RPLR) on housing loans, including its Adjustable Rate Home Loan (ARHL) by 25 basis points, with effect from August 1, 2022,” the housing finance company said in a statement. has been implemented,” the housing finance company said in a statement. .
- LPG cylinder price reduction: The price of a 19 kg LPG cylinder in Delhi has been reduced by Rs 36 with effect from Monday, August 1, state-run retailers said in a notification on the day. From today, a 19 kg commercial cylinder will now cost Rs 1,976, compared to Rs 2,095.50 in Kolkata, Rs 1,936.50 in Mumbai and Rs 2,141 in Chennai. However, as mentioned earlier, the price of the 14.2 kg domestic cooking cylinder has not changed.
- Depreciation of ATF: Jet fuel prices have come down by 12 per cent to Rs 1,21,915.57 per kg from Rs 138,147.93 per kg earlier in Delhi, with the new prices effective from August 1, fuel companies have announced. The price of air turbine fuel, or ATF, in Mumbai has come down to Rs 1,20,875.86 per kg in Mumbai and Rs 1,28,425.21 per kg in Kolkata.
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