Financial Changes from August: The new month has kicked in and from August 1, there will be a host of financial changes in financial matters. These will affect the pocket of the common man and how he or she does financial planning. which means some changes in tax rules will also be applicable from today. From Bank of Baroda positive pay system, Income Tax Return filing penalties, to LPG cylinder price drop, here are some of the money rule changes from August 1.
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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 have to electronically confirm important information about cheques exceeding a value of Rs 5 lakh. The customer needs to confirm with the bank for authentication before they can be cleared under the bank’s Positive Pay System. This is done to ensure that the customer has the ultimate safety while dealing with high-value transactions. The Bank of Baroda, with its Positive Pay System, will shield you from any cheque frauds.
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Penalty for ITR Filing: Taxpayers who have not filed their IT returns by July 31 can still file them till December 31 as belated return. However, that comes with a price. The late filing of tax return attracts a fee under Section 234F of the Income Tax Act and the penalty payable by assesses filing a late return increases depending upon the degree of delay.
As per Section 234F, a penalty of Rs 5,000 needs to be paid if one files belated ITR after July 31 by taxpayers with total income of Rs 5 lakh and up. For taxpayers with less than Rs 5 lakh total income, the fine amount is Rs 1,000 while those who are exempt from paying income tax do not have to pay any penalty.
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HDFC RPLR Rate Hike: Starting from today, mortgage lender HDFC has increased its retail prime lending rate (RPLR) on housing loan, which will result in a hike in loans for existing and new borrowers. “HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its adjustable rate home loans (ARHL) are benchmarked, by 25 basis points, with effect from August 1, 2022,” the housing finance company said in a statement.
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LPG Cylinder Price Cut: The prices of a 19-kg LPG cylinder in Delhi has been slashed by Rs 36 with effect from Monday, August 1, state-owned retailers said in a notification on the day. From today, the price of a 19 kg commercial cylinder will now be Rs 1976, while in Kolkata it will be priced at Rs 2095.50, Rs 1936.50 in Mumbai and Rs 2141 in Chennai. However, as mentioned earlier, the price of a 14.2-kg domestic cooking cylinder has remained unchanged.
ATF Price Slashed: The prices of jet fuel was reduced by 12 per cent to Rs 1,21,915.57 per kl from the earlier Rs 138,147.93 per kl in Delhi, with the new rates coming into effect from August 1, fuel companies have announced. Air Turbine Fuel, or ATF prices in Mumbai has reduced to Rs 1,20,875.86 per kl in Mumbai and Rs 1,28,425.21 per kl in Kolkata.
