New Rules: Some major changes are happening from August 1. These will have a direct financial impact on you. Shoes and slippers may become expensive in these changes. Also, a penalty will be imposed for filing ITR late. This also includes the implementation of Fastag KYC and increase in HDFC Bank’s credit card fees.
Penalty on filing ITR
The last date for filing income tax return was 31 July. Now from August 1, a penalty will be imposed for filing returns. If your annual income is more than Rs 5 lakh, then a penalty of Rs 5,000 will be imposed. If it is less than this, then a penalty of one thousand rupees will be imposed.
Shoes and slippers may become expensive
Under the new rule, now only footwear certified by the Bureau of Indian Standards (BIS) will be sold. Due to this, the customer may have to pay a higher price. To get the BIS certificate, manufacturers will have to follow many quality standards and this will increase their cost.
Keep this information related to Fastag in mind
From August 1 to October 31, companies will have to fulfill the conditions of NPCI, which includes updating KYC for Fastags older than three to five years and replacing Fastags older than 5 years. The process starts on August 1, and customers will have to update their KYC before October 31.
Higher charges on HDFC Bank credit cards
HDFC Bank is changing the credit card rule. If you pay fare through third party apps like Paytm, Mobikwik, Freecharge, then a one percent fee will be charged. The maximum will be Rs 3,000. One percent charge will also be levied on education transactions. Similarly, if you fill fuel worth more than Rs 15,000 in a month, then also one percent charge will have to be paid.
Banks will remain closed for 14 days
If you have scheduled any bank related task in August, then keep in mind that there will be 14 bank holidays in August, including Rakshabandhan, Janmashtami and Independence Day.
Google Maps to cut service charges by up to 70%
Google Maps will cut its service charges by up to 70 per cent from August 1. Additionally, billing will change from dollars to rupees. Regular users will not be affected, as no additional charges will be applied to them.
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