New Financial Rules Change From 1st August 2024 — As July comes to an end, several significant rule changes are set to take effect from August 1st, which will directly impact your finances. From adjustments in LPG cylinder prices to new regulations for HDFC Bank credit cards and changes in Google Maps service charges, here are five major updates you need to be aware of.
LPG Cylinder Prices Expected to Decrease
On the first day of each month, the government revises the prices of LPG gas cylinders. Following last month’s reduction in the prices of 19 kg commercial cylinders, it is anticipated that the government may further reduce LPG cylinder prices in August, potentially lowering your kitchen expenses.
13 Days of Bank Holidays in August
According to the Reserve Bank of India (RBI), there will be a total of 13 bank holidays in August. This means that if you have any pending banking tasks, it is essential to check the bank holiday list before planning a visit to avoid any inconvenience.
Penalties for Late ITR Filing
The deadline for filing Income Tax Returns (ITR) for the year 2024 is July 31st. Failure to file by this date will result in penalties. The Income Tax Department allows for Belated Returns to be filed until December 31st, 2024. However, late filing penalties apply: Rs 1,000 for incomes below Rs 5 lakh, and up to Rs 5,000 for incomes above Rs 5 lakh.
Major Change in Google Maps Service
Starting August 1st, Google Maps is implementing a significant change in India by reducing its service charges by 70%, making it easier for more partners to join. Additionally, billing will transition from dollars to rupees. These changes will not affect daily users, who will not incur any new charges.
New HDFC Bank Credit Card Charges
HDFC Bank is introducing new rules for credit card transactions from August. Customers will face a 1% transaction charge for paying rent through credit card apps like CRED, Cheq, MobiKwik, and Freecharge. Additionally, a 1% charge will apply to fuel purchases exceeding Rs 5,000 and for paying utility bills over Rs 50,000. The bank has also increased charges for late payments and easy EMI options. Note that this extra charge will not exceed Rs 3,000 per transaction.
These changes highlight the importance of staying informed about new regulations that can impact your financial planning and daily expenses.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER