There will be many changes from next month, i.e., These changes can affect you financially, so you need to be aware of them in advance. These changes from 1st August are linked to some timelines and some rules. Let's know which of the works are being implemented from 1st August and which rules are being changed.
1. Price of LPG cylinder:
The price of the LPG cylinder will change on August one. The price of LPG cylinder has increased continuously for the last two months. In the month of August, customers will have to pay more money for LPG cylinders, or at least, it will be known only on August one, as the country's oil marketing companies change the prices of LPG cylinders on the first day of every month.
2. Sukanya Samriddhi Yojana:
The Department of Posts had given a facility to Sukanya Samriddhi Yojana customers because of the lockdown. The Department of Posts had relaxed till 31st July 2020 to open the SSY account of a girl who had completed the age of 10 years in the lockdown period between 25th June 2020 to 30th June 2020. The scheme has to open an account within the age of 10 years of the daughter.
3. Last Chance of Tax Saving Investment:
The CBDT had extended the last date for tax saving investment for the financial year 2019-20 till 31st July. If you have not yet invested in tax saving investment schemes to get income tax exemption, you have a chance till 31st July.
4. Deadline for filing income tax returns:
The deadline for filing of regional or revival income tax returns for the financial year 2018-19 expires on 31st July 2020. So, those who have not yet fixed this income tax return should fill it up in time. Further, the Government issued a press release on 13th May 2020 and announced that the deadline for filing of income tax returns for the financial year 2019-20 has been extended from 31st July 2020 to 30th November 2020.
5. Changes in various charges of RBL Bank:
The various charges of RBL Bank are going to change from August 2020. According to the bank website, a fee of Rs. 200 will be charged for re-issue of lost or damaged debit card from August one. The issue of titanium debit card will take Rs 250. The annual fee of this card will also be Rs 250. It will change the limit of free transactions (financial + non-financial) from non-RBL bank ATMs from August one. This will be five free transactions per month in the metro/urban area and 5 free transactions per month in semi-urban and rural areas.
6. New Rules for E-Commerce Companies:
The government has issued an order that from August one, all e-commerce companies will have to inform the country of origin of products sold on their websites, i.e., in which country the product is made.
7. 2nd installment of PM Kisan Yojana:
Under PM Kisan Samman Nidhi Yojana, an installment of Rs. 2-2 thousand is deposited in the accounts of eligible farmers of the country. So, a total of Rs. 6,000 is deposited in a year. Under the scheme, the first installment of the year 2020 has been deposited in the accounts of farmers in the month of April. After that, the second installment under the scheme is likely to be deposited in the month of August. The government can announce it in the coming days.
8. Minimum Balance:
From August one, many banks are going to change the minimum balance limit rules. According to media reports, the banking rules of Bank of Maharashtra, Axis Bank, and Kotak Mahindra Bank are going to change. Some of these banks may increase the minimum balance limit. Banks are making this change to increase their cash balance and promote digital transactions.
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