ATTENTION! Major Changes Coming Into Effect From August That Will Directly Impact Your Finances

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New Delhi: ITR penalties will start to be applied on August 1 once the ITR deadline for AY 2023–24 expires on July 31. Banks will be closed for a total of 14 days, Axis Bank is updating the features and perks of its co-branded Flipkart card, etc. next month.

ITR Deadline

The ITR must be submitted by July 31 by law. As of now, there is no plan by the administration to extend the ITR deadline. According to Section 234F of the Income Tax Act of 1961, late ITR filing would result in penalties starting on August 1 of Rs. 5,000 for individuals with incomes over Rs. 5 lakh and Rs. 1,000 for those earning between Rs. 2.5 lakh and Rs. 5 lakh.

Axis Bank Flipkart Credit Card

As of August 12, Axis Bank has reduced the privileges on its credit card with the Flipkart co-brand. Spending on Flipkart and Myntra will now be eligible for 1.5 percent cashback instead of the previous 5 percent.

Additionally, cashback won't be offered when buying fuel, gift cards from Flipkart and Myntra, cash advances, paying rent, buying jewellery, paying utilities, etc. For those who spend more than Rs 3.5 lakh annually, annual card fees are now eliminated.

Bank Holidays In August

The Reserve Bank of India (RBI) holiday calendar indicates that banks would be closed for 14 days in August 2023, including Sundays, the second and fourth Saturdays.

In August, there will be eight state-specific holidays. In a few states, public and commercial banks would be closed on special days like Tendong Lho Rum Faat, the Parsi New Year, Onam, Raksha Bandhan, and others.

Stock Market Holidays

Due to Independence Day, the Indian stock market will be closed on August 15. Except for the customary weekend holiday (Saturday and Sunday), the markets will be open for the remaining days.

SBI Amrit Kalash

The Amrit Kalash Fixed Deposit offered by State Bank of India (SBI) will now accept deposits through August 15 instead of ending on June 30 as originally scheduled. The SBI website states, "The specific tenor scheme of '400 days' (Amrit Kalash) at rate of interest of 7.10 per cent w.e.f. April 12, 2023. There is a 7.60% interest rate available to senior citizens.