From Income Tax Deadline To Credit Card Revised Rules: Check Key Changes From August 1

Several rules pertaining to taxation, insurance, tech and other sectors are changing from today --Thursday, 1st August 2024. Since these new rules are set to impact the day-to-day lives and also have implications on your finances, hence it is important to know more about these changes in detail.

The deadline to file Income Tax Returns (ITR) for the financial year 2023-2024 (Assessment Year 2024-2025) was July 31, 2024. Those who have missed the deadline could file of belated ITR till December 31, 2024, with the required penalty among other formalities. However, tax payers --who want to stay in the Old Tax Regime--should now note since they have missed the July 31 deadline, they will now be automatically shifted to the New Tax Regime.

HDFC Bank has made an important announcement relating to its Credit Card, effective from 1st August 2024. HDFC Bank said that it will be making revision to the Credit card charges pertaining to Rental Transactions, Fuel Transactions, Utility Transactions, Educational Transactions, International / Cross Currency Transactions, Rewards Redemption towards Statement Credit, Finance Charges and Easy-EMI Processing Fee.

Google has announced that starting August 1, 2024, service charges for Google Maps in India will be reduced. Google will lower the service charges in India by up to 70 percent and will now bill in Indian rupees instead of Dollars.

Oil marketing companies (OMCs) today (August 1 2024) announced hike in the prices of 19 KG commercial LPG gas cylinders by Rs 6.50 per bottle of cylinder with immediate effect. After today's price hike, the retail sales a 19 kg commercial LPG cylinder would cost Rs 1652.50 in Delhi, Rs 1,605 in Mumbai, Rs 1,764.50 in Kolkata and Rs 1,817 in Chennai.

- Completion of KYC requirements starting August 1 to October 31, 2024.

- Replacement of 5-year-old FASTags.

- KYC update for 3-year-old FASTags. - Updating the registration number of the vehicle within 90 days of purchase. - Linking vehicle registration number and chassis number with FASTag. - FASTag providers must verify their databases. - Linking FASTag to a mobile number. - Uploading clear photos of the car’s front and side.

Regulator Irdai had on May 29 released a master circular on health insurance specifying that an insurer will have to decide on cashless authorization within one hour of request. IRDAI had asked insurance companies to put in a system and procedure to adhere to the circular by July 31. From August 1, non-life insurance companies will have to convey their decision on cashless authorization requests immediately and within one hour and final authorization on discharge from hospital within three hours of request from the hospital.