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Rules Changing from August 1: As is the case every month, several rules regarding LPG prices, bank holidays, ATMs, and credit cards are set to change starting August 1. Let’s look at the details here.

Rules Changing from August 1: Like the first of every month, several rules are set to change from August 1. These include changes ranging from LPG gas cylinder prices to bank holidays. These changes could directly impact the common man's finances and daily routines. Therefore, it is important to be aware of these changes before the new month begins. Let’s find out what is changing.

1. LPG Cylinders

On the first of every month, oil marketing companies release new prices for domestic (14.2 kg) and commercial (19 kg) LPG cylinders. Cylinder prices may rise or fall based on changes in the international market and costs. Consequently, everyone will be keeping an eye on the new rates on August 1.

2. Tatkal Tickets

A significant change has been introduced regarding Tatkal tickets. Passengers will now receive a token at railway reservation counters, and tickets will be booked when their turn arrives. This measure aims to prevent pushing and shoving at the counters.

3. Bank Holidays

With the arrival of August, the RBI's new bank holiday calendar will come into effect. Banks will remain closed in various states on several days, including Independence Day, Raksha Bandhan, Janmashtami, Sundays, and the second and fourth Saturdays. If you have urgent work at a bank branch, be sure to check the holiday list beforehand.

4. ATM and Digital Banking Services

While ATM, UPI, mobile banking, and internet banking services will continue to operate normally, some banks may periodically revise their service charges, free transaction limits, or other rules. Therefore, it is important to keep an eye on official information provided by your bank.

5. Credit Cards

At the beginning of every month, many banks and card issuers revise reward points, fees, payment terms, or other features. If your bank is implementing any new rules starting August 1st, make sure to check the details in advance.

6. Fuel Prices

Apart from LPG, the prices of Aviation Turbine Fuel (ATF) and other fuels may also change based on international market conditions. This could impact airlines and travel costs.

7. Mandatory ITR Filing

While the deadline for salaried employees to file their Income Tax Return (ITR) is July 31st, the deadline is August 31st for taxpayers filing ITR-3 and ITR-4 forms who are not required to have their accounts audited. Failure to file the ITR by August 31st could result in a late fee of up to ₹5,000 under Section 234F of the Income Tax Act.

8. Home Loans and EMIs

The RBI may hold a meeting any time after August 1st, where a decision regarding the repo rate could be taken. This is likely to significantly impact interest rates on home loans, car loans, EMIs, and fixed deposits (FDs).

If you have any banking, gas booking, or other related tasks in August, be sure to check the new rules and rates coming into effect on August 1st. This will help you avoid any inconvenience or unexpected expenses.