Now that the July deadline for filing income tax returns has passed, it’s time to focus on several important financial updates for August.
1. Verify Your Income Tax Returns Within 30 Days
After filing your income tax returns online, it’s crucial to verify them within 30 days. This step is necessary for processing by the Income Tax Department. You can complete the verification through the I-T e-filing portal (www.incometax.gov.in) using Aadhaar, a pre-validated bank account, or a demat account. If you miss the 30-day window, the date of verification will be considered as the filing date, potentially leading to late filing fees: ₹5,000 if income exceeds ₹5 lakh, or ₹1,000 if it’s below that threshold.
2. Cashless Authorization Within One Hour
Starting August 1, non-life insurance companies are required to approve cashless authorizations within one hour of receiving requests from hospitals. This new regulation, set by the Insurance Regulatory and Development Authority of India (IRDA), aims to streamline the process and move towards 100% cashless authorization.
3. SEBI’s New Proposal for Riskier Mutual Fund Assets
The Securities and Exchange Board of India (SEBI) has proposed a new asset class for mutual funds with higher risk and ticket size. This move aims to regulate investment products and curb the proliferation of unregistered offerings. SEBI is accepting comments on this proposal until August 6.
4. HDFC Bank Credit Card Changes
Effective August 1, HDFC Bank has updated the terms for its credit card portfolio. Changes include a 1% fee on transactions using third-party payment apps (like CRED, Paytm, etc.) for rentals and educational expenses, and a 1% charge on utility transactions over ₹50,000. A new rewards redemption fee of ₹50 has been introduced, and annual/renewal fees have increased for certain Indigo Airlines credit cards. Additionally, the late payment fee structure has been revised for these cards.
5. Tata Neu Infinity HDFC Bank Credit Card Updates
From August 1, Tata Neu Infinity HDFC Bank credit cardholders will earn 0.5% as NeuCoins on eligible UPI transactions. An additional 1% back will be awarded for transactions made using Tata Neu UPI ID. NeuCoin rewards on eligible UPI transactions will be capped at 500 NeuCoins per month, and existing balances will remain unaffected.
6. Smart Shopping Tips for the Festive Season
With Independence Day and Raksha Bandhan around the corner, expect various shopping offers. Plan a budget, track your expenses, and consider redeeming reward points. Make a list of gifts to avoid impulsive purchases and use partner bank cards for extra discounts. Be cautious with zero-cost EMI schemes as they can lead to debt.
Keep these updates in mind to manage your finances effectively this August.
