August 1 Brings New Changes You Must Know About

| Updated: August 1, 2022 2:30 pm

 The month of July ends today with a new beginning. Like every month, August will bring with itself a set of important changes that need to be implemented. These changes are the ones that will directly affect one’s pocket, hence one needs to know about them before delving into August. 

  1. Bank of Baroda changes the rule of payment by cheque 

Rules shall be changed by Bank of Baroda for making payments by cheque from August 1. The RBI had issued guidelines to Bank of Baroda according to which, a positive pay system had been to be adopted for cheques of Rs 5 lakh or more. The policy says that the bank has to provide the information related to cheque through SMS, net banking or mobile app.  

  1. KYC norms to be changed for PM Kisan Yojana  

The last date for the KYC was in July. Farmers are not allowed to do their KYC from August 1. There are different ways to do a KYC. Farmers can do it through visiting their nearest common service sector or go for an online KYC through the official website of PM Kisan sitting at home. The date for eKYC was extended by the central government for the convenience of farmers. The earlier date for eKYC was May 31.  

  1. Registration closed for Pradhan Mantri Fasal Fima Yojana  

The last date for registration for Pradhan Mantri Fasal Bima Yojana was July 31. To get benefits of Pradhan Mantri Fasal Bima Yojana, one needs to insure one’s crops. Registration was available, both online and offline.  

  1. LPG Prices to Change  

      Prices of LPG cylinders change as they change on the 1st of every month. This month too, the prices may change both commercially and domestically. Earlier commercial gas cylinders’ price had gone down and the price of domestic gas cylinders was increased by Rs 50. 

  1. Penalty to be paid for late taxes 

 For those who have not yet filed their income tax return, they will have to pay the penalty from August 1. After July 31, a late fee will have to be paid for filing the ITR. If the tax payable tax rate of the income tax will be up to 5 lakh or below it the late fees is Rs 1,000. For those taxpayers whose income is more than 5 lakh rupees, then they will have to pay a late fee of Rs 5,000.  

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