ITR deadline, RBI MPC meet among key financial deadlines, events in August
New Delhi, Aug 1
August brings a slew of financial deadlines and events that could affect taxpayers and banking customers, including an August 31 income tax return deadline for businesses and professionals, the Reserve Bank of India's Monetary Policy Committee meeting and bank service charge changes.
Taxpayers who are required to file ITR‑3 or ITR‑4 and not subject to tax audit - including self‑employed professionals, freelancers and small business owners using presumptive taxation under Sections 44AD and 44ADA - must file income tax returns by August 31.
Late filing fee penalty could be up to Rs 5,000 under Section 234F and interest on unpaid tax under Section 234A, where applicable.
The Reserve Bank of India's Monetary Policy Committee (MPC) meeting is scheduled to start from August 3, with its policy decision due on August 5.
RBI's stance on interest rates and liquidity could influence home loan EMIs, lending rates and fixed‑deposit returns in the coming months.
The RBI is likely to keep policy rates unchanged as consumer price inflation is expected to remain above 5 per cent for the next two quarters and Q1 FY27 domestic product growth may exceed about 7 per cent, a recent report said.
An explicitly dovish message is less likely given oil volatility, rupee pressure and external flow caution.
Meanwhile, Indian Railways has launched a token-based system for Tatkal ticket booking at reservation counters from August 1 to streamline the booking process and reduce crowding at ticket counters.
Axis Bank will cut benefits on its premium Magnus for Burgundy card from August 28, raising the Dynamic Currency Conversion markup from 1.5 per cent to 2 per cent. Reward points on toll‑related transactions and gift‑card purchases will be discontinued.
Several banks are set to revise select service charges in August, like debit card annual maintenance charges, transaction fees, or other banking service charges.
— IANS
Reader Comments
The RBI MPC meeting on August 3-5 is the real news here. With inflation above 5% and GDP growth looking strong, they'll probably hold rates. But as someone with a home loan, I'm nervously watching. If they keep rates steady, at least my EMI won't increase. Fingers crossed! 🤞
Interesting to see the Tatkal token system being rolled out at counters. Railway bookings have always been chaotic, especially during peak season. This might actually reduce the rush and make things more organized. Let's hope it doesn't create new problems at smaller stations though.
Axis Bank cutting Magnus for Burgundy card benefits from August 28? That's disappointing. First they devalue the regular Magnus, now this. DCC markup going from 1.5% to 2% and no more reward points on toll or gift cards - it feels like premium cards are getting worse. Time to look at other options 😒
A word of caution for small business owners - don't wait until August 31 to file your returns. The portal tends to slow down during peak hours, and you don't want to be stuck with a Rs 5,000 penalty because of last-minute technical glitches. File early and save yourself the stress. Also, check your Form 26AS before filing to avoid mismatches!
Bank service charge revisions are always sneaky - they bury these updates in fine print and hope nobody notices. This month, check your bank's website for debit card AMC and transaction fee changes. As customers,
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