Rules Changing From 1st August 2023: These Changes May Affect Your Budget

India

oi-Madhuri Adnal

Essential Modifications in Guidelines from 1st August 2023: With only a few days left within the month of July, it turns into essential to be aware of important rule adjustments that can come into impact from Tuesday, August 1. These guidelines have direct bearings on the widespread man’s pocket, and, subsequently, it is very important know what these adjustments are.

Listed here are the important thing updates:

Financial institution Holidays in August:

Within the month of August, banks will observe a complete of 14 holidays throughout varied states because of festivals like Raksha Bandhan, Muharram, and others. Moreover, common Saturday and Sunday holidays can even be relevant.

LPG Cylinder Costs:

There’s a chance of a value change for LPG cylinders in August. Oil advertising firms could revise the costs of each home and business cylinders. Usually, LPG costs are adjusted on the first and sixteenth of each month. Modifications within the charges of PNG (Piped Pure Gasoline) and CNG (Compressed Pure Gasoline) might also be anticipated.

Penalty for Late ITR Submitting:

The deadline for submitting revenue tax returns (ITR) is thirty first July, particularly for taxpayers who don’t require their accounts to be audited. Failure to file ITR by this date might result in penalties. Taxpayers could also be liable to pay a penalty of as much as Rs 5,000 for late submission, along with any excellent taxes.