Important Rules Changes from 1st August 2022

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Few rules governing your life will change as of August 1. The rules governing the banking industry are among those that are altering.

The modifications that are being made may cause you some issues as well, which will directly affect your finances. Therefore, getting to know them is crucial. Tell us which rules will change starting on the first of the following month.

Penalty for filing ITR

The due date for tax return submissions is July 31. For taxpayers who are exempt from having their accounts audited, this deadline applies. If you do not submit your ITR by this deadline, you risk being fined. You can be required to pay a fine of up to Rs 5,000 if your annual income is higher than Rs 5 lakh. Similar to this, you may be required to pay a fine of up to Rs 1,000 if your yearly income is less than Rs 5 lakh.

Bank Of Baroda cheques will change

From August 1, 2022, Bank of Baroda will alter a crucial check-related rule. For checks with a sum of Rs. 5 lakh or above, the bank will implement a positive pay mechanism. In such a case, the bank will need to provide information for authentication before the check is cleared from the next month.

The bank will take this action to stop fraud. Through SMS ATM, Internet Banking, and Mobile Banking, you must enter the beneficiary’s name, account number, check number, and other information into the check. All of these details will then be cross-verified, and only then will the check be cleared.

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Banks will be closed for 13 days in next month

Due to festivals and vacations, banks will be closed for 13 days in the month of August. The major holidays include July 4th, Raksha Bandhan, Janmashtami, and Ganesh Chaturthi the following month. Banks will be closed as a result for roughly 13 days.

LPG Gas Price Changes Possible

Every month, LPG prices vary on the first. In this circumstance, the price of a gas cylinder may vary starting on August 1 as well. This time, businesses are able to alter the cost of gas cylinders for both domestic and commercial use. Let us remind you that last time, the price of the home gas cylinder climbed by Rs 50, while the price of the commercial gas cylinder decreased.

Farmers will not be able to do their KYC from August 1

Additionally, you have been given till July 31 to complete your KYC for the PM Kisan Samman Nidhi Yojana. From August 1, farmers won’t be able to complete KYC. The federal government indicated that the e-KYC deadline would be extended for farmers’ convenience. Earlier, May 31 was the last day to conduct e-KYC.

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