Banking to ITR Filing: 5 Money Rules Changes from 1st Aug 2022

There will be a number of financial changes starting on August 1 as the new month has begun. These will have an impact on the average person’s finances and financial planning methods. which implies that starting today, several modifications to the tax laws will also be in effect. Here are some of the new money rule changes that took effect on August 1st, from the Bank of Baroda positive pay system, Income Tax Return filing fines, and LPG cylinder price reduction.

Here Are Five Key Financial Rule Changes From 1st August 2022:

Late Fees For ITR Filing

IT returns that were not submitted by July 31 may still be submitted as a belated return till December 31. But there is a cost associated with that. According to Section 234F of the Income Tax Act, filing a tax return after the due date results in a fee, and the amount of the fee grows the longer the return is late.

According to Section 234F, taxpayers with total income of at least Rs. 5 lakh must pay a penalty of Rs. 5,000 if a belated ITR is filed after July 31. The fine amount for taxpayers with total incomes under Rs. 5 lakh is Rs. 1,000, while those who are exempt from paying income tax are not subject to any fines.

Bank of Baroda Positive Pay System

A mandatory Positive Pay System (PPS) has been proposed by Bank of Baroda for cheques issued for amounts over Rs 5,000,000. Prior to payment, clients must digitally validate key cheque information for authentication.

PPS involves a process of reconfirming key details like name, date, and amount electronically via mobile app, SMS, UPI or ATM of large value cheques. With its Positive Pay System, the Bank of Baroda will protect you from any check fraud.

Registration for PMFBY

Beginning today, farmers won’t be able to register for the Pradhan Mantri Fasal Bima Yojana. The deadline for PMFBY registration was July 31.

LPG Cylinder Price Cut

The prices of a 19-kg LPG cylinder in Delhi has been reduced by Rs 36 with effect from August 1, state-owned retailers said in a notification. From today, the price of a 19 kg commercial cylinder will now be Rs 1976, while in Kolkata it will be priced at Rs 2095.50, Rs 1936.50 in Mumbai and Rs 2141 in Chennai. However, as mentioned earlier, the price of a 14.2-kg domestic cooking cylinder has remained unchanged.

PM Kisan eKYC

Beneficiaries of the Pradhan Mantri Kisan Samman Nidhi Yojana (PMKSNY) now have till July 31 to complete their e-KYC. But KYC won’t be accepted after August 1.