August Rule Change: There is a big update for common people. Effective from August 1st, there will be several significant changes in the country, impacting households and finances. The upcoming month of August will witness modifications in various sectors, including LPG prices, airline fuel costs, service charges by Ujjivan Small Finance Bank, and railway ticket booking rules. Let’s delve into the details of these five key alterations:

1. LPG Cylinder Prices: The price of LPG cylinders, particularly the 19-kilogram commercial ones, saw a reduction of Rs 183.50 in Delhi, bringing the price down to Rs 2,930 from Rs 3,113.50. Any fluctuation in these prices could affect your kitchen budget.

2. Change in ATF Prices: Oil marketing companies are expected to adjust aviation fuel (ATF) rates, impacting air travel expenses directly.

3. Bank Rule Changes: Ujjivan Small Finance Bank will modify SMS alert charges to 30 paise per SMS with a monthly limit, effective August 1st. Customers are advised to stay informed about any changes in service fees by their banks.

4. Tatkal Rail Ticket Rules: Indian Railways is likely to introduce changes in the Tatkal ticket booking process, aligning token issuance times with the booking start time to streamline the process and enhance passenger convenience.

5. GST Rules: From August 1st, GST regulations will be revised, affecting businesses, shops, and traders. Improvements in the e-invoice and e-way bill system will be introduced, making it compulsory to provide ship-to GSTIN in bill-to-ship-to transactions. Additionally, businesses will have the option to deactivate e-way bills voluntarily.

6. Filing ITR is mandatory. While the deadline for salaried employees to file their ITR is July 31st, the deadline for filing ITR-3 and ITR-4 forms, for taxpayers whose accounts are not subject to audit, is August 31st. Failure to file ITR by August 31st could result in a late fee of up to ₹5,000 under Section 234F of the Income Tax Act.

 

7. Home Loans and EMIs: The RBI is expected to meet any day after August 1st to decide on the repo rate. This will significantly impact home loans, car loans, EMIs, and fixed deposit interest rates.