New Delhi: We are currently in the last week of July. In just three days, the new month of August will begin. The first day of any month holds significant importance, as various rules often change on this day, some of which directly impact the general public. Several rules are set to change starting August 1st, ranging from LPG cylinder prices to bank holidays. These changes could directly affect people’s finances and daily routines. Read on for a detailed breakdown of the upcoming changes to clear up any confusion.
Will LPG cylinder prices change?
Indian petroleum companies revise the prices of domestic and commercial gas cylinders on the first of every month. Prices in India fluctuate based on global trends,s rising or falling depending on international market shifts. Consequently, everyone is keeping a close watch on the prices to be announced on August 1st.
Changes to Tatkal ticketing
A significant change is expected in the Tatkal ticketing process. Passengers will now receive a token at railway reservation counters and can book their tickets when their number is called. This system aims to reduce overcrowding at the counters.
New bank holiday calendar comes into effect..ect
With the start of August, the RBI’s new bank holiday calendar will come into force. August includes several holidays such as Independence Day, Raksha Bandhan, Sundays, and the second and fourth Saturdays, varying by state. It is advisable to check the holiday list before visiting a bank. While banking services like cheque processing and loan-related work will be unavailable, ATM, UPI, mobile banking, and internet banking services will continue to operate as usual.
Potential changes to credit card rules
At the start of each month, some banks and card issuers implement changes regarding reward points, fees, payment terms, or other features. You should check in advance if your bank is introducing any new rules starting August 1st.
Attention ITR Filers
The deadline for salaried employees to file their ITR is July 31, 2026. However, for taxpayers filing ITR-3 and ITR-4 forms where an audit of accounts is not mandatory, failure to file the return by the deadline of August 31 could result in a late filing fee of up to ₹5,000 under Section 234F of the Income Tax Act.
Potential Changes Affecting Home Loans and EMI
Did you know that a Reserve Bank of India (RBI) meeting could take place anytime after August 1? A decision regarding the repo rate is expected during this meeting, which could impact home loans, car loans, and the interest earned on fixed deposits (FDs).
