Five Major Financial Amemds To Take Place In July: From ITR Filing To Credit Card Services, Check Here

In the latest development, the month of July begins with several financial, deadlines and rule amendments which will come into effect.  In addition, the Union Budget, which is scheduled to be presented during the second part of the parliament’s Monsoon Session on July 23 or 24, is a significant economic event.

Income Tax Return (ITR) filing deadline:

The last date for filing Income Tax Returns (ITRs) for the fiscal year 2023 – 2024 (Assessment Year 2024–25) is July 31, 2024.

The majority of salaried taxpayers have probably already gotten their Form 16, which is a crucial record that provides a breakdown of the taxes withheld and remitted with the government. Form 16 makes it easier and faster for salaried individuals to file their income tax returns.

Union Budget:

The first budget of the Modi 3.0 government will be presented in Parliament by Finance Minister Nirmala Sitharaman during the third week of July. As with every budget, there are anticipation that the FM will unveil some significant measures that could affect financial and regulatory operations in several industries.

Amends by Credit cards:

Changes in SBI Card credit card rules

A few adjustments regarding the accrual of reward points were announced by SBI Card. SBI Cards will no longer give reward points for government-related transactions on certain of its cards as of July 15.

SBI Card has declared that the Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, and other cards that are associated with government transactions will no longer accrue reward points. Chennai IRCTC SBI Card, IRCTC SBI Card Premier, Fabindia SBI Card, Fabindia SBI Card SELECT, Metro SBI Card, Club Vistara SBI Card, Club Vistara SBI Card PRIME, Delhi Metro SBI Card, Etihad Guest SBI Card, Etihad Guest SBI Premier Card, Paytm SBI Card, Paytm SBI Card SELECT, OLA Money SBI Card, Mumbai Metro SBI Card, Nature’s Basket SBI Card, Nature’s Basket SBI Card ELITE, Reliance SBI Card, Reliance SBI Card PRIME, and Yatra SBI Card.

Amends in ICICI Bank credit card charges

There have been certain adjustments made to ICICI Bank’s credit card servicing fees. With the exception of the Emerald Private Metal Credit Card, all cards now have a 200 rupee replacement cost instead of the previous 100. The bank has declared that it would no longer charge for a number of services, including charge slip requests, cash and check pick-up, dial-a-draft transactions, processing of out-of-town checks, and duplicate bank statement requests. However, replacing a card would cost you Rs 200.

Amends effected by Citibank

By July 15, the transfer of Citibank credit cards to Axis Bank will be finished, leading to new card names and adjustments to the reward point structure.

YES Bank lounge access rules

The airport lounge access regulations have been updated by private sector lender YES Bank. The bank’s new regulation stipulates that in order to receive free entry to airport lounges, customers must spend a minimum of Rs 35,000 every quarter.

Changes in digital payment rules

The Reserve Bank of India mandated on July 1st that credit card payments be made via the Bharat Bill Payment System (BBPS). Fintech platforms and numerous large banks have been impacted by the change.

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Paytm wallets rule change

Paytm Payments Bank will close wallets that have had no transactions or zero balances for the last year as of July 20. The users will be notified thirty days in advance of the closure of their wallets.

According to the Paytm Payments Bank website, “Please be aware that wallets with no balance that have not had any transactions for a year or longer will be closed on July 20th, 2024. All affected users will receive notification, and they will have 30 days to decide whether to close their wallets.