These big rules will change from August 1
Rule Change 1st August: The first date of every month brings with it many changes which have a direct impact on the monthly budget of the common man. August 1 is also no exception to this. Many big events are going to happen on the economic front this month. From LPG prices to Reserve Bank of India (RBI) interest rates, many important decisions will determine the direction of your financial health. Apart from this, important changes are also taking place from Income Tax Return (ITR) filing to banking service charges. If you want to manage your money properly, then it is very important to understand these big changes coming into effect from August 1.
Will gas cylinders become cheaper or will inflation increase?
The country’s oil marketing companies (OMCs) review the prices of LPG gas cylinders on the first of every month. Recently, due to US-Iran tension, the global energy crisis had deepened, due to which there was pressure on gas prices. But now that the situation is becoming a little normal at the international level, common customers have full hope that there may be some reduction in the prices of domestic and commercial gas cylinders from August 1. This will directly reduce kitchen expenses.
Will EMI of loan decrease or will the burden increase?
This month, everyone’s attention from the common man to the corporate world is going to be on the meeting of the Monetary Policy Committee (MPC) of the Reserve Bank. This important meeting will be held between 3rd to 5th August and on 5th August the RBI Governor himself will announce its decisions. In this meeting it will be decided whether any change will be made in the repo rate or not. Repo rate has a direct impact on the EMI of your home loan, car loan and personal loan. Also, the interest rates on Fixed Deposit (FD) will also depend on the decisions of this meeting.
Alert for stock market investors
The deadline for filing ITR for employed people has ended on July 31. Now, for delay, a fine of Rs 1000 to Rs 5000 will have to be paid depending on the annual income. At the same time, the last date for filing returns for small businessmen, freelancers and self-employed professionals (ITR-3, ITR-4 and those covered under section 44AD/44ADA) is 31 August. If they miss this deadline, they will have to pay heavy interest on late fees and outstanding taxes under Section 234F.
Talking about the stock market, from August 1, market regulator SEBI is reopening the way for open market share buyback through the stock exchange. Its maximum limit has been fixed at 15 percent of the paid-up capital and free reserves of the company. Apart from this, quarterly review of MSCI Global Index is also to be held on August 12, which will impact the outlook of foreign investors on Indian shares.
From changes in banking service charges to strict GST rules
Service charges of banks may also become expensive from this month. For example, Ujjivan Small Finance Bank has announced a charge of 30 paise per SMS for SMS alerts sent to customers. Therefore, customers should get information about debit card fees and other charges of their banks in advance. The Goods and Services Tax (GST) network is tightening the rules for e-way bills for traders from August 1, 2026. Now it will be mandatory to provide GSTIN of the ‘ship-to’ portion in ‘bill-to/ship-to’ transactions done through the system. The most important thing is that once the challan (IRN) is generated, no changes can be made in it.
