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4 big changes will happen from August 1: Late fee will have to be paid for filing ITR, Bank of Baroda is implementing positive pay system

July 28, 2022
Bharat Times

  • Hindi News
  • Business
  • Rules Changes From August; Income Tax Penalty, PM Kisan Yojana KYC, LPG Cylinder Price Hike

New Delhi2 minutes ago

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There are only a few days left for the month of August to begin. The new month is bringing with it many changes. These will have a direct impact on your pocket and life. That is why it is important to keep the information about the rules with you in advance. Bank of Baroda is going to change the rules of check payment from August 1. To file ITR from August 1, a late fee of Rs 5000 will have to be paid. We are telling you about 4 such changes that will affect you.

Implementing positive pay system
Bank of Baroda is going to make some changes in its check payment rules from August 1. The bank has told its customers that from August 1, the positive pay system will be mandatory for payment of checks with an amount of Rs 5 lakh or more. These changes are being made to make check payment safe and prevent bank fraud. Click here for more information

KYC will become necessary for Kisan Samman Nidhi
You have also been given the time of July 31 for KYC of PM Kisan Samman Nidhi Yojana. Otherwise, the farmers will not get the money for the 12th installment of PM Kisan. Farmers will not be able to do KYC from August 1. Farmers can also get their ekyc done by visiting their nearest Common Service Center (CSC). Apart from this, online PM can get ekyc done through the official website of the farmer sitting at home.

Late fee for filing ITR
Taxpayers will have to pay late fees if they file ITR after July 31 i.e. from August 1. If the annual income of an individual taxpayer is more than Rs 5 lakh, then he will have to pay a late fee of Rs 5000. If the taxpayer’s annual income is less than Rs 5 lakh, then he will have to pay Rs 1,000 as late fee. Click here for more information

Gas cylinder can be expensive
LPG gas cylinder prices are reviewed on the 1st of every month. In such a situation, due to the rising prices of natural gas, this time the prices of both domestic and commercial gas cylinders may increase.

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