As July concludes and we welcome August 2024, a host of impactful changes are set to take effect across India some are going to directly impact you some are indirect, everything from your kitchen to your financial transactions. Here’s a detailed look at six major updates.
1. LPG Price Hike
With the dawn of August 1, 2024, consumers are greeted with an inflationary jolt on LPG gas cylinders. Post-budget adjustments have led to an increase in the price of 19 kg commercial LPG cylinders, while the 14 kg domestic gas cylinder price remains static. Effective from today, the commercial LPG cylinder now costs ₹8.50 more. Previously, in July, there was a reduction of ₹30 on these cylinders.
Current rates are as follows:
- Delhi: ₹1,652.50 (up from ₹1,646)
- Kolkata: ₹1,764.50 (up from ₹1,756)
- Mumbai: ₹1,605 (up from ₹1,598)
- Chennai: ₹1,817 (up from ₹1,809.50)
2. ITR Filing Penalties
From today, stricter penalties are imposed on late ITR filings. If you missed the July 31, 2024 deadline, you’ll now incur a penalty for belated returns, which can be filed until December 31, 2024. Penalties are tiered based on income:
- Income below ₹5 lakh: ₹1,000 penalty
- Income above ₹5 lakh: Up to ₹5,000 penalty
3. HDFC Bank Credit Card Fees
August 1 also heralds changes for HDFC Bank credit cardholders. Rent payments made through third-party apps like CRED, Paytm, Mobikwik, and Freecharge will now attract a 1% fee, with a transaction limit set at ₹3,000. Fuel transactions remain exempt from additional charges up to ₹15,000, beyond which a 1% fee applies.
4. Google Map Service Charges
Google Maps has revised its service charges in India, reducing fees by up to 70%. Additionally, payments for the service will now be accepted in Indian Rupees instead of US Dollars, providing more convenience and savings for users.
5. Bank Holidays in August
August brings a slew of bank holidays. According to the Reserve Bank of India, banks will be closed for 13 days this month, owing to various festivals and regular weekend holidays. Key dates include:
- Raksha Bandhan
- Janmashtami
- Independence Day
- Second and fourth Saturdays, Sundays
Make sure to plan any bank-related tasks accordingly.
These changes are set to influence daily routines and financial planning significantly, so staying informed is crucial.
-by DailyBharat
