Mumbai: August is packed with important financial deadlines and policy events that taxpayers, investors and bank customers should keep on their radar.
One of the biggest dates is August 31, the deadline for filing Income Tax Returns (ITR) for taxpayers using ITR-3 or ITR-4 who are not required to undergo a tax audit. This includes self-employed professionals, freelancers and small business owners opting for the presumptive taxation scheme under Sections 44AD and 44ADA.
Missing the deadline may attract a late filing fee of up to ₹5,000 under Section 234F, along with interest on unpaid tax under Section 234A, wherever applicable.
RBI MPC Meeting in Focus
The Reserve Bank of India’s Monetary Policy Committee (MPC) will begin its three-day meeting on August 3, with the policy decision scheduled for August 5.
Market participants will closely watch the central bank’s stance on interest rates, liquidity and inflation. The policy outcome could influence home loan EMIs, lending rates and fixed deposit returns.
Most analysts expect the RBI to keep policy rates unchanged as inflation is projected to remain above 5% over the next two quarters, while India’s economic growth is expected to stay resilient.
Banking and Railway Changes
Bank customers should also watch for revisions in service charges during August. Several lenders are expected to update fees related to debit card annual maintenance, transaction charges and other banking services.
Axis Bank will revise benefits on its premium Magnus for Burgundy credit card from August 28, including a higher Dynamic Currency Conversion (DCC) markup and the withdrawal of reward points on toll payments and gift card purchases.
Meanwhile, Indian Railways has introduced a token-based Tatkal ticket booking system at reservation counters from August 1 to improve crowd management and streamline bookings.
With tax deadlines, RBI policy decisions and banking rule changes lined up, August is set to be an important month for individuals and businesses alike.
