From FASTag, HDFC credit card to tax regime selection: These 6 rule changes from August 1 may impact your life in some way; know how
Rule Changes from August 1: The month of August kicks off on Thursday, and with the beginning of the new month, several new rules will come into effect impacting your finances directly. Here’s a list of the key changes that will take place from August 1, including updates on FASTag, HDFC Credit Cards, tax regime selection, and more.
New FASTag Guidelines
According to the National Payments Corporation of India (NPCI), companies offering FASTag services must complete KYC updates for all FASTags issued three to five years ago by October 31. The KYC process will begin on August 1, and customers need to ensure their details are up-to-date within this period. Read More
HDFC Credit Card Rules
Starting August 1, changes to HDFC Bank’s credit card rules will directly affect consumers. A 1% fee will be charged on rent payments made through HDFC credit cards using third-party apps like CRED, Paytm, Mobikwik, and Freecharge. However, there will be no additional charge for fuel transactions under Rs 15,000. For fuel purchases above this amount, a 1% charge will be applied to the total.
Changes to Google Map Services
Google Maps will implement new rules in India beginning August 1. The company has announced a 70% reduction in its service charges in the country, with payments now being made in rupees instead of dollars.
Restrictions on Choosing the Old Tax Regime in ITR
The deadline for filing Income Tax Returns (ITR) is July 31. After this date, if you file your taxes late, not only will you incur a penalty, but you will also be unable to opt for the Old Tax Regime for the financial year 2023-24.
Revised ATF and CNG-PNG Rates
On the first of every month, oil companies update the rates for aviation fuel (Air Turbine Fuel or ATF) and CNG-PNG. The new prices will be announced on August 1, so be prepared for possible changes.