Important Changes in Rules from 1st August 2023: With just a few days left in the month of July, it becomes crucial to take note of significant rule changes that will come into effect from Tuesday, August 1. These rules have direct bearings on the common man's pocket, and, therefore, it is important to know what these changes are.
Here are the key updates: Bank Holidays in August: In the month of August, banks will observe a total of 14 holidays across various states due to festivals like Raksha Bandhan, Muharram, and others. Additionally, regular Saturday and Sunday holidays will also be applicable.
LPG Cylinder Price
There is a possibility of a price change for LPG cylinders in August. Oil marketing companies may revise the prices of both domestic and commercial cylinders. Typically, LPG prices are adjusted on the 1st and 16th of every month. Changes in the rates of PNG (Piped Natural Gas) and CNG (Compressed Natural Gas) may also be expected.
Penalty for Late ITR Filing: The deadline for filing income tax returns (ITR) is 31st July, specifically for taxpayers who do not require their accounts to be audited. Failure to file ITR by this date could lead to penalties. Taxpayers may be liable to pay a penalty of up to Rs 5,000 for late submission, in addition to any outstanding taxes.
Source:one India.com
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