July financial deadlines and rules change: In the month of July, there are several financial deadlines and changes in rules, which will come into effect. Besides, there is one key economic event – Union Budget, which is likely to be presented on July 23 or 24 in the second leg of the Monsoon Session of parliament.
Here are some of major financial changes and deadlines to take effect this month:
Income Tax Return (ITR) filing deadline 2024:
The deadline to file Income Tax Return (ITR) for the financial year 2023-24 (Assessment Year 2024-25) is July 31, 2024. Most salaried taxpayers are likely to have received their Form 16, an important document that gives an account of tax deducted and deposited with the government. Form 16 facilitates in filing of income tax returns faster and in hassle-free manner by salaried individuals.
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Union Budget presentation:
Finance Minister Nirmala Sitharaman will present the Modi 3.0 government’s first budget in Parliament in the third week of July. Like expected in every budget, this time also there are expectations that the FM would announce some key measures that might have potential to impact financial and regulatory activities across sectors.
Rule changes by Credit cards in terms of services and charges:
Changes in SBI Card credit card rules
SBI Card announced some changes pertaining to reward points accrual. Effective July 15, SBI Cards will stop awarding reward points for government-related transactions on some of its cards.
SBI Card has announced discontinuation of accrual of reward points on government-related transactions on cards like Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Club Vistara SBI Card, Club Vistara SBI Card PRIME, Delhi Metro SBI Card, Etihad Guest SBI Card, Etihad Guest SBI Premier Card, Fabindia SBI Card, Fabindia SBI Card SELECT, IRCTC SBI Card, IRCTC SBI Card Premier, Mumbai Metro SBI Card, Nature’s Basket SBI Card, Nature’s Basket SBI Card ELITE, OLA Money SBI Card, Paytm SBI Card, Paytm SBI Card SELECT, Reliance SBI Card, Reliance SBI Card PRIME, and Yatra SBI Card.
Changes in ICICI Bank credit card charges
ICICI Bank has made some changes in its credit card service charges. It has increased card replacement fee from Rs 100 to Rs 200 for all cards except the Emerald Private Metal Credit Card. The bank has announced that it will discontinue charges for various services, like charge slip requests, cheque/cash pick-up, dial-a-draft transactions, outstation cheque processing, and duplicate bank statements. However, it will charge Rs 200 for card replacements.
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Changes effected by Citibank
The migration of Citibank credit cards to Axis Bank will be completed by July 15, in result there would be new card names and changes to reward points strategy.
YES Bank lounge access rules
Private sector lender YES Bank has revised its airport lounge access rules. Under its new rule, the bank has mandated a minimum spend of Rs 35,000 per quarter for complimentary access to airport lounges.
Changes in digital payment rules
Effective July 1, the Reserve Bank of India has directed that credit card payments be processed through the Bharat Bill Payment System (BBPS). The move has affected several major banks and fintech platforms.
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Paytm wallets rule change
Effective July 20, Paytm Payments Bank will close wallets with zero balances and no transactions for the past year. The users will be given a 30-day notice before their wallets are closed.
Paytm Payments Bank’s website says, “Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20th, 2024. Communication will be sent to all impacted users and users will be given 30 days’ notice period, before closing their wallet.”
