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Changes from August 1 : LPG Gas Cylinder Prices, Kisan Samman Nidhi, ITR Late Fee… Know what changes are happening from August 1

Changes from August 1: Bank of Baroda is going to change an important rule related to checks from August 1, 2022. The bank has made positive pay system mandatory for payment of checks with an amount of Rs 5 lakh or more.

New Delhi: Many such changes are going to happen from the month of August, which can affect you. These include many changes including ITR late fee, PM Kisan KYC, rules related to Bank of Baroda checks. These rules will directly affect your pocket, so it is important for you to know them. The check clearing rules of Bank of Baroda (BOB) are going to change from August 1. If you are not told about this rule, then your check may also be rejected. Also, the last date for updating KYC for PM Kisan will also end. If the price of LPG rises on August 1, the budget of the families will be affected. Let’s take a look at the changes that are going to happen from August 1.

Will not be able to update KYC of PM Kisan

The last date to update the e-KYC of PM Kisan Samman Nidhi Yojana is 31st July. From August 1, farmers will not be able to update PM Kisan e-KYC. Earlier, the last date for conducting e-KYC was May 31. Under PM Kisan Yojana, the government gives financial assistance of Rs.6 thousand in a year to the beneficiaries in three installments of Rs.2000 each.

Changing the rules related to checks of Bank of Baroda

There is big news for the customers of Bank of Baroda. From August 1, 2022, an important rule related to checks of this bank is going to change. The bank has made positive pay system mandatory for payment of checks with an amount of Rs 5 lakh or more. Now you have to give information to the bank for authentication before the check is cleared. The bank is going to do this to prevent fraud. In the check, you have to enter the beneficiary name, account number, amount, check number etc. through SMS, ATM, Internet Banking and Mobile Banking. After this all these information will be cross verified and only then the check will be cleared.

The price of LPG cylinder will be fixed

The price of gas cylinder may change in the month of August. Oil marketing companies can change the price of LPG cylinder as well as commercial cylinder. These companies revise the price of LPG on the 1st and 16th of every month. It is worth noting that there was an increase in the security deposit from June 16, due to which getting a new gas connection became costly. Last time the domestic gas cylinder was increased by Rs 50. At the same time, the price of commercial gas cylinders was cut.

Banks to remain closed for 18 days in August

Banks are full of holidays in the month of August. Banks will be closed for a total of 18 days in different states on account of Rakshabandhan, Muharram, Janmashtami and many other festivals. This also includes Saturday and Sunday holidays. In such a situation, before going to the bank, make sure to check the list of holidays once.

Penalty for filing ITR

The deadline for filing income tax returns is July 31. This last date is for those individual taxpayers who are not required to get their accounts audited. If you do not file ITR by this date, then you may have to pay ITR Late Fee further. In such a situation, you may have to pay a fine along with tax. If your income exceeds Rs 5 lakh, you may have to pay a fine of up to Rs 5,000. Similarly, if your annual income is less than Rs 5 lakh, then you may have to pay a penalty of up to Rs 1,000 again.

Registration for PMFBY

To take advantage of the Pradhan Mantri Fasal Bima Yojana (PMFBY), you have to get your crop insured under the Pradhan Mantri Fasal Bima Yojana. The last date to register for this is July 31. After that there will be no registration and you may be deprived of this scheme. This registration can be done online or offline.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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