Major Rule Changes From August 1st: Tatkal Booking, ITR Penalty, LPG Prices, and More You Need to Know

Here are all the top rules changes taking effect from August 1 that everyone should know.

1. New Token System In Tatkal Ticket Booking

Indian Railways has come up with a new token system in the Tatkal ticket booking, effective August 1st. Until now, the passengers who wanted Tatkal tickets had to queue twice at reservation counters, once earlier in the day to collect a token and again later when the booking window opened. However, from August 1 there will be no overcrowding at counters, and it will speed up the overall booking process for last-minute travelers.

2. ITR Deadlines

July 31 is the last date for regular taxpayers to file their income tax returns for FY 2026-27. Anyone who hasn't filed by then will have to pay the penalty from August 1, as the late filing fees will kick in.

3. LPG Cylinder Prices Revision

Every month the Oil marketing companies revise the LPG cylinder prices on the first of every month, and users can expect another price revision from August 1st.

3. Banks Set To Roll Out CKYC 2.0

From August 2, banks, insurance companies, and asset management firms are jointly implementing the Central KYC (CKYC) 2.0 system, which is an Aadhaar-linked digital procedure that lets financial institutions pull customer data from the central registry but only with users' consent.

4. Credit Card Rules Changes

Banks' reports suggest banks are likely to revise credit card terms from August 1, which include changes in the reward points, late payment charges, and processing fees, and that FD interest rates and loan EMIs could also move depending on the outcome of the RBI's upcoming Monetary Policy Committee meeting.