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8 Personal Finance Changes To Come Into Effect From August 2021

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Every month some or the other developments effect some changes which may impact an individual's life so here we list some of the changes that should be known to you for your convenience and hassle free personal financial transactions:

 

1. NACH will enable you to get salary and other credits even on banking holidays:

1. NACH will enable you to get salary and other credits even on banking holidays:

National Automated Clearing House will now be available 24*7 irrespective of the bank holiday or weekend and hence people will be able to get their salary, pension as well as other debits in relation to various investments can be made even on bank holiday. In the current regime, NACH is only available on the bank working days.

2. ATM transactions to become expensive:
 

2. ATM transactions to become expensive:

The banks as per the recent ruling of the Reserve Bank of India may increase the interchange charge at ATMs by as much as Rs. 2. The interbank charge can be increased from Rs. 15 to Rs. 17 in respect of financial transactions as well as to Rs. 6 from Rs. 5 for non-financial transactions. This interbank fee is charged by banks to merchants that process payments using the debit or credit card.

3. Free ATM transactions capped:

3. Free ATM transactions capped:

From one's own bank's ATM, the number of free ATM transactions have been capped at 5. At other bank's ATM, the number of free ATM transactions vary depending on the city, in case of a metro city the free transactions allowed using other bank's ATM is 3 and that at a non-metro city is decided at 5.

4. Loan and fixed deposit rates may see a change:

4. Loan and fixed deposit rates may see a change:

As growth is on the radar of the RBI and the centre, it is unlikely that the interest rates shall be tinkered with in the upcoming monetary policy scheduled from August 4-August 7, nonetheless nothing can be said with certainty till we get to hear the policy statement by the RBI's Governor.

5. ICICI Bank's new rules on ATM transactions as well as chequebook:

5. ICICI Bank's new rules on ATM transactions as well as chequebook:

For up to 4 transactions, ICICI Bank charges no fee and post this on each of the transaction there shall be levied a fee of Rs. 150 after the free limit is exhausted. In a year, one can avail ICICI Bank's cheque book with 25 leaflets for free but thereafter for every cheque book with 10 leafs there shall be a charge of Rs. 20.

6. LPG prices may be revised:

6. LPG prices may be revised:

LPG prices are revised on a month on month basis and it is likely that LPG cooking gas rates may trend higher in the new month.

7. Form 15CA/15CB filing deadline extended:

7. Form 15CA/15CB filing deadline extended:

Amid the coronavirus pandemic, the CBDT has allowed relief to taxpayers and extended the deadline for filing form 15CA/15CB, the deadline of which is ending on August 15. Form 15CA/Form 15CB are the IT department mandated filing requirement for any foreign remittances made.

8. Penalty on self assessment tax on dues over Rs. 1 lakh shall apply from August

8. Penalty on self assessment tax on dues over Rs. 1 lakh shall apply from August

Even as the centre extended a host of relief in tax compliance, a release in May provided that if an individual's tax dues after considering TDS deduction and advance tax dues are over Rs. 1 lakh for the financial year 2021 then payment needs to be tendered on or before July 31, 2021. Failing which there will be levied a penalty at the rate 1% per month from August 2021 as per section 234A of the Income Tax Act 1961.

In case of senior citizens who are not needed to pay advance tax and if they happen to pay any tax before such deadline i.e. July 31, 2021 then such a payment shall be deemed as advance tax payment. And now if because of it, the final liability is less than Rs. 1 lakh then penal interest shall not be levied under section 234A.

9.Doorstep banking fee charges revised higher by India Post Payments Bank

9.Doorstep banking fee charges revised higher by India Post Payments Bank

In a case if you avail doorstep banking offered by India Post Payments Bank then from August onwards you need to shell put a higher charge of Rs. 20 plus GST. Until now doorstep banking involved no charges.

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