These Important Rules Will Change From August 1, Will Directly Affect Your Pocket

From cooking gas prices to ITR filing deadlines, various rules will change starting August 1. Here is our run-down of what will change significantly and when.


Today marks the final day of July and ITR filing deadline, as well as being the last day for ITRs to be filed in July. Beginning tomorrow with August’s first day, many changes may directly impact your pocketbook. Every month brings with it changes in many regulations across the board – from LPG gas prices to bank holidays – which affect your budget in August. So make sure any outstanding tasks left undone before July 31 are finished otherwise you could find yourself in serious difficulty later.

LPG Cylinder Prices

At the start of each month, oil companies review domestic and commercial cylinder prices, with possible price changes for LPG cylinders in August as well as possible updates in PNG/CNG rates.

State Bank of India’s Special FD

If you want to invest in Amrit Kalash scheme of State Bank of India – India’s premier government bank – by August 15, 2023, make sure that the necessary preparations have been done prior to that date.


IDFC Bank recently unveiled an Amrit Mahotsav FD scheme valid until August 15, 2023 and customers should invest before August 15 to take advantage of it. Otherwise, you’ll miss your opportunity!

Bank Holidays

Banks will be busy during August. Between festivals and state holidays, there will be 14 days where no branch operations can take place – which should make any work that involves going there more productive. If any work needs doing on those days, make an appointment as soon as possible to finish it quickly.

Submit ITR after 1st August (2018) or face penalties

Please inform me that the last date for filing ITRs is fast approaching and penalties must be paid if one does not file their return by July 31. Starting August 1, a fine of Rs 5,000 will be assessed; those whose annual income falls under 5 lakh will incur a one thousand rupee penalty. Please also let me know that December 31, 2023 is the deadline for late filing of ITRs.

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