August Brings New Financial Changes Impacting Common Citizens

As August begins, several financial changes are coming into effect that will impact the common citizen. From the cost of commercial gas cylinders to flight tickets, various rules are undergoing significant changes. Additionally, taxpayers who missed the July 31 deadline for filing returns can still do so, but with an additional charge. Here are the key changes effective from today:

1. Commercial Gas Cylinder Prices:

   • The price of 19 kg commercial gas cylinders has increased by up to Rs. 8.50.
   • In Delhi, the price has risen to Rs. 1,652.50 from Rs. 1,646.
   • In Kolkata, the price has increased by Rs. 8.50 to Rs. 1,764.50 from Rs. 1,756.
   • In Mumbai, the price has gone up by Rs. 7, making it Rs. 1,605 from Rs. 1,598.
   • In Chennai, the price is now Rs. 1,817.
   • There are no changes in the price of the 14.2 kg domestic gas cylinders.

2. ATF Price Hike and Cost of Air Travel:

   • Oil marketing companies have raised the prices of Aviation Turbine Fuel (ATF), making air travel more expensive.
   • In Delhi, ATF prices increased by Rs. 1,827.34, bringing the cost to Rs. 97,975.72 per kiloliter.
   • In Chennai, the price rose by Rs. 2,058.29, reaching Rs. 1,01,632.08 per kiloliter.

3. Penalty for Late Tax Returns:

   • The deadline for filing income tax returns for the financial year 2023-24 was July 31. Taxpayers who missed this deadline will now have to pay a penalty.
   • Individual taxpayers with an annual income above Rs. 5 lakh will need to pay a late fee of Rs. 5,000.
   • For those with an annual income below Rs. 5 lakh, the late fee is Rs. 1,000.

4. FASTag KYC and Replacement:

   • FASTags that are three years old require KYC updates.
   • FASTags that are five years or older need to be replaced.

5. HDFC Credit Card Charges:

   • A 1% charge will be applied to rent payments made using HDFC Bank credit cards through third-party apps like CRED, Paytm, PhonePe, and others.
   • Transactions are limited to Rs. 3,000.
   • A 1% charge will also apply to fuel transactions over Rs. 15,000.

6. Electricity Tariff Changes in Rajasthan:

   • Rajasthan has implemented new electricity rates, increasing the fixed charges while keeping the unit rates unchanged.
   • For BPL consumers with up to 50 units of consumption, the fixed charge is now Rs. 150, up from Rs. 100.
   • Normal consumers with up to 50 units of consumption will now pay Rs. 150, up from Rs. 125.
   • For 150 units of consumption, the fixed charge has increased to Rs. 250 from Rs. 230.
   • For 300 units, the fixed charge is now Rs. 300, up from Rs. 275.
   • For 500 units, the fixed charge has increased to Rs. 400 from Rs. 345.
   • For consumption over 500 units, the fixed charge is now Rs. 450, up from Rs. 400.

These changes highlight the need for citizens to stay informed about the financial regulations and adjustments that directly affect their daily lives and expenses.