Key financial rules will change from August 1: What you should do

Significant updates, include new Google Maps charges and revised HDFC Bank credit card regulations

Changes in financial policies and banking regulations starting August are set to impact consumers and investors alike. The changes span taxation, banking fees, investment options and other services. Here are important changes to be aware of this month.

HDFC Bank has brought a slew of changes starting August 1 which will directly impact its credit card holders. This includes a 1 per cent transaction fee on rent payments made through third-party apps like CRED and PayTM, a 1 per cent fee on fuel transactions over Rs 15,000, and a Rs 299 processing fee for EMI transactions.

 

From August 1 to October 31, companies will have to meet NPCI conditions, including updating KYC for FASTags older than three to five years and replacing FASTags older than 5 years. The process begins on August 1, and customers must update their KYC before October 31.

 

Starting August 1, Google Maps will reduce its service charges by up to 70 per cent to attract partners. Additionally, billing will switch from dollars to rupees. Regular users won't be affected, as no extra charges will be implemented for them.

 

HDFC Bank will also implement a 3.5 per cent markup fee for all international or cross-currency transactions.

 

If you miss the deadline for filing ITR, from August 1 the new tax regime will be considered default for you. Even if you file a belated ITR until December 31,2024 you will not be able to opt for old tax regime for tax calculation.

 

If you have scheduled any bank related task in august you keep in mind there will be 14 bank holidays in August, including Rakshabandhan, Janmashtami, and Independence Day.