Key Financial Updates For August 2023: Axis Bank is changing benefits for its co-branded Flipkart credit card, SBI special deposit scheme will close during the month, ITR filing will attract penalty
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Financial Updates For August 2023: The ITR deadline for AY 2023-24 is ending on July 31 and from August 1, penalties will be imposed on filing income tax returns. Next month, Axis Bank is changing the features and benefits of its Flipkart co-branded card, banks will remain closed for a total of 14 days, etc.
ITR Deadline
Taxpayers are mandatory to file their ITR by July 31. The government as yet has no plan to extend the ITR deadline. From August 1, a penalty of Rs 5,000 for those having income above Rs 5 lakh, and Rs 1,000 for those earning between Rs 2.5 lakh and Rs 5 lakh will be imposed for late ITR filing, under Section 234F of the Income Tax Act, 1961.
E-Invoicing Mandatory For GST Taxpayers
From August 1, the government has mandated e-invoicing for all GST taxpayers whose aggregate annual turnover exceeds Rs 5 crore. This is likely to impact small and medium enterprises.
Axis Bank Flipkart Credit Card
Axis Bank has downgraded the benefits on its Flipkart co-branded credit card, effective August 12. Now, spending on Flipkart as well as Myntra will be eligible for 1.5 per cent cashback, compared with 5 per cent earlier. Also, cashback will also be not available for fuel spending, purchasing gift cards on Flipkart and Myntra, cash advances, rental payments, jewellery purchases, utility payments, etc.
Now, annual card fees will be waived for those who spend more than Rs 3.5 lakh a year.
Bank Holidays In August
According to the holiday calendar of the Reserve Bank of India (RBI), in August 2023, banks will be closed for 14 days across various including Sundays, second and fourth Saturdays.
There will be eight state-specific holidays in the month of August. Both public and private banks in select states will remain closed on the occasions like Tendong Lho Rum Faat, Parsi New Year, Onam, Raksha Bandhan, and more.
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August 8: Tendong Lho Rum Faat (Banks will remain shut in Gangtok on account of Tendong Lho Rum Faat)
August 15: Independence Day
August 16: Parsi New Year
August 18: Tithi of Srimanta Sankardeva
August 28: First Onam
August 29: Thiruvonam
August 30: Raksha Bandhan.
These holidays will not be applicable in all states across the country. To know which holiday applies to which states,
Stock Market Holidays
The Indian stock market will remain closed on August 15 on account of Independence Day. The markets will remain open for the rest of the days, except usual weekend off (Saturday and Sunday).
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SBI Amrit Kalash
State Bank of India’s (SBI) Amrit Kalash Fixed Deposit will now be open for deposits till August 15, against the initial closing date of June 30. According to the SBI website, “The specific tenor scheme of ‘400 days’ (Amrit Kalash) at rate of interest of 7.10 per cent w.e.f. April 12, 2023. Senior Citizens are eligible for rate of interest of 7.60 per cent.”
