LPG rate to ITR filing: 5 things that will change from August 1

Several rules are set to change from Monday, August 1 from banks being closed for 18 days, to a change in Bank of Baroda's cheque payment.

These changes will directly affect the common man and therefore, it is important to know about these five changes that will come into effect from August 1.

1. Bank of Baroda cheque payment system (PPS)

Bank of Baroda has proposed to introduce a mandatory Positive Pay System (PPS) for cheques issued for amounts above Rs 5,00,000. Clients will have to digitally validate key cheque information for authentication before payment.

PPS involves a process of reconfirming key details like name, date, and amount electronically via mobile app, SMS, UPI or ATM of large value cheques. 

2. PM Kisan eKYC

The deadline for e-KYC for beneficiaries of Prime Minister Kisan Samman Nidhi Yojana (PMKSNY) was extended from May 31 to July 31. But from August 1, KYC will not be allowed.

3. Registration for PMFBY

Registrations for the Prime Minister Fasal Beema Yojana (PMFBY) will end today, July 31. Registrations will not be allowed from Monday, August 1, for the scheme. Registration can be done either online or offline.

4. LPG rates

On the first day of each month, LPG prices are revised. Last time in July 2022, prices of the commercial gas cylinders were reduced, while those for domestic cylinders were hiked.

5. ITR return filing

Even though some taxpayers have been demanding to extend the deadline of July 31 to submit income tax returns for the financial year 2021-22 and assessment year 2022-23, the government refused to do it.

Hence, from August 1, a fine-cum-late fee will be charged for the belated filing of ITRs.

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