Here are five important financial questions that need your attention in August

Here are five important financial questions that need your attention in August

Photo: BCCL

Being good with money has a lot to do with advance financial planning. With changes, including on regulatory fronts, in the financial world around us, our financial planning also needs adjustments from time to time. From fixed deposit investments to financing home loans to paying income taxes, there are a number of important changes coming in August that will impact your portfolio.

RBI Monetary Policy

India’s retail price inflation rate, as measured by the Consumer Price Index (CPI), was 7.1% in June. This brings average inflation from April to June to 7.3%, 20 basis points lower than the RBI’s forecast of 7.5%, according to government data.

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Record RTI deposit 7242 lakh RTI deposited in one day around 583 crore returns deposited till July 31

ITR Deposit: Record 72.42 lakh ITR deposited in one day; approximately 5.83 million returns filed through July 31

The RBI will remain aggressive in the upcoming monetary meetings in terms of action on key rates to control inflation, according to economists.

Late RTI deposit

July 31 was the last day for filing income tax returns (ITRs) for AY 2022-23 (fiscal year 2021-22) for employees. Unlike some previous years, the ITR filing deadline has not been extended this year. If you have not filed an ITR by July 31, you will have to pay a penalty for filing late returns. A penalty of Rs 5,000 will be charged for late filing of declarations, if the total income to be declared exceeds Rs. 5,000,000. If the person’s total income is less than Rs 5 lakh, the penalty payable may range up to Rs 1,000.

Check Modified Customs Clearance Rules at BoB

Bank of Baroda has announced changes to its check clearing rules. As of August 1, 2022, the bank said customers must electronically confirm important information regarding checks exceeding a value of Rs 5 lakh. Previously, customers had to confirm certain details for checks of Rs 10 lakh and above. The customer must authenticate the check with the bank before it can be cleared under the bank’s positive payment system.

Yes The bank has increased the penalty fee for premature withdrawals of term deposits

Yes Bank has increased the penalty for premature withdrawals of Fixed Deposits (FDs) reserved for less than or equal to 181 days, to 0.50% from 0.25% earlier, effective August 8. Similarly, it increased the penalty for premature withdrawal of DFs with seniority of more than 182 days to 0.75% against 0.50% previously. The bank will charge the penalty on all reserved/renewed FDs for less than Rs 5 crore. The early withdrawal penalty is not applicable to seniors.

Spend this festive season smart

As the festival season kicks off in August, shopping deals are offered by e-commerce sites, chain stores and independent neighborhood stores. Budget and track your shopping spend during the holiday season.

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