From ‘belated ITR filing’ to changes in rules of Axis Bank credit card: Financial updates for August

The end of July is approaching, which also means the deadline for filing your Income Tax Return (ITR) is coming up soon. If you miss the July 31 deadline, you can file a “belated income tax return” with the required penalty. Apart from this, there are some other important financial details for the month of August, such as changes in Flipkart Axis Bank credit card rules, bank holidays, and other relevant information that you should be aware of.

ITR filing deadline and penalty

The deadline to file your Income Tax Return (ITR) for the income earned in FY 2022-23 (AY 2023-24) is July 31, 2023. If you miss this date, you can still file your return later, which is known as a “belated return.” However, starting from August 1, there may be a fine of up to Rs. 5,000. You have time to file the belated return until December 31 this year.

Bank holidays in August

In August, banks will be closed for a total of 14 days. This includes both the second and fourth Saturdays, Sundays, and a few other days. Apart from the state-specific holidays, there will be five public holidays in August when banks will not operate.

Stock market holidays

The National Stock Exchange (NSE) is open for trading from Monday to Friday and remains closed on weekends (Saturday and Sunday), unless there are special trading sessions announced. On trading holidays, there will be no trading in the equity sector, equity derivative segment, and SLB segment. In August, there will be a stock market holiday on Independence Day, which is on the 15th of the month.

Revision of Axis Bank Flipkart credit card rules

Axis Bank has made changes to the cashback and incentive points on Flipkart Axis Bank credit cards, effective from August 12.

-According to the bank, spending on flight and hotel payments on Flipkart, as well as spending on Myntra, will now be eligible for 1.5% unlimited cashback.

-Cashback will not be available for fuel spends, purchasing gift cards on Flipkart and Myntra, EMI transactions, converting purchases to EMI after the fact, wallet loading transactions, cash advances, paying for rentals, buying jewelry, availing insurance services, paying utilities, educational expenses, clearing outstanding balances, and card-related fees and charges.

-The annual fee on the card will be waived for customers who spend more than INR 3,50,000 in a year.

-Rent transactions (Merchant Category Code 6513) and wallet loading transactions (MCC 6540) will not be counted towards meeting the spending threshold for availing the annual fee waiver.

SBI Amrit Kalash

State Bank of India (SBI) has extended the deadline for deposits in its Amrit Kalash Fixed Deposit (FD) scheme once again. According to the latest information on the SBI website, the scheme will now be valid until August 15, 2023. Initially, the scheme was available until June 30, after being reintroduced in April 2023. This special FD scheme is for 400 days and offers an interest rate of 7.6% to senior citizens and 7.1% to other customers.