4 big changes will happen from 1st August

1. Implementing positive pay system

Bank of Baroda is going to make some changes in its check payment rules from August 1. The bank has told its customers that from August 1, the positive pay system will be mandatory for payment of checks with an amount of Rs 5 lakh or more. These changes are being made to make check payment safe and prevent bank fraud.

2. KYC will become necessary for Kisan Samman Nidhi

You have also been given the time of July 31 for KYC of PM Kisan Samman Nidhi Yojana. Otherwise, the farmers will not get the money for the 12th installment of PM Kisan. Farmers will not be able to do KYC from August 1. Farmers can also get their ekyc done by visiting their nearest Common Service Center (CSC). Apart from this, online PM can get ekyc done through the official website of the farmer sitting at home.

3. Late fee for filing ITR

Taxpayers will have to pay late fees if they file ITR after July 31 i.e. from August 1. If the annual income of an individual taxpayer is more than Rs 5 lakh, then he will have to pay a late fee of Rs 5000. If the taxpayer’s annual income is less than Rs 5 lakh, then he will have to pay Rs 1,000 as late fee.

4. Gas cylinder can be expensive

LPG gas cylinder prices are reviewed on the 1st of every month. In such a situation, due to the rising prices of natural gas, this time the prices of both domestic and commercial gas cylinders may increase.

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