In the upcoming month of July, the newly elected government is set to unveil the Union Budget through Finance Minister Nirmala Sitharaman. This pivotal event could encompass adjustments to income taxes, medical expense deductions, increased tax rebates, and enhanced pension benefits. The specific impacts of the Union Budget 2024 on individuals will be disclosed by the finance minister.
For individuals, it is important to note that the deadline for filing income-tax returns for assessment year 2024-25 is July 31. To facilitate a smooth filing process, it is advisable to initiate the procedure well in advance of the deadline.
Regarding mutual fund portfolios, the market regulator SEBI has announced that it will not freeze the portfolios and demat accounts of investors for non-submission of nominations. This means that investors holding securities in physical form will still be eligible for receipt of dividends, interest payments, redemption payments, and the ability to lodge grievances.
In the financial realm, the migration of Citi credit cards to Axis Bank will be finalized by July 15. To facilitate this transition, Axis Bank has introduced several new card variants for Citi credit card users, with the existing card details such as pin, number, expiry date, and CVV remaining unchanged.
Furthermore, effective from July 1, YES Bank credit cardholders will have the opportunity to unlock complimentary domestic lounge access by spending ₹35,000 or more in a calendar quarter. This benefit applies to credit cards including YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus.
Lastly, for HSBC Bank credit cardholders, it is important to take note that certain transactions will no longer qualify for reward points accrual starting from July 1. These transactions encompass activities related to education and government, insurance premiums, e-wallet loading, fuel, tax payments, and utilities.