New Delhi, August 1, 2026 (Yes Punjab News)
August is set to bring several important financial deadlines and policy events that could impact taxpayers, banking customers and investors, including the income tax return filing deadline for certain categories of taxpayers, the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting and changes in banking services.
Taxpayers required to file ITR-3 or ITR-4 and who are not covered under tax audit requirements must submit their returns by August 31. The category includes self-employed professionals, freelancers and small business owners opting for presumptive taxation under Sections 44AD and 44ADA of the Income Tax Act.
Those missing the deadline may face a late filing fee of up to Rs 5,000 under Section 234F. Interest on unpaid tax under Section 234A may also apply, wherever applicable.
The RBI’s MPC meeting will begin on August 3, with the committee’s policy decision scheduled to be announced on August 5. The central bank’s decisions on interest rates and liquidity management are expected to influence lending rates, home loan EMIs and fixed deposit returns in the months ahead.
Market observers expect the RBI to maintain its current policy stance, citing inflation concerns, growth prospects and external challenges, including crude oil price volatility, currency pressures and global capital flows.
Indian Railways has also introduced a token-based system for Tatkal ticket bookings at reservation counters from August 1. The initiative aims to improve the booking process and reduce overcrowding at railway counters.
Meanwhile, banking customers will see some service-related changes during the month. Axis Bank will revise benefits on its premium Magnus for Burgundy credit card from August 28, including an increase in the Dynamic Currency Conversion markup from 1.5 per cent to 2 per cent and discontinuation of reward points on select transactions such as toll payments and gift-card purchases.
Several banks are also expected to revise charges related to debit card maintenance, transaction fees and other services during August.
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