August 2024: Key financial changes that will impact you
August 2024 brings several significant financial changes that will affect individual taxpayers, non-life insurance policyholders, and credit card users in India. For those who filed their tax returns in July, it is crucial to verify the returns within 30 days of filing them online. The Income Tax Department will only process the returns after verification. Failure to complete this process within the stipulated time may result in late filing fees of ₹5,000 (₹1,000 if income is less than ₹5 lakh).
Faster cashless authorizations for non-life insurance policyholders
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that starting August, non-life insurance policyholders can expect faster cashless authorizations from insurance companies. As per the new mandate, insurers must convey their decision on granting cashless authorization within one hour of receiving the request through hospitals. This move is part of IRDAI's strategy to facilitate 100% cashless authorization, aiming to expedite the process for policyholders.
SEBI proposes new asset class for mutual funds
The Securities and Exchange Board of India (SEBI) has proposed a new asset class for mutual funds. This proposed investment product is designed to offer investors a regulated option with higher risk appetite and a larger ticket size. The initiative aims to curb the spread of unregistered and unauthorized investment products in the market. SEBI will accept comments or suggestions on this proposal until August 6, inviting public participation in shaping this financial change.
HDFC Bank revises terms for credit card portfolio
HDFC Bank has revised the terms for its credit card portfolio effective from August 1. The new terms include a 1% fee on transaction amounts when using third-party payment apps such as CRED, Paytm and MobiKwik, for rental and educational transactions. Additionally, a 1% charge has been introduced on utility transactions exceeding ₹50,000. HDFC Bank has also introduced a rewards redemption fee of ₹50 and revised its late payment fee structure, marking significant changes in its credit card policies.
Tata Neu HDFC Bank Credit Card users to earn more
Tata Neu Infinity HDFC Bank credit card users will now earn 0.5% as NeuCoins on eligible UPI transactions from August 1. An additional 1% back as NeuCoins will be given if they use the Tata Neu UPI ID for a transaction. However, the total NeuCoins earned on eligible UPI transactions will continue to be capped at 500 NeuCoins per month, ensuring a balance between rewards and spending limits.
