The start of September always feels like a bit of a "reset" for personal finance new compliance requirements and deadlines tend to land all at once. This year is no different. The August 31 ITR deadline has come and gone, new GST registrants now have a mandatory bank-linking requirement, and two major banks have changed their card rules. Whether you're a taxpayer, a business owner, or simply trying to keep your paperwork in order, here's everything you need to know.

ITR: The Deadline Has Passed — Now What?

For Assessment Year 2026-27, taxpayers with business or professional income whose accounts don't require an audit (those filing ITR-3 and ITR-4/Sugam) had until 31 August 2026 to file their returns. That date has now passed, but that doesn't mean the filing window is closed.

• Total income up to ₹5 lakh: late fee (Section 234F) capped at ₹1,000
• Above that threshold: late fee can go up to ₹5,000
• If any tax remains outstanding, interest will also apply
• Next important date: 15 September 2026 — the next advance-tax instalment is due; missing it can trigger interest liability

Bottom line: missing the deadline isn't the end of the world, but the longer the delay, the higher the cost.

GST: Bank Account Linking Now Mandatory for New Registrations

New GST registrants now face an important compliance step updating and validating a bank account within 30 days of registration is mandatory. This is part of the government's push to curb fraudulent and fake registrations.

This sits within a broader trend of tighter enforcement on the GST portal hard time-bars on old returns, stricter ITC validation, and bank-name matching checks are all now live. Even existing businesses would do well to double-check their registered bank details; a mismatch or outdated entry can trigger suspension too.

Banking Rules: HDFC and Axis Customers, Take Note

• HDFC Bank: Under revised card-control rules, if you had set your ATM or online transaction limit higher than the base variant's cap, it may now be reset to that base limit. It's worth checking your current card limits in the app.
• Axis Bank: Certain debit cards now carry a 3.5% markup fee on Dynamic Currency Conversion (DCC) for international transactions. Choosing to bill in the local (foreign) currency while swiping abroad can help you avoid this markup.

Demat and Mutual Funds: The Nominee Rule Is Now Live

Under SEBI's new framework, any new single-holder demat account or mutual fund folio opened from September 1 must have a nominee added or the investor must formally opt out via a declaration. Up to three nominees can be added. For jointly held accounts and folios, nomination remains optional. The goal is simple: reduce unclaimed investments and make asset transmission easier for families.

Quick Recap

FAQs

This article is for general information only and is not a substitute for professional tax or legal advice. Rules and deadlines are subject to change consult a MyITROnline tax expert for guidance specific to your situation.