Significant Changes In August 2023: Credit Card, Income Tax & More

Axis Bank has introduced a rule change for its Flipkart Axis Bank credit card users, leading to a reduction in cashback and incentive points. 

Starting from August 12, 2023, you will now receive a cashback of 1.5% when using your credit card to pay for travel-related expenses on Flipkart. 

However, cashback will not be applicable for transactions using the Merchant Category Code (MCC) 9399 to pay for government services. 

Moreover, certain transactions, such as fuel purchases, gift card purchases on Flipkart and Myntra, and EMI transactions, will no longer qualify for cashback or incentive points.

Penalties for belated income tax return

Penalties will be imposed on taxpayers who fail to file their income tax return (ITR) by July 31, 2023. From August 1, 2023, onwards, individuals filing their ITR after the due date will be liable to pay a fine of up to Rs 5,000. 

However, if you miss the deadline, you still have the opportunity to submit belated returns until December 31, 2023.

According to Section 234F of the Income Tax Act of 1961, a penalty of Rs 5,000 must be paid for filing the return after the due date. However, if the taxpayer's annual gross income is below Rs 5 lakh, the penalty amount will be reduced to Rs 1,000.

SBI Amrit Kalash:

The last date for making an investment in SBI Amrit Kalash was August 15, 2023. As per the SBI, this 400-day term deposit offers a rate of 7.1% for regular customers and 7.6% for senior citizens. The scheme includes options for premature withdrawal and loans against deposits.

Indian Bank IND SUPER 400 DAYS:

Indian Bank introduced a new special retail term deposit product called "IND SUPER 400 DAYS" on March 6, 2023. It provides a higher interest rate for investments lasting 400 days, ranging from Rs. 10,000 to less than 2 Crore in the form of FD/MMD with callable options. 

The last date for making an investment under this scheme was August 31, 2023. The interest rates offered are 7.25% for the general public, 7.75% for seniors, and 8.00% for super senior citizens.

Indian Bank has introduced a new Special Retail Term Deposit Product named "IND SUPREME 300 DAYS," starting from July 1, 2023. 

The scheme offers an attractive rate of interest for investments ranging from Rs. 5000 to less than 2 Crore, with a tenure of 300 days in the form of FD/MMD with callable options. The scheme will be valid until August 31, 2023.

Under this scheme, Indian Bank is now offering interest rates of 7.05% for the general public, 7.55% for seniors, and 7.80% for super senior citizens.

IDBI Bank has introduced two special fixed deposit schemes under the name "Amrit Mahotsav FD" for different durations. The first scheme is the "Amrit Mahotsav FD for 375 days," offering an attractive interest rate of 7.60% p.a. This scheme validation was up to August 15, 2023.

The second scheme is the existing "Amrit Mahotsav FD for 444 days," which provides a peak interest rate of 7.65% p.a. under the callable option and 7.75% p.a. under the non-callable option. Additionally, the bank has launched another new scheme for 375 days starting from July 14, 2023, and valid until August 15, 2023.

Also Read: Income Tax Return E-verification Time Limit Reduced to 30 Days