From belated ITR filing to mandatory e-invoice for some GST taxpayers — Key PF changes in August 2023

August 2023 is significant from a personal finance point of view as a bevvy of changes will come into effect ranging from belated income tax return (ITR) filing to revision in Axis Bank credit card norms. These changes will directly impact the lives of the common people in India. Let's take a look at them:

The deadline for filing ITR for financial year 2022-23 without penalty ended on July 31, 2023. As a result, taxpayers who missed the opportunity can now file a belated return but with certain penalty. A fee of Rs 5,000 is levied under Section 234F of the Income Tax Act, 1961, for filing belated returns. For taxpayers whose total income is not more than Rs 5 lakh in a financial year, the maximum penalty for the delay is Rs 1,000.

All GST taxpayers whose aggregate annual turnover exceeds Rs 5 crore in any financial year will have to mandatorily generate e-invoices for business-to-business (B2B) supply of goods and or services or for exports from August 1. The e-invoicing turnover limit has been reduced to Rs 5 crore by the CBIC from Rs 10 crore.

Axis Bank has lowered some cashback and incentive points on the Flipkart Axis Bank credit cards, which will be effective from August 12, 2023. According to the bank, spending on flight and hotel payments on Flipkart, as well as spending on Myntra, will now be eligible for 1.5 percent unlimited cashback. Cashback will not be available for fuel spends, purchasing gift cards on Flipkart and Myntra, EMI transactions, converting purchases to EMI after the fact, among others.

Oil Marketing Companies (OMCs) slashed the prices of 19 KG commercial LPG gas cylinders by Rs 99.75 starting Monday, August 1. As per the new rates, the retail sale price of commercial LPG cylinder is Rs 1,680 in Delhi, sources told news agency ANI. Meanwhile, there's no change in domestic LPG prices.

State Bank of India's (SBI's) Amrit Kalash will stop accepting investments after August 15, 2023. According to the SBI website, this 400-day term deposit offers a rate of 7.1 percent for regular customers and 7.6 percent for senior citizens. Additionally, Indian Bank's IND Super 400 Days scheme and IND Supreme 300 days schemes will be available till August 31, 2023 only.