July is shaping up to be a month of significant financial changes. With the central government set to present the full budget, we can expect some shifts in financial rules. Notably, there could be an increase in the tax exemption limit. Besides the budget, there are several other changes on the horizon involving credit cards, mutual funds, and more. Let’s dive into the five key financial changes to watch out for in July.
Mutual Fund and Demat Account
SEBI (Securities and Exchange Board of India) has announced that it won’t freeze mutual fund portfolios and Demat accounts for not filing nominations. Previously, SEBI had mandated all account holders to file nominations by June 30, 2024. Now, this requirement has been made optional, meaning you can choose whether or not to add a nominee to your mutual fund or Demat account.
Yes Bank Credit Card
For Yes Bank credit cardholders, there’s a new perk. If you spend more than ₹35,000 in a quarter, you’ll get complimentary domestic lounge access. This access will be available in the following quarter, giving you a nice little reward for your spending.
Axis Credit Cards from Citibank
In a significant shift, Citibank credit cards will migrate to Axis Bank by July 15, 2024. Axis Bank has introduced new card variants for these migrated customers. The good news is that your card number, PIN, expiry date, and CVV will remain unchanged.
Paytm Payments Bank
Paytm Payments Bank will shut down inactive wallets in July. The bank had previously announced that all inactive wallets will be closed on July 20, 2024. If you haven’t used your Paytm wallet in the past year, you won’t be able to make transactions after July 20. Users will receive notifications before their wallets are closed.
Income Tax Returns Filing Deadline
July is the last month to file your income tax returns for the 2023-24 financial year. The deadline is set for July 31, 2024. It’s advisable not to wait until the last minute to file your ITR as website glitches can occur, leading to errors or missed deadlines. If you miss the July 31 deadline, you can file a belated return by December 31, but it’s better to get it done on time to avoid any penalties.
Modi 3.0 Budget 2024-2025
The Union Budget for the financial year 2024-25 will be presented by Finance Minister Nirmala Sitharaman on July 22, 2024. This will be the seventh time she presents the budget, marking an important milestone in the Modi government’s third term.
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