From ITR deadline to new Tatkal ticket booking rule: 5 key financial changes in August that you should know
August is set to bring a series of financial and banking-related changes that may affect consumers across the country, including taxpayers, bank account holders, and railway passengers.
This month will see updates to certain banking rules, the implementation of CKYC 2.0, RBI monetary policy decision and other regulatory changes. In addition to these rule changes, August also includes income tax return (ITR) filing deadline for businesses and professionals.
Since these updates could have an impact on your finances and everyday transactions, keeping track of them can help you avoid unnecessary charges, stay compliant with due dates and make informed financial decisions. Here are five important financial changes to watch out for this month.
ITR filing deadline for business and professionals
With the July 31 ITR deadline now over for those filing ITR-1 and ITR-2, the focus is shifting to the next set of taxpayers. Individuals and entities required to file ITR-3 and ITR-4 for the Assessment Year 2026-27 (FY 2025-26) must submit their return by August 31, 2026.
This deadline applies to individuals and HUFs who have business or professional income but are not liable for tax audit. This category includes:
- Freelancers and consultants
- Futures and options (F&O) and intraday traders
- Presumptive taxpayers under sections 44AD, 44ADA and 44AE
Changes in banking services
Starting August 1, some banks will revise charges for select services.
For example, Ujjivan Small Finance Bank has increased its SMS alert charges to ₹0.30 per message, with a monthly limit. Customers should review their bank’s latest schedule of charges for any updates to debit card fees, account maintenance costs or other service-related charges.
RBI monetary policy decision
The Reserve Bank of India is scheduled to announce its latest monetary policy decision on August 5 after the Monetary Policy Committee (MPC) concludes its three-day meeting from August 3 to August 5.
The outcome will be closely watched by borrowers and depositors, as any change in interest rates could directly influence home loan EMIs, bank lending rates and fixed deposit returns, with broader liquidity conditions in the banking system.
Revised Tatkal ticket booking process
Indian Railways has introduced a revised Tatkal ticket booking system at reservation counters, effective from today, August 1.
Now, passengers will receive tokens before booking tickets. Previously, passengers had to collect a token and return later to complete the ticket booking process. With the revised system, passengers are expected to complete Tatkal bookings in just one visit, which could shorten waiting times and make ticket booking more convenient.
Central KYC 2.0 rollout
A new Central KYC (CKYC) 2.0 framework will begin rolling out from August 1, allowing customers’ verified KYC details to be accessible to all financial institutions with their consent. This includes banks, mutual funds, NBFCs, insurers, and pension funds.
This would be an improved version of the previous system, which served as a central repository for financial institutions to upload documents. This means customers had to submit KYC documents repeatedly across financial institutions.
