From income tax to credit cards, 6 major financial changes this July that can impact you
The last date for filing your income-tax returns for assessment year 2024-25 is July 31. In order to ensure smooth IT return filing, it is advised to start the process ahead of the deadline.
In July, the first Union Budget of the newly elected government will be presented by Finance Minister Nirmala Sitharaman. The month will also see the deadline for July for income-tax filing among other financial changes. Here's a look at the changes that will impact you finances in July:
Union budget
Finance minister Nirmala Sitharaman is expected to announce the Union Budget 2024 this month which could include changes in income taxes, deductions in medial expenses, more tax rebates and pension benefits. It remains to be seen what the finance minister announces for you in the Union Budget 2024.
Read more: Budget 2024: Why Nirmala Sitharaman will present Budget in July this year
Income-tax returns
The last date for filing your income-tax returns for assessment year 2024-25 is July 31. In order to ensure smooth IT return filing, it is advised to start the process ahead of the deadline.
SEBI on joint mutual fund portfolios
Market regulator SEBI said that it will not freeze the mutual fund portfolios and demat accounts of investors for non-submission of nominations. This means that investors holding securities in physical form shall be eligible for receipt of dividend, interest payment or redemption payment, as well as to lodge grievances.
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Citibank credit cards become Axis credit cards
Migration of Citi credit cards to Axis Bank will be completed by July 15. Axis Bank has launched several new card variants to migrate Citi credit card users to Axis Bank. Following the migration process, card pin, number, expiry date and CVV of existing Citi cards will remain the same.
YES Bank credit card changes
From July 1, YES Bank credit cardholders will be able to unlock complimentary domestic lounge access by spending ₹35,000 or more in a calendar quarter. The credit cards include YES Marquee, YES SELECT, YES Reserv, YES First Preferred, YES Bank ELITE, YES BYOC, and YES Wellness Plus.
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HSBC Bank credit card changes
Some credit card transactions will not be eligible for accrual of reward points for HSBC Bank credit cardholders from July 1. They include education and government-related transactions, insurance premiums, loading amount in e-wallets, fuel transactions, tax payments and utility transactions.
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