New Delhi, Aug 1 — August brings several financial deadlines and events that could affect taxpayers and banking customers, including an August 31 income-tax return deadline for businesses and professionals, the Reserve Bank of India’s Monetary Policy Committee meeting and revisions to certain bank service charges.

Taxpayers required to file ITR-3 or ITR-4 and not subject to tax audit — including self-employed professionals, freelancers and small business owners using presumptive taxation under Sections 44AD and 44ADA — must submit their returns by August 31. Late filing can attract a fee of up to Rs 5,000 under Section 234F, along with interest on unpaid tax under Section 234A where applicable.

The Reserve Bank of India’s Monetary Policy Committee is scheduled to begin its meeting on August 3, with the policy decision due on August 5. The central bank’s stance on interest rates and liquidity is expected to influence home-loan EMIs, lending rates and fixed-deposit returns in the coming months.

Analysts suggest the RBI is likely to keep policy rates unchanged, as consumer-price inflation is projected to remain above 5 per cent for the next two quarters and first-quarter GDP growth for FY27 may exceed about 7 per cent. An explicitly dovish message is considered less probable given oil-price volatility, pressure on the rupee and caution around external flows.

In other developments, Indian Railways has introduced a token-based system for Tatkal ticket booking at reservation counters from August 1 to streamline the process and reduce crowding.

Axis Bank will revise benefits on its premium Magnus for Burgundy card from August 28, raising the Dynamic Currency Conversion markup from 1.5 per cent to 2 per cent. Reward points on toll-related transactions and gift-card purchases will be discontinued.

Several banks are also set to revise select service charges during the month, covering areas such as debit-card annual maintenance fees, transaction charges and other banking services.

The combination of the tax-filing deadline, the monetary-policy outcome and changes in banking products is expected to keep financial calendars busy for individuals and businesses throughout August.