Key Financial Deadlines, Events Lined Up in August
August brings ITR filing deadline for businesses, RBI MPC meeting and changes in bank service charges that could affect taxpayers and banking customers.
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.
