From Budget 2024 To ITR Filing, A Checklist Of Major Financial Changes In July

Finance Minister Nirmala Sitharaman is gearing up for the upcoming Budget reveal in July. The Budget 2024 could include revisions in tax policies, deductions, taxation norms on mutual funds, etc

As the second quarter of the 2024-25 fiscal year (FY25) starts, its time to set your financial goals for the year. In addition to investment goals, there are also certain fiscal changes that could impact your wallet. Let’s take a look at the major financial changes in July that can be of significant consequence for the public. 

Budget 2024

The new government, led by Prime Minister Narendra Modi, has assumed office. Union Finance Minister Nirmala Sitharaman has once again secured the cabinet position and is gearing up for the upcoming Budget reveal in July. The Union Budget 2024 could include revisions in tax policies, deductions, taxation norms on mutual funds, etc. The Budget announcement will set a financial blueprint for the year ahead.

Income Tax Return Deadline

The last date to submit your Income Tax Returns (ITRs) for the 2023-24 fiscal year and 2024-25 assessment year (AY25) is July 31, 2024. It is advisable to initiate the process as early as possible in order to avoid making any errors in the returns or suffering from any technical glitches.

Credit Card Repayments

July 1, 2024 onwards, credit card users will not be able to make repayments on third-party fintech apps for banks, if the lenders haven’t adopted the Bharat Bill Payments System (BBPS). Essentially, banks that haven’t come on board the BBPS will face problems in users opting for their credit cards in making repayments on fintech apps, the Reserve Bank of India revealed.

The BBPS is an integrated bill payment platform that allows the payment and collection of bills via several avenues such as mobile apps, banks, etc. 

Citibank Migration

The Citibank credit cards will completely migrate to Axis Bank by July 15, 2024. This will result into new card names and revisions in the reward points strategy. While the credit cards will now be merged under the Axis Bank brand, users will find no changes in the card pin, number, expiration date, and CVV of existing Citi cards.