The August 31 deadline is fast approaching for taxpayers filing ITR-3 and ITR-4 for assessment year 2026-27. According to reports from Business Standard, this deadline applies to taxpayers who are not liable for tax audit, including self-employed professionals, freelancers, consultants, and small business owners. Eligible taxpayers opting for presumptive taxation schemes under Sections 44AD, 44ADA and 44AE of the Income-tax Act, along with many futures and options traders filing under ITR-3, must meet this deadline. Missing the deadline could result in late filing fees of up to ₹5,000 under Section 234F, while interest under Section 234A may also apply if any tax remains unpaid.
The Reserve Bank of India's Monetary Policy Committee began its three-day meeting on August 3, with the policy decision scheduled for August 5. As reported by Business Standard, economists largely expect the central bank to keep the repo rate unchanged, but borrowers and depositors will closely watch the RBI's commentary on inflation, liquidity and economic growth. Any change in policy stance could influence home loan EMIs, personal and vehicle loan interest rates, fixed deposit returns, and overall borrowing costs in the banking system. Even if rates remain unchanged, the RBI's guidance often shapes banks' lending and deposit strategies over the coming months.
The Securities and Exchange Board of India has introduced a Closing Auction Session (CAS) for F&O-eligible stocks effective from August 3. According to Business Standard, under the revised framework, regular equity trading in F&O-eligible stocks will continue until 3:15 pm, followed by a Closing Auction Session to determine the official closing price. Equity derivatives trading has been extended by 10 minutes and will now continue until 3:40 pm. The changes are primarily aimed at improving market efficiency and aligning Indian markets more closely with international practices, with traders and institutional investors expected to be more directly affected.
Several banks have revised selected service charges from August 1, with Ujjivan Small Finance Bank increasing its SMS alert charge to 30 paise per message subject to a monthly cap. As reported by Business Standard, banks may also revise charges relating to debit cards, account maintenance and other banking services. Additionally, Axis Bank has revised premium credit card benefits for Magnus for Burgundy cardholders effective from August 28, with Dynamic Currency Conversion markup increasing from 1.5% to 2%, reward points on toll transactions and gift card purchases being discontinued, and airport lounge access through Priority Pass being revised.
The upgraded Central Know Your Customer (CKYC) 2.0 framework is being rolled out this month to reduce repeated KYC requirements. According to Business Standard, the new system is designed to make verified KYC records available across financial institutions after customer consent. This means customers may no longer have to repeatedly submit identity and address documents while opening accounts or investing with different financial institutions including banks, mutual fund companies, insurance companies, NBFCs, and pension providers. The rollout is expected to simplify customer onboarding and reduce paperwork over time.
