Winning Bizness Desk
Mumbai. Although every month brings some changes with it, this year's month of July has come up with more changes which are going to affect your pocket. Therefore it becomes important for you to know about them. The General Budget is at the top of the changes to be made this month. The full budget will be presented in this July month only through which people have high expectations. The salary class believes that this tax exemption bracket can be increased. Similarly, changes related to ITR filing, mutual funds and credit cards are also coming up in this month only. Winning Bizness tells you about them in a little detail. As we have already told you, the central government will present the full budget in this month and with this budget, people hope that the scope of tax exemption will get a little broader. Right now in the new tax system and tax rebate, you do not have to pay tax up to an income of Rs 7 lakh, but people are demanding to increase the basic exemption in both the systems. Apart from this, there is a demand to increase the tax exemption on account of medical insurance from Rs 25,000 to Rs 50,000.
Filing Income Tax Return
Apart from the budget, the biggest change that is going to happen in the month of July is income tax filing. The last date for filing income tax returns for the financial year 2023-24 is in the month of July and last date will be 31st July. Experts advise that you should file the return in advance without waiting for the last moments. Later, there are many cases of glitches in the website, which makes it difficult to file returns. SEBI has decided not to freeze the account of demat accounts and mutual fund portfolios that do not give nomination. In December last year, time was given till June 30 i.e. today so that people could file their nomination, otherwise their account could be frozen. However, now it has been made optional.
Citibank to Axis Credit Cards
This month, Citi credit cards will migrate to Axis Bank credit cards. This change will be completed by July 15. Axis Bank has already launched several credit cards for the migrating customers, which are providing more or less all the facilities of the old ones to the credit card holders. Besides, if Yes Bank credit card holders spend more than Rs 35,000 in a quarter, then they can get complimentary domestic lounge access. Complimentary lounge access for the expenses made in one quarter will be available in the next quarter.
