Six Key Financial Updates This July That Could Affect Your Finances

July is gearing up for significant financial activity, marked by the presentation of the first Union Budget under the newly elected government and the deadline for income-tax filing. Here’s a look at how these developments could impact your finances:

Union Budget Implications

Following the formation of the National Democratic Alliance (NDA) government led by the Bharatiya Janata Party (BJP), Finance Minister Nirmala Sitharaman is slated to announce the Union Budget 2024 in July. Potential changes could affect your finances, including adjustments to tax rebate and basic exemption limits under different tax regimes. There’s also anticipation for increased deductions on medical expenses, aligning them with current healthcare costs.

Income Tax Filing Reminder

Ensure you file your income-tax returns for FY 2023-24 by the end of July to avoid last-minute issues with the filing portal. Starting early can prevent delays and errors.

SEBI’s Mutual Fund Nomination Update

SEBI has made mutual fund nomination optional for existing investors, aiming to enhance compliance ease and investor convenience. This change ensures uninterrupted access to dividends, interest payments, and redemption proceeds for investors holding securities in physical form.

Citibank Credit Card Migration to Axis Bank

By July 15, Citibank credit cards will transition to Axis Bank, maintaining existing card details and benefits. Users will also benefit from consolidated rewards across Axis Bank products.

YES Bank’s Revised Lounge Access Policy

Effective July 1, YES Bank credit cardholders can access domestic lounges by spending Rs 35,000 or more in a calendar quarter, up from Rs 10,000. This update applies across specific quarterly periods.

HSBC Credit Card Reward Points Update

Starting July 1, certain transactions like education expenses, government payments, and more won’t accrue reward points for HSBC credit cardholders. Stay informed to manage your card usage effectively.

These changes highlight the dynamic landscape of financial regulations and offerings this July, influencing how you manage and plan your finances.