With the start of the new month, numerous changes are coming into force in the financial sector. However, before this moment, there are four tasks related to your personal finances whose deadline is August 31.
Firstly, you need to file an income tax return (ITR). If you are an entrepreneur or invest in the stock market, the final deadline for filing ITR approaches, which is set for August 31, 2026. Taxpayers filing forms ITR 3, ITR 4, ITR 5, and ITR 7 must complete the submission by this date. Nevertheless, if you have already filed ITR-1 or ITR-2 and met this requirement, there is no need to worry, as the last day for them was July 31. Furthermore, if you have not yet filed the return, you can submit a late ITR.
Secondly, this is the last chance to choose the old tax scheme to save taxes. To do this, you must submit Form 10-IEA when making changes to your ITR. The date for this requirement in the August compliance list is set for August 31, 2026.
Although this requirement does not apply to salaried taxpayers, it is extremely important for NRI/FCNR(B) deposits. The Reserve Bank of India (RBI) has shortened the validity period of the special FCNR(B) currency swap mechanism from the originally planned September 30, 2026, to August 31, 2026.
If you have not yet completed the LPG electronic identification process, you should do so immediately. Otherwise, starting from September 1, the booking of your gas connection will be suspended, and you will not receive benefits under the Ujjwala program.