Today is the last day of August, and August 31st is the deadline for completing several important financial operations. These tasks cover areas ranging from the use of domestic gas cylinders to taxation. Since every new month brings changes, it is crucial to complete these four necessary tasks before the deadline, as there will be no second chance in September.
The first important action is LPG e-KYC. Fuel companies have set a deadline for this procedure related to gas cylinders, extending it twice to August 31st. If you have not yet completed LPG e-KYC, you should address this matter immediately, otherwise, your gas connection booking may be suspended starting September 1st, and you will have to purchase a gas cylinder at a commercial rate.
The second necessary task is adhering to ITR filing deadlines. Whether you run a business or invest in the stock market, today is the deadline for filing your tax return. For those who filed ITR-1 or ITR-2, the deadline was July 31st, while for taxpayers filing ITR 3, ITR 4, ITR 5, and ITR 7, the date set is August 31st. If you have not yet filed your ITR, do so now.
The third important action relates to the last day to opt for the Old Tax regime for tax savings. To do this, you need to make changes to your tax return and file Form 10-IEA. In the August compliance list, this date is specified as August 31, 2026.
The fourth important matter concerns the special FCNR(B) window. Although this deadline is not mandatory for salaried taxpayers, it is critical for NRI/FCNR(B) deposits. The regulator (RBI) initially set the deadline for the special FCNR(B) currency swap service for September 30, 2026, and then shortened it to August 31, 2026. This special central bank opportunity helps banks attract dollars in the form of FCNR(B) deposits from abroad.
Starting September 1st, numerous significant changes will come into force in the country that will affect every household and wallet. Among them are possible changes in gas cylinder prices related to the kitchen budget, as well as price increases for cars from companies such as Tata and Hyundai. Furthermore, in Mumbai, milk is expected to become more expensive starting September 1, 2026.