As the deadline for filing ITR this year is falling on a Sunday (31st July), which will be a bank holiday across India, It is advisable for individuals to file their ITR before the deadline and not wait till the last minute. 
The deadline of filing ITR falling coinciding with a bank holiday does not mean that taxpayers can not file their returns but only implies that the returns cannot be submitted physically.
However, due to the last-minute rush, it is very likely that the portal could face technical issues.
Late filing of ITR If the total amount of income that must be reported exceeds Rs 5 lakh, a Rs 5000 penalty will be assessed for the late submission of forms. The fine is up to Rs 1,000 if the person's total annual income is less than Rs 5 lakh.

Income Tax Returns: July 31 deadline is a bank holiday; here's what to do

If the total amount of income that must be reported exceeds Rs 5 lakh, a Rs 5000 penalty will be assessed for the late submission of forms

As the deadline for filing ITR this year is falling on a Sunday (31st July), which will be a bank holiday across India, It is advisable for individuals to file their ITR before the deadline and not wait till the last minute.&nbsp;
The deadline of filing <a href="https://www.editorji.com/business-news/income-tax-return-which-itr-form-to-choose-1658833393445">ITR</a> falling coinciding with a bank holiday does not mean that taxpayers can not file their returns but only implies that the returns cannot be submitted physically.
Also read/watch| <a title="Jet Airways ready for take-off in just a month" href="https://www.editorji.com/business-news/jet-airways-ready-for-take-off-in-just-a-month-1658907379141">Jet Airways ready for take-off in just a month</a>
However, due to the last-minute rush, it is very likely that the portal could face technical issues.
Late filing of ITR &nbsp; If the total amount of income that must be reported exceeds Rs 5 lakh, a Rs 5000 penalty will be assessed for the late submission of forms. The fine is up to Rs 1,000 if the person's total annual income is less than Rs 5 lakh.

As the deadline for filing your ITR 2022 is around the corner, it is important for the taxpayers to know the correct type of Income Tax Return (ITR) form applicable to them.

Income Tax Return: Which ITR Form to choose?

Deadline for Income Tax Returns is drawing close, do you know which ITR form to pick?

The most basic - ITR-1 or Sahaj - is to be filled by the salaried class of taxpayers

As the deadline for filing your ITR 2022 is around the corner, it is important for the taxpayers to know the correct type of <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1658312400305" target="_blank" rel="noopener">Income Tax Return (ITR)</a> form applicable to them.
EJ Biz explains which form to choose while filing income tax return:&nbsp;
<h3>ITR 1 Form or Sahaj</h3>
ITR1 Form Sahaj is for salaried individuals having a total income of up to Rs 50 lakh. You can also file a return in ITR 1 if you earn income from other sources such as interest from bank deposits, house property and agriculture income up to Rs 5,000.&nbsp;
<h3>ITR-2</h3>
There is no earning limit prescribed for ITR-2 and the Form is suitable for the taxpayers having following incomes:
<ul>
<li>Salary / Pension</li>
<li>One or more House Properties</li>
<li>Income from Other Sources such as Interest, Family Pension, Dividend etc.</li>
<li>Capital Gains &ndash; both short-term and long-term gains including gains from intraday trade and Future &amp; Options (F&amp;O)</li>
<li>Agricultural Income of over Rs 5,000</li>
</ul>
<h3>ITR 3 Form</h3>
ITR 3 form is for individuals or Hindu Undivided Families (HUFs) who earn from a business or any other profession (not salaried). Those who are partners at a company, must opt for ITR 3 while filing income tax return for AY 2022-23.
Those who are filing business or professional income on presumptive basis and if the taxable income exceeds Rs 50 lakh and have income under the head &lsquo;capital gains&rsquo;, must go for ITR 3.
<h3>ITR 4 Form</h3>
ITR-4 can be used by both resident individuals, firms, and HUFs (Hindu Undivided Family) who had income either from profession or business and whose total income includes:
However, Limited Liability Partnerships (LLPs) cannot opt for this form.
Individuals who have also chosen the presumptive income scheme according to Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act 1961, should also opt for this form.

Bank holidays in August 2022 : Reserve Bank of India (RBI) released a list of days on which banks will be closed on account of national or regional festivals. In total, there will be as many as 13 days in August .

Bank Holidays in August 2022 : Banks to remain closed for nine days in August, check full list here

August Bank Holidays: In total, there will be as many as 13 days in August 

Mark your calendars: August Bank Holidays

In total, there will be as many as 13 days in August&nbsp;

Bank holidays in August 2022 : As the month of August comes with a long weekend on Independence Day, the Reserve Bank of India (RBI) released a list of days on which banks will be closed on account of national or regional festivals. In total, there will be as many as 13 days in August (besides second/fourth Saturdays and Sundays) on which banks will be shut in some part of the country. There will be six holidays in the month of August, including Saturdays and Sundays. Other three bank holidays in August include Muharram, on August 9 (Tuesday), Independence Day on August 15 (Monday) and Janmashtami on August 19 (Friday).
<h3>Here&rsquo;s the full list of <a href="https://www.editorji.com/business-news/august-bank-holidays-make-a-note-of-these-13-days-where-banks-are-shut-1658828064923" target="_blank" rel="noopener">bank holidays in August 2022</a></h3>
August 7: Sunday August 9 (Tuesday): Muharram August 11: Raksha Bandhan August 13: Second Saturday August 14: Sunday August 15 (Monday): &nbsp;Independence Day August 19 (Friday): Janmashtami August 21: &nbsp;Sunday August 27: Fourth Saturday August 28: Sunday
<a href="https://www.editorji.com/business-news/income-tax-return-which-itr-form-to-choose-1658833393445" target="_blank" rel="noopener">Income Tax Return: Which ITR Form to choose?</a>

Gear up for higher taxes as GST slab changes take effective from July 18 and here what is getting more expensive from your makhanas to your tailoring-: 

If it is packaged it is taxable! All packaged non branded food as well such as rice, atta, snacks will attract GST. A rate of 5% GST will be charged on pre-packed food including curd paneer as well as all other 'snackables.
Cooking was already expensive and now eating too will cost you more as the GST on cutlery - your spoons, forks and knives has been raised to 18% from 12%
Expect your packaged juices to milk boxes to get more expensive has the GST council has raised the tax on 'Tetra Pack' to 18% from 12%.
Your cheque books are going to cost you more as 18% GST will be levied on charges for issuance of cheques by the bank
Stay healthy as being hospitalised is also getting costlier; 5% GST on hospital beds will be imposed on room rent (excluding ICU) above Rs.5000 per patient per day by the hospital.
Budget hotels will not longer be budget as from no tax to 12% GST will be imposed if room rent is less than Rs 1000/night.
Tailoring is going to get more taxing - as the GST imposed on stitching your next textile has been raised to 12% from the previous 5%.
If you are a fan of leather clothing or textiles or accessories well now be ready face a 12% tax payout vs 5% earlier.
Going green will also cost you, GST on solar water heater, finished leather will be increased to 12%. 


GST changes from today: Tax hike for hospitals to cheque books, here is what is more expensive

GST ready reckoner: Here is what got more expensive today with a new list of getting charged 5% GST.

 Tax hike for hospitals to cheque books, here is what is more expensive

The GST Council approved changes to the tax structure effective July 18

New GST rates: Gear up for higher taxes as <a href="https://www.editorji.com/business-news/personal-finance/gst-changes-from-today-tax-hike-for-hospitals-to-cheque-books-here-is-what-is-more-expensive-1658112584320" target="_blank">Goods and Service Tax (GST) slab changes</a> take effective from July 18 and here what is getting more expensive from your makhanas to your tailoring-:&nbsp;
&bull; If it is packaged it is taxable! All packaged non branded food as well such as rice, atta, snacks will attract GST. A rate of 5% GST will be charged on pre-packed food including curd paneer as well as all other 'snackables.
&bull; Cooking was already expensive and now eating too will cost you more as the GST on cutlery - your spoons, forks and knives has been raised to 18% from 12%
&bull; Expect your packaged juices to milk boxes to get more expensive has the GST council has raised the tax on 'Tetra Pack' to 18% from 12%. 
&bull; Your cheque books are going to cost you more as 18% GST will be levied on charges for issuance of cheques by the bank
&bull; Stay healthy as being hospitalised is also getting costlier; 5% GST on hospital beds will be imposed on room rent (excluding ICU) above Rs.5000 per patient per day by the hospital.
<a href="https://www.editorji.com/business-news/from-pan-to-crypto-tds-all-rules-changing-from-july-1-1656663994839" target="_blank">From PAN to crypto TDS; all rules changing from July 1</a>
&bull; Budget hotels will not longer be budget as from no tax to 12% GST will be imposed if room rent is less than Rs 1000/night.
&bull; Tailoring is going to get more taxing - as the GST imposed on stitching your next textile has been raised to 12% from the previous 5%.
&bull; If you are a fan of leather clothing or textiles or accessories well now be ready face a 12% tax payout vs 5% earlier.
&bull; Going green will also cost you, GST on solar water heater will be increased to 12%.

Mercer, a global consulting firm has released its annual list of the world's most expensive cities to live in, and once again  known for its iconic skyscrapers and beautiful skyline view, Hong Kong is the world’s most expensive place for employees sent abroad to work.  
Four Switzerland cities Zurich, Geneva, Basel and Bern ranked second to fifth place respectively in Mercer’s Cost of Living Survey 2022.  Apart from this, Israel’s Tel Aviv bagged the 6th place as the priciest place in the Middle East while New York City bagged the seventh spot. 
Asian cities that made it to the top 10 were Singapore, Tokyo, and Beijing. 
Coming to home, at number 127, Mumbai is the most expensive city in India followed by New Delhi at number 155.
At the other end of the table, the cheapest places for expats to live were Turkey’s Ankara, Bishkek in Kyrgyzstan and Dushanbe in Tajikistan. 

Zurich, world’s 2nd most expensive city; here's the one place that beat it 

Survey showed comparing the prices of 200 goods and products in more than 400 cities

From paying $9.45 for a loaf of bread to more than $2000 for a one-bedroom apartment, these overseas cities will strain your budgets even if you are earning the big bucks.&nbsp; Known for its iconic skyscrapers and beautiful skyline view, Hong Kong is once again the world&rsquo;s most expensive city for international employees.&nbsp;
Also read/watch| <a title="British Army's Twitter, YouTube hacked to promote crypto scam" href="https://www.editorji.com/business-news/cryptocurrency/british-army-s-twitter-youtube-hacked-to-promote-crypto-scam-1656903089974">British Army's Twitter, YouTube hacked to promote crypto scam</a>
Switzerland's Zurich, Geneva, Basel and Bern were in second to fifth place respectively in Mercer&rsquo;s Cost of Living Survey 2022 which ranks cities based on how expensive they are for employees who are sent to work there from other countries.&nbsp;
Israel&rsquo;s Tel Aviv bagged the 6th place, it also the priciest place in the Middle East while New York City bagged the seventh spot.&nbsp;
Asian cities that made it to the top 10 were Singapore, Tokyo, and Beijing.&nbsp;
Coming home, at number 127, Mumbai is the most expensive city in India followed by New Delhi with a global rank of 155.
At the other end of the table, the cheapest places for expats to live were Turkey&rsquo;s Ankara, Bishkek in Kyrgyzstan and Dushanbe in Tajikistan.&nbsp;

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:- 
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st. 
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022. 

From PAN to crypto TDS; all rules changing from July 1

Three major changes to income tax rules are going to be applicable to different taxpayers

Here are the three important changes in income tax rules that will come into effect from Friday, July 1, 2022:-&nbsp;
1. PAN-Aadhaar Linking Fine to Increase
Those who have not yet linked their PAN Aadhaar will have to pay a fine of Rs 1,000 if they try to link both the documents from July 1. Till June 30, the fine has been capped at Rs 500. The Central Board of Direct Taxes has extended the deadline to link PAN-Aadhaar to March 23, but people will have to pay a fine of Rs 1,000 if it is done on or after July 1.
2. TDS on cryptocurrencies: After the imposition of 30 per cent flat income tax on cryptocurrencies from 1st April 2022, the GoI had proposed an additional 1 per cent TDS on cryptocurrency transactions in the union budget 2022, irrespective of the gain or loss incurred by the investor.
One per cent Tax Deduction at Source (TDS) on all cryptocurrency transactions will be levied from July 1st.&nbsp;
3. TDS On Doctors, Social Media Influencers:
FM Sitharaman had introduced a new section (194R) in the Income Tax Act 1961 in the Union Budget 2022, which proposes a 10 per cent TDS on monetary benefits received by doctors and social media influencers through sales promotion (on social media) beginning July 1, 2022.&nbsp;

New Wage (Labour) Code 2022: The New Wage Code would affect your take-home salary and your PF savings in a big way. Editorji breaks down the Wage Code and if you are impacted by it. 

New Wage (Labour) Code 2022 : Your salary, PF and work timings can change from today

New Wage Code: Your salary, PF and work timings can change from today. Higher basic, lower allowance and the option of a 4-day week...it is all here. 

The New Wage Code Explained

23 states have pre-published draft rules on these laws, while the Centre has completed the process of finalising the draft rules on these codes in February 2021.&nbsp;

New Labour Code 2022: The New Wage Code would affect your take-home salary and your PF savings in a big way. Editorji breaks down the Wage Code and if you are impacted by it.&nbsp; The government's notification on Code on Wages 2019 may reduce the take-home pay while components like PF and Gratuity might rise. This is based on the grounds that the new wage code mentions provision entailing that the employee's basic salary will be at least 50 percent of his/her net monthly CTC. Hence, if this provision comes into effect, it will mean that employees will not be able to get more than 50 percent of his/her net monthly salary in form of an allowance.
Also read/watch| <a title="Business Briefs: Maruti's Brezza launch to hot news in a cup from Reliance" href="https://www.editorji.com/business-news/markets/business-briefs-maruti-s-brezza-launch-to-hot-news-in-a-cup-from-reliance-1656644411170">Business Briefs: Maruti's Brezza launch to hot news in a cup from Reliance</a> A big boost also comes in as the code directs companies to pay all the dues as well as the full and final settlement to employees within two days of the resignation, dismissal or retirement. Reducing the drag that many changing jobs face. What may be a sweeping change, under the new rules, daily and weekly working hours have been capped at 12 hours and 48 hours. This will allow companies to bring in 4-day workweeks, while overtime has been increased from 50 hours to 125 hours in a quarter across industries. You will not get more leave but how ou 'earn it' is set to change.&nbsp; As per the <a href="https://www.editorji.com/business-news/personal-finance/new-wage-code-your-salary-pf-and-work-timings-can-change-from-today-1656650444342" target="_blank">wage code</a>, employees will now earn a leave for every 20 days of work instead of 45. New employees will also be eligible to earn leaves after 180 days of employment instead of 240 days of work.&nbsp;
<a href="https://www.editorji.com/business-news/from-pan-to-crypto-tds-all-rules-changing-from-july-1-1656663994839" target="_blank">From PAN to crypto TDS; all rules changing from July 1</a>
Labour is a concurrent subject so even as the Centre sets out its notification, the states also have to do the same for it to be applicable. So far 23 states have framed state labour codes and rules based on the new Code on Wages, 2019.&nbsp;

GST Council Meet Highlights : The 47th GST Council meeting chaired by Finance minister Nirmala Sitharaman made some sweeping changes. 



GST Council Meet Highlights, GST changes: Here is what is more expensive and what just got cheaper

In the meeting, it was decided to bring more items under the ambit of GST.

GST rate changes: Hotel to hospitals, everything to cost more 

In the meeting, it was decided to bring more items under the ambit of GST.

GST Council Meet Highlights: The <a href="https://www.editorji.com/business-news/personal-finance/gst-changes-your-household-budget-hit-here-is-what-is-more-expensive-1656557848088" target="_blank">47th GST Council meeting</a> chaired by Finance minister Nirmala Sitharaman made some sweeping changes.
Here are some of the announcements that will tax your household budget-:
<ul>
<li>If it is packaged it is taxable! All packaged non branded food as well such as rice, atta, snacks will attract 5% GST</li>
<li>Your cheque books are going to cost you more as 18% GST will be levied on charges for issuance of cheques by the bank</li>
<li>Stay healthy as being hospitalised is also getting costlier; 5% GST on hospital beds will be imposed on room rent (excluding ICU) above Rs.5000 per patient per day by the hospital.</li>
<li>Budget hotels will not longer be budget as from no tax to 12% GST will be imposed if room rent is less than Rs 1000/night.&nbsp;</li>
<li>Tailoring is going to get more taxing - as the GST imposed on stitching your next textile has been raised to 12% from the previous 5%.&nbsp;</li>
<li>Cooking was already expensive and now eating too will cost you more as the GST on cutlery - your spoons, forks and knives has been raised to 18% from 12%</li>
<li>Expect your packaged juices to milk boxes to get more expensive has the GST council has raised the tax on 'Tetra Pack' to 18% from 12%&nbsp;</li>
<li>If you are a fan of leather clothing or textiles or accessories well now be ready face a 12% tax payout vs 5% earlier.&nbsp;</li>
</ul>
<a href="https://www.editorji.com/business-news/gaming-and-gambling-same-gst-council-likely-to-slap-28-tax-reports-1656296267507" target="_blank">Gaming and gambling same - GST council likely to slap 28% tax: reports</a>

The first tranche of Sovereign Gold Bond or SGB scheme for the current fiscal opened for subscription and here's everything you need to know about the scheme:
Issue price and interest rate: The issue price has been fixed at ₹5,091 per gram of gold. Investors are paid a fixed rate of interest of 2.5% per annum payable semi-annually on the nominal value.
Main dates: The Reserve Bank of India’s (RBI’s) sovereign gold bond scheme has opened for application on June 20 and it will remain open for application till June 24. This is the first tranche for the SGB Scheme 2022-23. According to media reports, the scheme’s next issue will open on August 22, 2022, and close on August 26.  
What are Sovereign Gold Bond scheme: Under the sovereign gold bond scheme, the RBI issues the bonds on behalf of the government. These bonds are sold through banks, Stock Holding Corporation of India (SHCIL), Clearing Corporation of India (CCIL), post offices, and stock exchanges – National Stock Exchange of India (NSE) and BSE. 
The scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings – used for the purchase of gold – into financial savings.
The issue price has been fixed at ₹5,091 per gram of gold.
Who Can Invest: Resident individuals, Hindu Undivided Families (HUFs), trusts, universities and charitable institutions can buy the bonds.
Tenure: The tenure of the SGB will be for a period of eight years with an option of premature redemption after fifth year to be exercised on the date on which interest is payable.
How To Buy: The bonds will be sold through commercial banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices (as may be notified), National Stock Exchange and BSE, either directly or through agents. The bonds will be issued on on June 28.
Minimum & Maximum Size: Minimum permissible investment will be one gram of gold, while the maximum limit of subscription shall be 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal year (April-March) notified by the government from time to time. A self-declaration to this effect will be obtained. The annual ceiling will include SGBs subscribed under different tranches, and those purchased from the secondary market, during the fiscal year.

Sovereign Gold Bond Scheme open: Get gold at a discount

Sovereign Gold Bond 2022-23; here’s everything you need to know 

The minimum investment allowed is one gram. The maximum for individuals is 4 kg and HUF. For trusts, the maximum limit is 20 kg&nbsp;

The first tranche of Sovereign Gold Bond or SGB scheme for the current fiscal opened for subscription and here's everything you need to know about the scheme:
Issue price and interest rate: The issue price has been fixed at ₹5,091 per gram of gold. Investors are paid a fixed rate of interest of 2.5% per annum payable semi-annually on the nominal value.
Also read/watch| <a title="Home buyers' dilemma as housing projects get stuck! What to do" href="https://www.editorji.com/business-news/home-buyers-dilemma-as-housing-projects-get-stuck-what-to-do-1655875799130">Home buyers' dilemma as housing projects get stuck! What to do</a>
Main dates: The Reserve Bank of India&rsquo;s (RBI&rsquo;s) sovereign gold bond scheme has opened for application on June 20 and it will remain open for application till June 24. This is the first tranche for the SGB Scheme 2022-23. According to media reports, the scheme&rsquo;s next issue will open on August 22, 2022, and close on August 26.&nbsp;&nbsp;
What are Sovereign Gold Bond scheme: Under the sovereign gold bond scheme, the RBI issues the bonds on behalf of the government. These bonds are sold through banks, Stock Holding Corporation of India (SHCIL), Clearing Corporation of India (CCIL), post offices, and stock exchanges &ndash; National Stock Exchange of India (NSE) and BSE.&nbsp;
The scheme was launched in November 2015 with an objective to reduce the demand for physical gold and shift a part of the domestic savings &ndash; used for the purchase of gold &ndash; into financial savings.
The issue price has been fixed at ₹5,091 per gram of gold.
Who Can Invest: Resident individuals, Hindu Undivided Families (HUFs), trusts, universities and charitable institutions can buy the bonds.
Tenure: The tenure of the SGB will be for a period of eight years with an option of premature redemption after fifth year to be exercised on the date on which interest is payable.
How To Buy: The bonds will be sold through commercial banks, Stock Holding Corporation of India Limited (SHCIL), Clearing Corporation of India Limited (CCIL), designated post offices (as may be notified), National Stock Exchange and BSE, either directly or through agents. The bonds will be issued on on June 28.
Minimum &amp; Maximum Size: Minimum permissible investment will be one gram of gold, while the maximum limit of subscription shall be 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal year (April-March) notified by the government from time to time. A self-declaration to this effect will be obtained. The annual ceiling will include SGBs subscribed under different tranches, and those purchased from the secondary market, during the fiscal year.

Move aside Governor Das, the banks are not waiting for the RBI&nbsp;policy but beating the curve and raising rates. Private lender HDFC&nbsp;Bank has&nbsp;raised its marginal cost of funds-based lending rate (MCLR) on loans across all tenures by 35 basis points effective immediately.&nbsp;
The hike in rates marks the second hike in just a month, earlier HDFC Bank had raised MCLR by 25 basis points on May 7, 2022.&nbsp;
But some relief for home loan borrowers, it is important to note that hike in EMI outgo will impact only when the reset date of your loan arrives which is just once a year.&nbsp;
The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent, the two-year MCLR will be 7.95 percent, and the three-year MCLR will be 8.05 percent.

EMIs rise: Banks don't wait for RBI, raise loan rates ahead of policy meet

EMIs soar: Banks don't wait for RBI, raise loan rates ahead of policy meet

Second rate hike within a month by HDFC&nbsp;Bank&nbsp;

Move aside Governor Das, the banks are not waiting for the RBI&nbsp;policy but beating the curve and raising rates. Private lender HDFC&nbsp;Bank has&nbsp;raised its marginal cost of funds-based lending rate (MCLR) on loans across all tenures by 35 basis points effective immediately.&nbsp;
The hike in rates marks the second hike in just a month, earlier HDFC Bank had raised MCLR by 25 basis points on May 7, 2022.&nbsp;
But some relief for home loan borrowers, it is important to note that hike in EMI outgo will impact only when the reset date of your loan arrives which is just once a year.&nbsp;
The one-year MCLR, which is connected to many consumer loans, will now be 7.85 percent, the two-year MCLR will be 7.95 percent, and the three-year MCLR will be 8.05 percent.

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Time to calculate your EMI&nbsp;as banks raise lending rates sharply matching RBI&nbsp;which is will lead to a sharp hike in EMI&nbsp;outgo.&nbsp;ICICI Bank has hiked the external benchmark lending rate by 50 bps to 8.60%. This is the second hike by ICICI&nbsp;Banks since May 4 after the RBI's&nbsp;surprise hike. The total hike in 2 months now stands at 90 bps.&nbsp;What is external benchmark lending rate?
External Benchmark Lending Rates (EBLR) are the lending rates set by the banks based on external benchmarks such as repo rate. This is the minimum interest rate at which commercial banks can lend.&nbsp;

Big hit to EMI: ICICI Bank hikes lending rates sharply

Time to calculate your EMI as banks raise lending rates sharply matching RBI which is will lead to a sharp hike in EMI outgo.

Banks raise lending rates sharply matching RBI

RBI has hiked repo rate by 90 bps over 2 meetings since May&nbsp;

Time to calculate your EMI&nbsp;as banks raise lending rates sharply matching RBI&nbsp;which is will lead to a sharp hike in EMI&nbsp;outgo.&nbsp;ICICI Bank has hiked the external benchmark lending rate by 50 bps to 8.60%. This is the second hike by ICICI&nbsp;Banks since May 4 after the RBI's&nbsp;surprise hike. The total hike in 2 months now stands at 90 bps.&nbsp; What is external benchmark lending rate?
External Benchmark Lending Rates (EBLR) are the lending rates set by the banks based on external benchmarks such as repo rate. This is the minimum interest rate at which commercial banks can lend.&nbsp;

Loans get more expesive, India's largest bank, the State Bank of India (SBI) raised its benchmark lending rates by up to 50 basis points (or 0.5 per cent), a move that will lead to an increase in EMIs for borrowers.
The increase in lending rate comes days after the Reserve Bank of India hiked its benchmark lending rate by 50 basis points to tame inflation.
External Benchmark based Lending Rate (EBLR) and Repo-Linked Lending Rate (RLLR) have been raised by 50 basis points while the hike in Marginal Cost of funds-based Lending Rate (MCLR) is 20 basis points across all tenure.
The revised rates are effective from August 15, as per the information posted on SBI website.
SBI's EBLR rose to 8.05 per cent and RLLR increased by similar 50 basis points to 7.65 per cent.
Banks add Credit Risk Premium (CRP) over the EBLR and RLLR while giving any kind of loan, including housing and auto loans.
With the revision, one-year MCLR has increased to 7.70 per cent, from the earlier 7.50 per cent, while for two years it rose to 7.90 per cent and for three years to 8 per cent.
Most of the loans are linked to the one-year MCLR rate.The overnight to three-month SBI MCLR rate has been hiked to 7.35%, from 7.15%. The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.9% from 7.7% and three-year to 8% from 7.8%.
With the increase in lending rate, EMIs will go up for those borrowers who have availed loans on MCLR, EBLR or RLLR.
From October 1, 2019, all banks including SBI have migrated to an interest rate linked to an external benchmark such as RBI's repo rate or Treasury Bill yield. As a result, monetary policy transmission by banks has gained traction. 

EMIs start to shoot up: SBI raises lending rates, here are the new rates

Calculate your EMI: SBI raises rates once again

Second rate hike from SBI in a month

The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.9% from 7.7% and three-year to 8% from 7.8%.

Loans get more expensive, India's largest bank, the State Bank of India (SBI) raised its benchmark lending rates by up to 50 basis points (or 0.5 per cent), a move that will lead to an increase in EMIs for borrowers.
The increase in lending rate comes days after the Reserve <a href="https://www.editorji.com/business-news/bank-of-england-warns-uk-to-fall-into-recession-this-year-amid-this-reason-1659670255508">Bank </a>of India hiked its benchmark lending rate by 50 basis points to tame inflation.
External Benchmark based Lending Rate (EBLR) and Repo-Linked Lending Rate (RLLR) have been raised by 50 basis points while the hike in Marginal Cost of funds-based Lending Rate (MCLR) is 20 basis points across all tenure.
The revised rates are effective from August 15, as per the information posted on SBI website.
SBI's EBLR rose to 8.05 per cent and RLLR increased by similar 50 basis points to 7.65 per cent.
Banks add Credit Risk Premium (CRP) over the EBLR and RLLR while giving any kind of loan, including housing and auto loans.
With the revision, one-year MCLR has increased to 7.70 per cent, from the earlier 7.50 per cent, while for two years it rose to 7.90 per cent and for three years to 8 per cent.
Most of the loans are linked to the one-year MCLR rate. The overnight to three-month SBI MCLR rate has been hiked to 7.35%, from 7.15%. The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.9% from 7.7% and three-year to 8% from 7.8%.
With the increase in lending rate, EMIs will go up for those borrowers who have availed loans on MCLR, EBLR or RLLR.
<a href="https://www.editorji.com/business-news/personal-finance/sbi-hikes-rates-loans-emis-get-more-expensive-1650259103266">SBI hikes rates, loans &amp; EMIs get more expensive</a>
From October 1, 2019, all banks including <a href="https://www.editorji.com/business-news/personal-finance/sbi-hikes-rates-loans-emis-get-more-expensive-1650259103266">SBI</a> have migrated to an interest rate linked to an external benchmark such as RBI's repo rate or Treasury Bill yield. As a result, monetary policy transmission by banks has gained traction.&nbsp;

ITR Filing Mistakes : The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings

ITR Filing: Mistakes that you should avoid while filing income tax returns

Time for ITR Filing: Make sure you have this list of Dos and Donts 

ITR Filing Mistakes : The ITR filing for the assessment year 2022-23 (AY23) is now available on the income tax e-filing

ITR Filing Mistakes: The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings:
<h3>1. Income Tax Return filing last date</h3>
The due date for filing of return for a class of taxpayers who are not mandated to audit under the income tax law is July 31, while it is October 31, for those cases that are mandated to audit under the Income Tax Law or any other law.
Also read/watch| <a title="Which country holds the most powerful passport?" href="https://www.editorji.com/business-news/which-country-holds-the-most-powerful-passport-1658308542645">Which country holds the most powerful passport?</a>
<h3>2. ITR filing late fees:</h3>
People can file <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank">ITR </a>after the deadline passes but they have to pay a late fee. As per the latest details, if the yearly income of an individual is above Rs 5 lakh per annum, a late fee of Rs 5,000 will be imposed. If the income is below Rs 5 lakh per annum, then a late fee of Rs 1,000 will be imposed on the person who will file the ITR after the deadline.
<h3>3. Keep your form in mind&nbsp;</h3>
Individuals should be careful while filling out the<a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank"> income tax return (ITR)</a> forms. They should make sure that they are filling out the correct ITR form that is applicable to their situation.
<h3>4. Providing incorrect information</h3>
While filing the ITR is necessary, providing correct personal information in the forms is even more critical. The details that need special attention are PAN details, e-mail ID, date of birth and IFSC code.

As the word Atmanirbhar resounds across the economy, many wonder how does one really achieve financial freedom away from loan and debt burdens. This Independence Day Editorji brings you easy 5 habits that will help you on you to reach fix your finances:1. Budget 101: It all starts with a budget, experts recommend everyone irrespective of their salary levels maintain a budget to keep expenses in check. List basic expenses and leave room for a little 'splurge'. Important to not just list essentials but also personal priority spends as well. Many popularize the 50/30/20 rule -:  50% for needs, 30% for wants, and 20% for savings2. Clear Dues ASAP: As soon a credit card bill/EMI is due pay it off immediately. Do not fall into the trap of paying 'minimum' as it will circle you down a interest payment drain. If you have made a large purchase on your credit card, personal finance experts recommend paying it off even before the bill is generated by the credit card company to avoid bundled payments which may leave you short at the month end. 3. Ensure you insure: Insurance is an important financial tool. It can help you live life with fewer worries knowing you’ll receive financial assistance after a disaster or accident, helping you recover faster. Health, life and even term insurance are now an essential part of your budget given rising expenses and risks. 4. Save something, anything: Many argue I don't make enough to save. Finance experts say that with a little budget manouver and marking out wants vs needs makes room for much needed savings as little as it may be to start with.5. Monitor Your Credit: Everyone has a credit report card, you may argue that you don't have a loan so do not need to bother but that is a wrong approach. It is important to ensure that your CIBIL score which is affected even by your credit card payments is high this will ensure if need be you get loans are a cheaper rate as you are labelled as a 'low risk' loan taker. Here is wishing you a happy journey to financial freedom. 

India @ 75: Top 5 habits to ensure Financial Freedom this Independence Day

Top 5 habits to ensure Financial Freedom this Independence Day

How to be financially atmanirbhar by adopting simple habits early explained

As the word Atmanirbhar resounds across the economy, many wonder how does one really achieve financial freedom away from loan and debt burdens. This Independence Day Editorji brings you easy 5 habits that will help you on you to reach fix your finances: 1. Budget 101: It all starts with a budget, experts recommend everyone irrespective of their salary levels maintain a budget to keep expenses in check. List basic expenses and leave room for a little 'splurge'. Important to not just list essentials but also personal priority spends as well. Many popularize the 50/30/20 rule -:&nbsp; 50% for needs, 30% for wants, and 20% for savings 2. Clear Dues ASAP:&nbsp;As soon a credit card bill/EMI is due pay it off immediately. Do not fall into the trap of paying 'minimum' as it will circle you down a interest payment drain. If you have made a large purchase on your credit card, personal finance experts recommend paying it off even before the bill is generated by the credit card company to avoid bundled payments which may leave you short at the month end.&nbsp; 3. Ensure you insure:<a href="https://www.editorji.com/business-news/another-addition-to-the-already-over-extended-budget-higher-insurance-premiums-for-your-vehicles-1653568359858"> </a><a href="https://www.editorji.com/business-news/another-addition-to-the-already-over-extended-budget-higher-insurance-premiums-for-your-vehicles-1653568359858">Insurance</a> is an important financial tool. It can help you live life with fewer worries knowing you&rsquo;ll receive financial assistance after a disaster or accident, helping you recover faster.<a href="https://www.editorji.com/world-news/renaming-monkeypox-who-creates-open-forum-invites-public-feedback-after-stigmatisation-concerns-1660469350384"> Health</a>, life and even term insurance are now an essential part of your budget given rising expenses and risks.&nbsp; 4. Save something, anything:&nbsp;Many argue I don't make enough to save. Finance experts say that with a little budget manouver and marking out wants vs needs makes room for much needed savings as little as it may be to start with.
<a href="https://www.editorji.com/india-news/independence-day-2022-google-s-special-doodle-for-75-years-of-india-s-independence-1660545224202">Independence Day 2022: Google's special doodle for 75 years of India's independence</a> 5. Monitor Your Credit: Everyone has a credit report card, you may argue that you don't have a loan so do not need to bother but that is a wrong approach. It is important to ensure that your CIBIL score which is affected even by your credit card payments is high this will ensure if need be you get loans are a cheaper rate as you are labelled as a 'low risk' loan taker.&nbsp; Here is wishing you a happy journey to financial freedom.&nbsp;

As India's digital payment market is rising at a rapid rate, the financial fraud encountered has also risen. 
According to reports by LocalCircles, it has shown that 42% Indians surveyed experienced financial fraud in the last 3 years, 74% of those who experienced it failed to get money back. 
Survey that was conducted in October 2021 revealed that 29% of citizens share their ATM or debit card pin details with close family members, while 4% share it with their domestic and office staff.
Not only this, online brokerage platform, Zerodha also warns users regarding the hacking incidents. Posting it on twitter, Zerodha said frauders are posing as employees are calling people and asking for sensitive information like PAN, Bank details etc.  

Financial fraud on the rise, Zerodha sends warning

Beware of financial fraud! Shocking data on rapid rise of scams, Zerodha alerts customers to safeguard 

33% of citizens store their bank account, debit or credit card and ATM passwords, Aadhaar and Pan numbers on email or computer

Beware of financial fraud! That's the warning coming from India's largest brokerage Zerodha, has reports show that 4 out 5 Indians have faced financial fraud.&nbsp;
As per reports survey done by LocalCircles, has shown that 42% Indians surveyed experienced financial fraud in the last 3 years, 74% of those who experienced it failed to get money back.&nbsp;
Survey that was conducted in October 2021 revealed that 29% of citizens share their ATM or debit card pin details with close family members, while 4% share it with their domestic and office staff.
&nbsp;
Amid reports of Zerodha&rsquo;s demat accounts getting hacked, the online brokerage took to Twitter to warn. Zerodha alerted and reminded customers never to give out sensitive information like PAN, Bank details, etc as the most common route fraudsters take is pose as employees seeking information.&nbsp;
<a href="https://www.editorji.com/business-news/rbi-monetary-policy-repo-rate-hiked-by-50-bps-1659674214245">RBI Monetary Policy: Repo rate hiked by 50 bps, outlook remains cautious</a> Firm's founder and CEO Nithin Kamath tweeted 'Out of the ~65lk customers who traded with us last year, we have ~100 complaints of fraud. ~ 80 where login details were shared willingly &amp; ~20 where email was hacked (all Rediffmail IDs).&rdquo; <a href="https://www.editorji.com/business-news/financial-fraud-on-the-rise-zerodha-sends-warning-1659598243087">Zerodha</a> is said to be launching a new set of tools to further safeguard investors registered on the platform.&nbsp;

The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.
The department issued a notification on July 29 announcing the change in the timeline.
E-verification of an ITR completes the return filing process and if it is not done within the stipulated time, an ITR is treated as invalid.
"It has been decided that in respect of any electronic transmission of return data on or after the date of this notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return electronically," the notification said.
It said the order comes into effect from August 1.
Till now, the time period to e-verify the ITR or send the ITR-V through post, after filing of an Income Tax Return (ITR), was 120 days from the date of the uploading of the ITR.
The notification clarified that in case the e-verification of the ITR or hard copy ITR-V is sent through post beyond the time-limit of 30 days, the return shall be treated as late or beyond the due date.
Those who wish to send the ITR-V in a hard copy can send it through the usual address through "speed post only" to: Centralised Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka.
"The date of dispatch of speed post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the date of Income-tax return electronically," it said

Income Tax Verification deadlines changed, make sure you complete your returns

Income Tax Verification deadline changed, do this or your ITR is not valid

Make sure you do ITR verification by this date

The Income Tax department has reduced the time limit for e-verification or hard copy submission of tax return filing from 120 days to 30 days

The Income Tax department has reduced the time limit for e-verification or hard copy submission of the ITR-V, post filing of returns by taxpayers, from the current 120 days to 30 days, beginning August 1.
The department issued a notification on July 29 announcing the change in the timeline.
E-verification of an ITR completes the return filing process and if it is not done within the stipulated time, an ITR is treated as invalid.
"It has been decided that in respect of any electronic transmission of return data on or after the date of this notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return electronically," the notification said.
It said the order comes into effect from August 1.
Till now, the time period to e-verify the ITR or send the ITR-V through post, after filing of an Income Tax Return (ITR), was 120 days from the date of the uploading of the ITR.
The notification clarified that in case the e-verification of the ITR or hard copy ITR-V is sent through post beyond the time-limit of 30 days, the return shall be treated as late or beyond the due date.
Those who wish to send the ITR-V in a hard copy can send it through the usual address through "speed post only" to: Centralised Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka.
"The date of dispatch of speed post of duly verified ITR-V shall be considered for the purpose of determination of the 30 days period, from the date of transmitting the date of Income-tax return electronically," it said

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