Several rules and regulations across the country are set to change from August 1, affecting railway Tatkal ticket bookings, income tax filing, credit cards, and LPG cylinder prices. Here’s a look at what’s changing.
Railway Tatkal Ticket Booking
To ease congestion at railway reservation counters and make ticket booking more convenient for passengers, Indian Railways has revised its Tatkal booking process. Starting August 1, the timing for issuing tokens has been aligned with the Tatkal booking window itself. Previously, passengers had to wait in separate queues at different times — once to collect tokens and again to book tickets. The new system is expected to save time, reduce overcrowding at counters, and speed up the overall booking process.
Income Tax
For the 2026-27 financial year, July 31 has been set as the deadline for regular taxpayers to file their income tax returns. With this deadline lapsing by August 1, those who fail to file on time will face penalties in the form of late fees. Additionally, taxpayers who file after the due date will lose the option to claim certain special exemptions available under the old or new tax regimes. While businesses and entities requiring audits have separate deadlines, salaried individuals are expected to comply within the stipulated time.
Credit Cards and Fixed Deposits
Major banks are likely to revise their credit card terms starting August 1, with possible changes to reward points, late payment charges, processing fees, and other service charges. Separately, with the Reserve Bank of India’s Monetary Policy Committee meeting scheduled soon, banks may also review fixed deposit interest rates and loan EMIs based on repo rate movements. Customers are advised to keep an eye on notifications from their respective banks.
LPG Cylinder Prices
Ongoing global tensions have impacted oil and fuel supplies. Oil marketing companies are expected to revise LPG cylinder prices, as they typically do on the first of every month. Any hike in cylinder prices would add further strain to household budgets.
Aadhaar-Based CKYC 2.0 System
By August 2026, Indian banks, insurance companies, and asset management firms are set to jointly implement the Central KYC (CKYC) 2.0 system. Under this new Aadhaar-linked digital framework, banks will be able to access data from the central registry only with customer consent. The system is aimed at curbing financial fraud and the operation of fake accounts, while further strengthening the security of customer data.