India August 2026 financial deadlines: ITR filing, RBI policy, bank charges and Tatkal booking changes explained

August brings several important financial deadlines and policy events that could affect taxpayers, investors and banking customers.

Businesses and professionals required to file ITR-3 or ITR-4 and not subject to tax audit must submit their income tax returns by August 31.

The deadline applies to self-employed professionals, freelancers and small business owners using presumptive taxation under Sections 44AD and 44ADA.

Those who miss the deadline could face a late filing penalty of up to Rs 5,000 under Section 234F, along with applicable interest on unpaid tax under Section 234A.

RBI monetary policy decision due on August 5

The Reserve Bank of India's Monetary Policy Committee (MPC) meeting is scheduled from August 3, with the policy decision expected on August 5.

The RBI’s stance on interest rates and liquidity could influence borrowing costs, including home loan EMIs, lending rates and fixed deposit returns in the coming months.

A recent report suggested the central bank is likely to maintain current policy rates, with inflation expected to remain above 5 per cent over the next two quarters and economic growth projected to stay strong.

However, analysts said the RBI may remain cautious due to factors including oil price volatility, pressure on the rupee and global fund flows.

Railways introduces new Tatkal booking system

Indian Railways has introduced a token-based system for Tatkal ticket bookings at reservation counters from August 1.

The move aims to streamline the booking process, reduce overcrowding and improve the experience for passengers at railway ticket counters.

Bank service charges and card benefits to change

Several banks are expected to revise selected service charges in August, including debit card annual maintenance fees, transaction charges and other banking service costs.

Meanwhile, Axis Bank will revise benefits on its premium Magnus for Burgundy credit card from August 28.

Changes include an increase in the Dynamic Currency Conversion markup from 1.5 per cent to 2 per cent, while reward points on toll-related transactions and gift card purchases will be discontinued.

Customers are advised to check updated terms and conditions with their banks to understand any changes affecting their accounts or cards.