Cost of Living Soars: ₹5000 Late Fee for Return Filing, Increased Cylinder Prices, and 1% Charge on Rent Payments

Six Changes Taking Effect in August

1. Increase in Commercial Gas Cylinder Prices

Starting today, August 1, 2024, the price of a 19 kg commercial gas cylinder has increased by ₹8.50. In Delhi, the price has risen by ₹6.50 to ₹1652.50, up from ₹1646. In Kolkata, the price has increased by ₹8.50 to ₹1764.50, from ₹1756. In Mumbai, the price has gone up by ₹7, from ₹1598 to ₹1605. In Chennai, the cylinder is now priced at ₹1817. However, there is no change in the price of the 14.2 kg domestic gas cylinder, which remains at ₹803 in Delhi and ₹802.50 in Mumbai.

2. Increase in ATF Prices, Air Travel Might Become Costlier

Oil marketing companies have increased the prices of Aviation Turbine Fuel (ATF) in metro cities, which might make air travel more expensive. According to the Indian Oil website, the price of ATF in Delhi has increased by ₹1,827.34, making it ₹97,975.72 per kiloliter (1000 liters). In Chennai, the price has increased by ₹2,058.29, making it ₹1,01,632.08 per kiloliter.

3. Late Fee for Filing Income Tax Returns

The deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 ended on July 31. Now, a penalty will be applicable for filing the return. If an individual’s annual income exceeds ₹5 lakh, a late fee of ₹5,000 will be charged. If the annual income is below ₹5 lakh, a late fee of ₹1,000 will be charged.

4. KYC Update and Replacement for Fastags

Fastags that are three years old need to have their KYC updated, and Fastags that are five years or older need to be replaced.

• Vehicle registration number and chassis number must be linked with the Fastag.
• Update the vehicle number within 90 days of purchasing a new vehicle.
• Upload clear photos of the car from the side and front.
• Link the Fastag with a mobile number.
  

5. HDFC Credit Card Rent Payment Charges

HDFC Bank will now charge a 1% fee for rent payments made through third-party apps like CRED, Paytm, and PhonePe using HDFC credit cards. A per transaction limit of ₹3,000 has been set. Additionally, a 1% charge will be applied on fuel transactions above ₹15,000.

6. Increase in Electricity Prices in Rajasthan

New electricity rates have been implemented in Rajasthan. While the unit rates remain unchanged, fixed charges have been increased. Changes have also been made to the rebates given to industries. Previously, industries using electricity at night received a 7.5% rebate. Now, industries using electricity between 12 PM and 4 PM will get a 10% discount on the unit rate.

• For BPL consumers, the charge for usage up to 50 units has increased from ₹100 to ₹150.
• For regular consumers, the charge for usage up to 50 units has increased from ₹125 to ₹150.
• Fixed charge for usage up to 150 units has increased from ₹230 to ₹250.
• Fixed charge for usage up to 300 units has increased from ₹275 to ₹300.
• Fixed charge for usage up to 500 units has increased from ₹345 to ₹400.
• Fixed charge for usage above 500 units has increased from ₹400 to ₹450.
  

No Change in Petrol and Diesel Prices

Today, August 1, there has been no change in the prices of petrol and diesel. Currently, in Delhi, petrol is being sold at ₹94.72 per liter, while diesel is priced at ₹87.62 per liter. In Mumbai, petrol is available at ₹106.31 per liter, and diesel is priced at ₹94.27 per liter.