Significant financial changes, ranging from income tax to credit cards

The migration of Citi credit cards to Axis Bank will be finalized by July 15. To accommodate Citi credit card users, Axis Bank has introduced several new card variants. Additionally, July will feature the presentation of the first Union Budget by Finance Minister Nirmala Sitharaman for the newly elected government. This month also marks the deadline for filing income tax returns, among other significant financial changes. Here’s an overview of the financial changes that will affect you in July.

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Financial Changes in July, Union Budget, Tax Filing Deadline

Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 this month, potentially introducing changes in income taxes, medical expense deductions, additional tax rebates, and pension benefits. The final date to file your income tax returns for the assessment year 2024-25 is July 31. To ensure a smooth process, it is advisable to begin filing your returns well before the deadline.

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SEBI Clarification on mutual funds and citi Credit Card migration to Axis Bank

The market regulator SEBI has announced that it not freeze mutual fund portfolios and demat accounts for non-submission of nominations. Investors holding securities in physical form still be eligible to receive dividends, interest payments, and redemption payments, as well as lodge grievances. Additionally, the migration of Citi credit cards to Axis Bank completed by July 15, with Axis Bank launching several new card variants for Citi card users. After the migration, existing Citi cardholders will retain the same card PIN, number, expiry date, and CVV.

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