Key Financial Changes Effective July 1: Impact on ITR, Aadhaar, Passport Fees, and Banking Regulations
Several financial changes will take effect on July 1, 2026, impacting taxpayers, bank customers, credit card users, passport applicants, and Aadhaar holders. Key adjustments include modifications to credit card benefits, passport fees, and new regulations from the Reserve Bank of India (RBI) aimed at preventing mis-selling of financial products.
ITR Filing Deadline
Taxpayers filing ITR-1 and ITR-2 for the Financial Year 2025-26 must submit their income tax returns by July 31, 2026. Failing to meet this deadline could result in penalties, limit the choice of certain tax regimes, and restrict the ability to carry forward eligible losses to future assessment years.
Aadhaar Email Update Becomes Free
Starting July 1, the Unique Identification Authority of India (UIDAI) will eliminate the Rs 75 fee for updating registered email addresses in Aadhaar via the mobile application. This service will be free for six months, until December 31, 2026. An official notification confirmed that the charges for this service will be waived during this period.
SBI Card Reward Programme Changes
SBI Card will revise its reward points program for select PhonePe SBI Credit Cards effective July 1. The changes will affect the PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK, introducing new limits on reward point earnings and expanding the list of transactions that do not qualify for reward points.
HDFC Bank Credit Card Lounge Access
HDFC Bank credit card holders will be eligible for three complimentary domestic airport lounge visits each calendar quarter, provided they spend at least Rs 60,000 in the preceding quarter. For instance, to access this benefit during the July-September 2026 quarter, cardholders must have spent the required amount between April and June 2026. This spend-based eligibility will apply to subsequent quarters as well.
Passport Fees to Increase
The Ministry of External Affairs will raise passport service fees starting July 1, affecting both normal and Tatkaal passport applications in India and abroad.
RBI’s New Mis-Selling Rules for Banks
The Reserve Bank of India (RBI) will introduce a new framework on July 1 to combat the mis-selling of financial products by banks. Under these new rules, customers who are mis-sold financial products will be entitled to a full refund and compensation for any losses incurred.
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