Several financial changes will come into effect from July 1, 2026, impacting taxpayers, bank customers, credit card users, passport applicants and Aadhaar holders. From changes in credit card benefits and passport charges to new RBI rules against mis-selling.Here is a look at key changes:
1. ITR filing deadline
Taxpayers filing ITR-1 and ITR-2 for the Financial Year 2025-26 (Assessment Year 2026-27) will have to file their income tax returns by July 31, 2026.Missing the deadline could attract penalties, restrict the choice of certain tax regimes and limit the ability to carry forward eligible losses to future assessment years, ET reported.
2. Aadhaar email update becomes free
From July 1, the Unique Identification Authority of India (UIDAI) will waive the Rs 75 fee for updating the registered email address in Aadhaar through the Aadhaar mobile application.The facility will remain free for six months, until December 31, 2026.According to an official notification, “It has been decided to waive off the charges (i.e., Rs 75) for availing the service of email address update through the Aadhaar mobile application and make it free of cost for a period of six months with effect from July 1, 2026, to December 31, 2026.”
3. SBI Card reward programme changes
SBI Card will revise the reward points programme for select PhonePe SBI Credit Cards from July 1.The changes apply to PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK, with new limits on reward point earnings and an expanded list of transactions that will not qualify for reward points.
4. HDFC Bank credit card lounge access
HDFC Bank credit card holders will be eligible for three complimentary domestic airport lounge visits every calendar quarter only if they spend at least Rs 60,000 in the preceding calendar quarter.For example, to avail the benefit during the July-September 2026 quarter, cardholders must have spent at least Rs 60,000 between April and June 2026. The spend-based eligibility will continue for subsequent quarters.
5. Passport fees to increase
Passport services will become more expensive from July 1, with the Ministry of External Affairs revising fees for both normal and Tatkaal passports in India and overseas.
6. RBI’s new mis-selling rules for banks
The Reserve Bank of India (RBI) will implement a new framework to curb the mis-selling of financial products by banks from July 1.Under the new rules, customers who are mis-sold financial products will be entitled to a full refund and compensation for losses, according to ET.
