Impact on your pocket starting July 1! Passports to cost more; rules for credit cards and ITRs also changing..
Several significant financial changes are set to come into effect from July 1, 2026. These will impact taxpayers, bank customers, credit card users, passport applicants, and Aadhaar card holders. Let us look at the six major changes taking effect from July.
1. Deadline for filing ITR-1 and ITR-2
The deadline for filing ITR-1 and ITR-2 for the financial year 2025-26 (assessment year 2026-27) is July 31, 2026. Failure to file the return by the stipulated deadline could result in a penalty. Additionally, there may be difficulties in opting for certain tax regimes, and the facility to carry forward certain types of losses to future years could be lost.
2. Free email updates for Aadhaar
From July 1, the Unique Identification Authority of India (UIDAI) has waived the ₹75 fee previously charged for updating the registered email ID on Aadhaar cards. This service will be completely free from July 1 to December 31, 2026. According to UIDAI, no fee will be charged for updating email IDs via the Aadhaar mobile app for the next six months.
3. Changes to SBI credit card rules
SBI Card has revised the rules regarding reward points for the 'PhonePe SBI Credit Card PURPLE' and 'PhonePe SBI Credit Card SELECT BLACK'. Starting July 1, limits will be imposed on earning reward points on these cards, and reward points will no longer be awarded for certain additional transactions.
4. New rules for airport lounge access on HDFC credit cards
From July 1, 2026, certain HDFC Bank credit cardholders will be eligible for three complimentary domestic airport lounge visits per calendar quarter only if they have spent at least ₹60,000 in the preceding quarter. This rule will apply on a quarterly basis.
5. Getting a passport will become costlier
From July 1, the fees for obtaining both 'Normal' and 'Tatkal' category passports will increase. The Ministry of External Affairs has decided to implement new fees for passport services, applicable both within India and abroad.
6. RBI's strict rules on the mis-selling of financial products by banks
The Reserve Bank of India (RBI) will implement new regulations starting July 1 regarding the mis-selling of financial products by banks to customers. Under these new rules, if a customer is sold a product based on incorrect information, they will receive a full refund. Additionally, compensation will be provided for any losses incurred. This move will significantly strengthen the rights of bank customers.
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