These 6 major rules will change from July 1; the impact will range from ITR to Aadhaar, passports, and banking..
Financial Changes – July 2026: If you have yet to file your income tax return, need to update your email ID in your Aadhaar, plan to get a passport made, or use a credit card, it is essential to be aware of the new rules coming into effect on July 1. The start of the new month brings several significant financial changes that will directly impact the common person's finances and daily financial services.
**Free Email Update for Aadhaar**
From July 1 to December 31, 2026, there will be no fee for updating a registered email ID via the Aadhaar mobile app. The Unique Identification Authority of India (UIDAI) has decided to offer this service for free for a period of six months.
**Changes to SBI Card Reward Program**
Effective July 1, the reward point rules for the 'PhonePe SBI Credit Card Purple' and 'PhonePe SBI Credit Card Select Black' will change. Limits will be set on earning reward points, and certain additional transactions will no longer qualify for reward points.
**Deadline for Filing ITR**
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 due date may attract a penalty. Additionally, options regarding the choice of tax regime may be restricted, and the facility to carry forward eligible losses to future years could be affected.
**New Rules for HDFC Bank Credit Card Lounge Access**
HDFC Bank credit cardholders will be eligible for three free domestic airport lounge visits per calendar quarter only if they have spent at least ₹60,000 in the preceding quarter. For instance, to avail of this facility during the July–September 2026 quarter, a minimum expenditure of ₹60,000 during the April–June 2026 period will be mandatory.
**Passport Issuance to Become Costlier**
From July 1, fees for both 'Normal' and 'Tatkaal' (expedited) passport services will increase. The Ministry of External Affairs has revised the charges for passport services available in India and abroad.
Full refund for mis-sold banking products
The Reserve Bank of India will implement a new framework starting July 1 to curb the mis-selling of financial products by banks. Under the new rules, if a customer is sold a financial product through mis-selling, they will receive a full refund of the amount paid. Additionally, compensation will be provided if the customer has suffered any financial loss.
Disclaimer: This content has been sourced and edited from Money Control. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
