Major Financial Changes From July 1, 2026: Millions of Indians will soon witness some crucial financial and banking regulations coming into force from July. Changes ranging from ITR filing deadline, Aadhaar updates to passport services, RBI guidelines and credit card rewards offered by SBI, HDFC will be implemented from the first day of next month.
Major Financial Changes From July 1, 2026
1. ITR Filing Deadline
Taxpayers who file their income tax returns (ITR) using ITR-1 and ITR-2 for the Financial Year 2025-26 (Assessment Year 2026-27) must do so by July 31, 2026, to avoid a late filing fee. Failing to meet the deadline will invite a penalty of up to 5,000 for returns with an income exceeding 5 lakh.
For those earning less than 5 lakh, the penalty will be 1,000. It’s possible to file belated returns till December 31, 2026.
2. Aadhaar Email Update Free for 6 months
In an attempt to promote hassle-free Aadhaar updates and services, UIDAI is providing free service to update your registered email address through the mAadhaar mobile app for six months, from July 1 to December 31, 2026. The normal fee for updating email address online is ₹75.
3. Passport Services to Get Costlier
The Ministry of External Affairs (MEA) has revamped its fees for passport services which will be applicable from July 1, 2026. Both the normal and Tatkal passport application process including Indian missions abroad will also attract a higher fee.
Bank Holidays Next Week: Check RBI’s June 22-28 Closure Schedule
4. New RBI Guidelines to Prevent Mis-selling to Come into Effect
The Reserve Bank of India’s framework for curbing the mis-selling of financial products by banks is all set to be implemented from July 1. Under the new framework, consumers who have been mis-sold by their banks and ended up with financial products that are not suitable for them, could get full refund or be compensated if mis-selling is proven.
5. Changes in HDFC Bank Credit Card Lounge Access Policy
HDFC Bank will implement new rules for complimentary domestic airport lounge access for its credit cardholders with effect from July 1, 2026. From next month, select customers will be eligible for only three complimentary domestic airport lounge access per calendar quarter, that too if they have spent more than ₹60,000 in the preceding calendar quarter. For example, to qualify for lounge access in the July-September quarter, you need to spend at least ₹60,000 in the April-June 2026 quarter.
6. SBI Card Revises Rewards on PhonePe Credit Cards
SBI Card has made changes to its reward structure on certain PhonePe credit cards, including the PhonePe, SBI Card PURPLE and PhonePe SBI Card SELECT BLACK, beginning July 1. The issuer will implement altered earning ceilings for reward points and increase the number of excluded spending categories which would not earn rewards.
