Many important financial changes are going to be implemented from July 1, 2026. These will affect taxpayers, bank customers, credit card users, passport makers and Aadhaar card holders. Let us know the 6 big changes that will be implemented from July.
1. Last date for filing ITR-1 and ITR-2
The last date for filing ITR-1 and ITR-2 for the financial year 2025-26 (assessment year 2026-27) is 31 July 2026. If the return is not filed by the stipulated time, penalty may be imposed. Apart from this, there may be difficulty in choosing some tax regime and the facility to carry forward some types of losses to the next years may also be removed.
2. Email update in Aadhaar now free
From July 1, Unique Identification Authority of India (UIDAI) has removed the fee of Rs 75 for updating the email ID registered in Aadhaar card. This facility will be completely free from July 1 to December 31, 2026. According to UIDAI, no fee will be charged for the next six months for updating email through the Aadhaar mobile app.
3. SBI credit card rules will change
SBI Card has changed the rules related to reward points for PhonePe SBI Credit Card PURPLE and PhonePe SBI Credit Card SELECT BLACK. From July 1, there will be a limit on earning reward points on these cards and reward points will no longer be available on some additional transactions.
4. New rules for airport lounge access on HDFC credit cards
From July 1, 2026, certain HDFC Bank credit cardholders will get three free visits to domestic airport lounges every calendar quarter only if they have spent at least Rs 60,000 in the previous quarter. This rule will be applicable every quarter.
5. Getting a passport will be expensive
From July 1, the fees for making both normal and tatkal passports will increase. The Ministry of External Affairs has decided to implement new fees for passport services both in India and abroad.
6. RBI’s strict rules on mis-selling of banks
The Reserve Bank of India (RBI) will implement new rules on mis-selling of financial products to customers by banks from July 1. Under the new rules, if a product has been sold to a customer by giving wrong information, he will get the full money back. Besides, compensation for the loss incurred will also be given. With this, the rights of bank customers will be stronger than before.
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